Lighthouse Pharmaceutical Biotechnology plans to fully acquire Conflux Blockchain related assets.

According to Gate News bot, PANews reported that Pioneer Pharmaceutical Biotechnology Co., Ltd. (00399) announced on July 1 that it has signed a memorandum of understanding to acquire all equity of the target company, which includes the Conflux Blockchain-related assets that the target company will acquire in the future.

The acquisition consideration will be paid in cash, company shares, or convertible bonds, and the final amount will be specified in the formal agreement. The memorandum of understanding is valid for 12 months, during which the seller must comply with exclusivity terms.

Pioneer Pharma stated that this move is a strategic layout for entering the Blockchain technology field and achieving business diversification. Currently, the transaction is pending the signing of a formal agreement. The company will release relevant announcements in accordance with listing rules.

Additionally, the Hong Kong market was closed on that day due to the anniversary of the establishment of the Hong Kong Special Administrative Region.