Breaking News:
Chinese electric vehicle manufacturer - Jiuzi Technology - approves $1 billion Bitcoin funding strategy.
According to the latest reports, Jiuzi Holdings Inc. (NASDAQ: JZXN) has approved a new investment policy for crypto assets, allowing the company to invest up to $1 billion of its cash reserves in digital assets such as Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).
This strategic shift is led by the new Chief Operating Officer (COO) Dr. Doug Buerger, an expert with over 30 years of experience in the blockchain and cryptocurrency field. The company has also established a dedicated "Crypto Asset Risk Committee," led by Chief Financial Officer (CFO) Gao Huijie, responsible for overseeing the implementation of this policy and regularly reporting progress to the board of directors GuruFocus+1.
It is worth noting that Jiuzi Holdings is headquartered in Hangzhou, China, and primarily provides smart charging infrastructure for new energy electric vehicles (EV) in China's third and fourth-tier cities.
Although the company operates in China, its stock is listed on the NASDAQ in the United States, and is therefore regulated by the U.S. Securities and Exchange Commission (SEC).
This means the company must comply with U.S. financial transparency and information disclosure requirements, including disclosing significant investment activities to the public through SEC Form 6-K FINVIZ.
While the Chinese government has imposed strict restrictions on cryptocurrency trading and mining activities, Jiuzi Holdings, as a publicly listed company in the U.S., is primarily subject to U.S. laws and regulatory authorities. Therefore, the company is allowed to invest in crypto assets within the framework of U.S. law.
SO, this move by Jiuzi Holdings marks the increasing involvement of Chinese enterprises in the global crypto asset investment arena, particularly under the regulatory environment of the U.S. capital markets.
