Internet capital giants invest heavily in Web3, can they recreate their peak moments?

An investment institution that has made a name for itself in the internet era is officially entering the cryptocurrency sector. Recently, the board of directors of a well-known capital group passed a resolution to invest $100 million over the next two years to expand its Web3 business and directly invest in cryptocurrency assets. This news has attracted market attention, causing the company's stock price to surge by 33%.

As one of the most influential investment banks in China's new economy sector, this institution has been deeply involved in many landmark merger and acquisition cases, such as the merger of a ride-hailing platform and the integration of a local lifestyle service platform. Today, it aims to once again occupy a key position in a new round of financial transformation.

In fact, this institution has been laying out its plans in the crypto world for many years. From investing in a well-known stablecoin project in 2018, assisting a mining machine company to go public in the U.S. in 2019, to investing in multiple crypto financial service providers and trading platforms in recent years, its reach has extended to all corners of the industry.

At the beginning of 2023, the "disappearance" of the company's founder caused a huge uproar. Previously, the company's performance had shown a significant decline, with a net loss of 23 million USD in the first half of 2022. After experiencing changes in management and fluctuations in the capital market, the company began to reposition its core strategy, focusing on hard technology, industrial upgrading, and globalization.

Under this transformation strategy, Web3 and crypto assets have gradually become the company's key directions. In June of this year, a stablecoin project in which it had invested early successfully went public, driving the company's stock price to soar. This may have strengthened the company's determination to double down on Web3.

It is worth noting that this significant investment comes at a time when the cryptocurrency policy environment in Hong Kong is improving. Several companies listed on the Hong Kong stock exchange are accelerating their布局 in the virtual asset sector, including applying for stablecoin licenses and obtaining approval for virtual asset trading services.

Can this former internet investment giant regain its glory in the Web3 era? Its rich experience in capital operations and deep industry resources are undoubtedly important advantages. However, the rules of the game in the crypto world differ from those in the traditional internet sector, and whether it can successfully transform remains to be seen. Regardless, this veteran investment bank is making an important move in the new chess game of Web3.