Bitcoin purchase boosts SIM card seller's shares

Local SIM card seller HK Asia’s (1723) shares once surged over 90 percent after announcing it bought a bitcoin token.

Its shares hit HK$5.45 apiece, 91 percent higher than the previous close of HK$2.85, but the gains narrowed to about 67 percent at the close.

HK Asia, a wholesaler and retailer of prepaid SIM cards and value-added coupons for Indonesian and Filipino customers in Hong Kong, disclosed on Sunday that it bought one unit of bitcoin on an open market cryptocurrency exchange platform at an aggregate consideration of US$96,150 (HK$749,970).

Bitcoin stood at US$96,414 apiece at 3.10pm on Monday in Hong Kong.