Yunfeng Financial Group, a Hong Kong-listed fintech firm backed by Alibaba founder Jack Ma, has appointed Geoff Jiang Guofei, a former senior executive at Ant Group, as chairman of its Web3 Development Committee.

Jiang previously led Ant Digital Technology’s blockchain initiatives and left the company in 2024 to join state-owned China Electronics as chief scientist.

Yunfeng has invested US$44 million to acquire 10,000 ether for its strategic reserve, which it said will support tokenised real-world asset projects.

This month, Yunfeng completed its first tokenisation project, issuing tokens based on shares of a fund of funds held by a subsidiary focused on alternative assets.

The company plans to expand tokenisation to additional asset classes.

Yunfeng, which earns most of its revenue from insurance, reported HK$2.8 billion (US$359 million) in insurance revenue last year, and also provides brokerage and asset management services.

The company’s shares closed down 5.25% at HK$5.78 (US$0.75) on September 18.

🔗 Source: South China Morning Post