Asia Pioneer Entertainment (08400) has established a new subsidiary to engage in and participate in the development of metaverse and related businesses

Asia Pioneer Entertainment (08400) announced that the company has established a new subsidiary, Xianfeng Yuanchuang Co., Ltd. (the new subsidiary), to engage in and participate in the development of metaverse and related businesses. The group has formed a team whose members have rich experience and technical knowledge in metaverse and related business development.

Due to the strict and continuous restrictions on tourism, the company’s resort and hotel customers are trying to attract potential tourists and tourists from Macao and Asia. The company believes that metaverse and its emerging technologies can provide an interactive platform for the tourism and hotel industry and the company’s customers in Macao and Asia.

Metaverse is the integration of physical, augmented and virtual reality in shared digital space. Using digital technology, software and infrastructure, metaverse can reconstruct the digital world copy of the real world as an interface for users to enter the digital world as a digital identity. Resorts and other tourist destinations can become the digital space of metaverse, allowing tourists / users to immerse themselves and interact. In addition, blockchain technology and non homogeneous token (NFT) allow the ownership, sale and transfer of digital projects or properties in the digital world, which can further attract tourists / users and promote the commercial application of metaverse. The company’s new subsidiary aims to pursue these metaverse developments and opportunities in the tourism and hotel industry. The Board believes that the proposed plan to enter metaverse and related businesses has good business prospects and will broaden the source of income of the group and maximize the return to shareholders of the company.

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