The big pump behind the Hong Kong stock market fan strategy: Memeland's parent company changes its name through a backdoor listing.

Written by: Deep Tide TechFlow

Is there a micro strategy in the west and a maze strategy in the east?

On June 16, the stock price of the Hong Kong-listed company MemeStrategy surged by 25% and then began to decline.

This newly renamed company has a name that is strikingly similar to the US-listed company, the “Bitcoin giant” MicroStrategy, and even the style of its logo is exactly the same.

It’s hard to say this is a coincidence; it feels more like a deliberate imitation and following.

MicroStrategy has gradually increased its holdings of Bitcoin since 2020, and its stock price has repeatedly reached new highs due to the cryptocurrency investment boom. The company announced today that it has purchased 2,440 SOL and plans to allocate to Bitcoin.

However, there is a detail here — the previous name of the fan strategy, which is called Hao Wei Technology Holdings, and this wave of operations is a combination of announcing the purchase of SOL + the company’s name change. Its intention is also very obvious, through the backdoor name change and the brand effect close to the micro-strategy, it is intended to take advantage of the crypto asset boom and attract speculative funds.

Currently, the market views it as “Hong Kong’s first meme stock”. However, this high-profile naming strategy is far from being as simple as it appears. The capital operations of the team behind it and their past records conceal a deeper story.

Board of Directors and equity restructuring, 9GAG team joins in

The renaming and transformation of the strategy began on April 1, 2025.

According to reports from Hong Kong media, Sing Tao Headlines, at that time, 9GAG co-founder Chen Zhan Cheng acquired 53.83% of the shares of Hao Jing Technology Holdings through his holding company Home Office Development Limited for approximately HKD 79.65 million (about USD 10.2 million), increasing his stake to 70.11% after the acquisition.

(Data Source: PR Newswire; HKEX Announcement)

The company was subsequently renamed to Misstrategies, claiming to create “Asia’s first publicly listed virtual asset ecosystem company,” integrating 9GAG’s social media resources, focusing on investments in virtual assets like Solana, and planning to allocate Bitcoin.

You may not be familiar with 9GAG, but you have probably heard of the Memeland project and its corresponding MEME token.

9GAG, the parent company behind Memeland, was founded in 2008 and is headquartered in Hong Kong, attracting young users with humorous memes and jokes.

The acquisition and renaming of Haoying Technology Holdings by 9GAG’s co-founder also involved changes in the original company’s equity and board structure.

Before the acquisition, Haoying Technology Holdings Limited held 53.83% of the shares, and the board was made up of 7 members from the original company; after the acquisition, the original team of 9GAG and individuals from the Hong Kong crypto circle became the key figures in the strategy.

The original 9GAG co-founder Chen Zhancheng will serve as the chairman of the board and CEO, leading the company’s strategic development and business operations. His brother Chen Zhanzhun will serve as the chief brand officer of the strategy team; he was previously the chief product officer of 9GAG.

The former Chief Commercial Officer of 9GAG will also take up the same position at Mistral, while Li Minghong, the former CEO of OSL and head of strategic planning and institutional relations at HashKey Group, will assume the role of Chief Investment Officer. It is worth noting that the 2,440 Solana purchased by Mistral was also facilitated by OSL. In addition, Scroll’s co-founder Peng Cheng will serve as an independent non-executive director of the company.

The concentration of equity and the reshuffling of the board of directors mark the 9GAG team’s comprehensive control over the strategy.

Haojing Technology was originally an Internet of Things technology company, providing data transmission and processing services, covering IoT antennas, 5G devices and maintenance, serving industries such as manufacturing, transportation, and energy, with a market capitalization of about 500 million Hong Kong dollars, referred to by Hong Kong media as a low market value “millions stock”.

The technology-related business attributes and low market value make it an ideal target for 9GAG’s reverse merger.

Currently on the official website of Mi Strategy, it can be seen that the company focuses on ABC business, namely AI, blockchain, and culture, and claims to be the first listed digital asset enterprise in Asia.

Recently, in the traditional capital markets, it has become common for people in the cryptocurrency circle to use the shells of small companies to accumulate crypto assets. This wave of enthusiasm has eventually reached the Hong Kong stock market.

(Related reading: Buying coins, the new wealth password of US-listed companies)

The cryptocurrency history of 9GAG and Memeland

In 2022, 9GAG launched Memeland, positioned as a Web3 startup studio.

In the previous hot trend of NFTs and Memes, Memeland issued the MEME token and NFT projects such as Captainz and Potatoz.

Currently, the market capitalization of the MEME token is only around 80 million USD, which has shrunk by over 80% from its peak in 2023; in comparison, the recent on-chain meme coin LABUBU, themed around Pop Mart’s Labubu, also has a market capitalization of around 50 million USD.

The NFT series Captainz and Potatoz under Memeland are facing a more severe market environment.

Captainz’s current floor price is only 0.3 ETH, with a single-digit trading volume in the past day, and the transaction price is also far from the high price of 50 ETH at its peak.

How glorious it used to be, how desolate it is now.

In 2024, the cooling of the crypto market further dealt a severe blow to Memeland’s business model. As the NFT craze subsides and competition among meme coins intensifies, Memeland’s profitability has significantly declined.

The failure in the cryptocurrency circle may be an important motivation for 9GAG to shift to the Hong Kong stock market and leverage the low market value shell resources of Haoying Technology. The investments in SOL and Bitcoin continue the crypto logic of Memeland and can also be seen as another opportunistic move following the trends.

The story of the MicroStrategy is a reflection of the recent intertwining trends of the cryptocurrency market and the stock market in Hong Kong. Beyond the marketing hype, whether the Hong Kong version of MicroStrategy can actually perform well still needs to be tested by the market.