Behind the big rise in Hong Kong stock fans' strategies: Memeland's parent company renames a backdoor

Author: Shenchao TechFlow

There is a micro strategy in the west, and there is a mysterious strategy in the east?

On June 16, the share price of Hong Kong listed company MemeStrategy soared by 25%, and then began to fall.

The newly renamed company has a surprisingly similar name to the US-listed company, the "Bitcoin Giant" MicroStrategy, and even the style of the logo is exactly the same.

It is hard to say that this is a coincidence, more like deliberate imitation and follow-up.

MicroStrategies has gradually increased its holdings in Bitcoin since 2020, and its stock price has hit new highs due to the crypto investment boom. Mistake announced today that it had purchased 2,440 SOLs and plans to configure Bitcoin.

However, there is a detail here-- the previous name of Mi Strategy, called Haoyang Technology Holdings . This operation is a combination of announcements to buy SOL + company name change . Its intention is also very obvious. Through backdoor name change and the brand effect of closeness to micro-strategy, it aims to ride on the crypto asset boom and attract speculative funds to pursue it.

Currently, the market regards it as "Hong Kong's first meme stock", but this high-profile naming strategy is far from simple on the surface. The capital operations and past records of the team behind it hide deeper stories.

Board of Directors and equity reorganization, 9GAG team joins the market

The name change and transformation of the Mystery strategy began on April 1, 2025.

According to Hong Kong media Xingdao Headlines , at that time, 9GAG co-founder Chen Zhancheng acquired 53.83% of Haoyang Technology Holdings through his holding company Home Office Development Limited for approximately HK$79.65 million (about US$10.2 million), and his shareholding increased to 70.11% after completion.

(Data source: PR Newswire ; HKEX announcement )

The company was subsequently renamed to Mistake, claiming to build "Asia's first listed virtual asset ecological enterprise", integrating 9GAG's social media resources, focusing on investment in virtual assets such as Solana, and planning to allocate Bitcoin.

You may not know 9GAG, but you have probably heard of the Memeland project and the corresponding MEME tokens.

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

The acquisition and name change of 9GAG Lianchuang of Haoyang Technology Holdings was also accompanied by changes in the original company's equity and board structure.

Before the acquisition, Haoyang Technology Holdings Co., Ltd. held 53.83% of the shares, and the board of directors consisted of seven people from the original company; after the acquisition, the original team of 9GAG and Hong Kong crypto circle people became key figures in the mystery strategy:

Former 9GAG Lianchuang Chen Zhancheng will serve as Chairman and CEO, and will fully lead the company's strategic development and business operations. His younger brother Chen Zhanjun will serve as Chief Brand Officer of Fantasy Strategy. He was previously the Chief Product Officer of 9GAG.

The former chief commercial officer of 9GAG will also take the same position as MisStrategy, while Lee Ming-hong, former CEO of OSL and former head of strategic planning and institutional relations at HashKey Group, will take the role of Chief Investment Officer. It is worth mentioning that the 2,440 Solana purchased by Mistake Strategy was also assisted by OSL. In addition, Scroll's Lianchuang Peng Cheng will also serve as the company's independent non-executive director.

The concentration of equity and the board of directors' exchange marks the 9GAG team's overall control over the mystery strategy.

Haoyang Technology was originally an IoT technology company that provides data transmission and processing services, covering IoT antennas, 5G equipment and maintenance, service manufacturing, transportation, energy and other industries. Its market value is about HK$500 million and is called a low-market "small stock" by Hong Kong media;

Technology-related business attributes and low market value make it an ideal goal for 9GAG backdoor listing.

Currently on the official website of MiState, you can see that the company focuses on ABC business, namely AI, blockchain and culture, and claims that it is the first listed digital asset company in Asia.

Recently, in the traditional capital market, it is common for people in the currency circle to use the shells of small companies to make crypto asset reserves. This wave of craze finally came to Hong Kong stocks.

9GAG and Memeland's past currency circle

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

In the previous hot versions of NFT and Meme, Memeland has issued MEME tokens and NFT projects, such as Captainz and Potatoz.

At present, the market value of MEME tokens is only about US$80 million, shrinking by more than 80% from the high point in 2023; as a comparison, the market value of the pure Meme coin LABUBU, which is the theme of Pop Matt's Labubu, has also been around US$50 million.

Memeland's NFT series Captainz and Potatoz are facing a more severe market environment.

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

The more glorious the past was, the more deserted it is now.

In 2024, the cooling of the crypto market further hit Memeland's business model. The NFT craze has subsided, memecoin competition has intensified, and Memeland's profitability has declined sharply.

The failure in the currency circle may be an important motivation for 9GAG to switch to Hong Kong stocks and borrow the low-market value shell resources of Haoyang Technology. SOL investment and Bitcoin plan continue Memeland's encryption logic, and can also be seen as following another trend in the hotspot.

The story of the mystery strategy is a projection of the recent intertwining craze between the currency circle and the stock market in the Hong Kong market. In addition to marketing popularity, whether Hong Kong version of micro strategy can be played still needs market testing.