Wang & Lee Group, Inc. Announces Acquisition of Solar (HK) Limited, Paving the Way for Global Renewable Crypto Mining
Rhea-AI Summary
Wang & Lee Group (NASDAQ: WLGS) has announced the acquisition of Solar (HK) for HK$15 million, to be paid through a convertible promissory note. The acquisition aims to enhance WLGS's renewable energy and crypto mining initiatives.
SolarHK, established in 2019, brings expertise from over 50 completed projects in Hong Kong's New Territories, including Yuen Long, Tai Po, Tuen Mun, and Fanling. The merger will support WLGS's US$100 million flagship project to implement hybrid solar-battery systems for crypto mining operations in Hong Kong.
The strategic acquisition will also strengthen WLGS's US$71 million Queensland project with NQ Marble Pty , focusing on solar battery-powered crypto mining. The company plans to combine SolarHK's regional network with its lithium-ion battery technology, developed in partnership with City University of Hong Kong, to create sustainable blockchain infrastructure.
Positive
- Strategic acquisition provides immediate access to 50+ completed solar projects
- US$100 million flagship project planned for Hong Kong creates dual revenue streams
- US$71 million Queensland crypto mining project demonstrates global expansion
- Integration with existing lithium-ion battery technology enhances competitive advantage
Negative
- HK$15 million convertible note issuance may lead to future shareholder dilution
News Market Reaction – WLGS
On the day this news was published, WLGS gained 29.49%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Hong Kong, March 13, 2025 (GLOBE NEWSWIRE) -- As disclosed in a press release dated March 3, 2025, Wang & Lee Group, Inc. (NASDAQ: WLGS), a global innovator in sustainable technology, today announced that on March 12, 2025, it entered into a sale and purchase agreement on the acquisition (the “Acquisition”) of potential Solar (HK) Limited (“SolarHK”) for a consideration of HK
SolarHK’s Legacy in the New Territories, Hong Kong
SolarHK, established in 2019, has deep roots in Hong Kong’s New Territories, having completed over 50 projects in regions such as Yuen Long, Tai Po, Tuen Mun, and Fanling. These include collaborations with rural landowners, village houses, and industrial facilities, fostering trust and long-term partnerships.
By leveraging SolarHK’s existing relationships, WLGS will collaborate with New Territories landowners in a flagship US
Strategic Synergy: Local Partnerships, Global Impact
The acquisition enables WLGS to unite SolarHK’s regional network with its lithium-ion battery technology (developed with City University of Hong Kong) and blockchain solutions. In Hong Kong, this synergy will transform rural and industrial land into hubs for sustainable crypto mining, aligned with the Hong Kong SAR government’s 2050 carbon neutrality vision.
Globally, WLGS also leverages on SolarHK’s technical prowess in its US
About WANG & LEE GROUP, Inc.
WANG & LEE GROUP, Inc. is a Hong Kong-based construction prime and subcontractor engaging in the installation of Electrical & Mechanical Systems, which includes low voltage (220v/phase 1 or 380v/phase 3) electrical system, mechanical ventilation and air-conditioning system, fire service system, water supply and sewage disposal system installation and fitting out for the public and private sectors. It is also able to provide design and contracting services to all trades in the construction industry. Their clients range from small startups to large companies.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company's ability to grow its business and other statements that are not historical facts, including statements which may be accompanied by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company's ability to achieve profitable operations, customer acceptance of new products, and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company's products and the Company's customers' economic condition, the impact of competitive products and pricing, successfully managing and, general economic conditions and other risk factors detailed in the Company's filings with the United States Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.
For media inquiries, contact:
WANG & LEE GROUP, Inc.
Website: https://www.wangnleegroup.com/
Email: ir@wangleegroup.com
FAQ
How much is WLGS paying for the acquisition of Solar (HK) ?
What is the value of WLGS's planned flagship project in Hong Kong's New Territories?
How many solar projects has Solar (HK) completed in Hong Kong?
What is the value of WLGS's Queensland crypto mining project with NQ Marble?
