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AsiaStrategy, a Cayman Islands company listed on Nasdaq as SORA, reports an update on an indirect investment in Korean cybersecurity firm SGA Co., Ltd (049470.KQ). Asia Strategy Partners LLC, a Delaware entity managed by related party SORA Ventures, has subscribed for 46,241,995 new ordinary shares and purchased 11,473,850 existing ordinary shares of SGA Co., Ltd. After this transaction, Asia Strategy Partners LLC will hold about 49.03% of SGA Co., Ltd’s ordinary shares.
AsiaStrategy previously made a portfolio investment of approximately US$4 million, with other fees bringing the total to about US$4.3 million, into Asia Strategy Partners LLC. This portfolio investment gives AsiaStrategy a 9.93% shareholding in Asia Strategy Partners LLC, providing indirect exposure to SGA Co., Ltd through the related-party vehicle.
AsiaStrategy (Top Win International Ltd) filed a Form D reporting a Rule 506(b) private offering of convertible notes. The filing states the issuer is organized in the Cayman Islands in 2024 and has an aggregate net asset value in the $5,000,001–$25,000,000 range. The company reports a $2,200,000 offering that has been fully sold to investors, with $2,200,000 total sold and $0 remaining. The issuer says it entered agreements dated August 15, 2025 to issue convertible notes totaling US$10,000,000 in principal, of which US investors subscribed for $2.2m. There are 2 investors to date. The filing discloses $0 in sales commissions and finders’ fees, $0 paid to named officers/directors/promoters, and a stated minimum investment of $0. The Form D indicates the first sale occurred on 2025-08-15 and the offering is not intended to last more than one year.
AsiaStrategy, formerly Top Win International Limited, reports that its subsidiary AsiaStrategy Topwin SG Pte. Ltd. has completed a tender offer for shares of DV8 Public Company Limited, a company listed on the Stock Exchange of Thailand. The tender offer period ended on August 20, 2025, and was completed on August 22, 2025. The subsidiary was allocated 114,638,700 DV8 shares, representing approximately 7.07% of DV8’s total issued and paid-up share capital.
AsiaStrategy, formerly Top Win International Limited, is committing approximately US$4 million, plus additional fees bringing the total to about US$4.3 million, as a portfolio investment into Asia Strategy Partners LLC, a Delaware limited liability company. Asia Strategy Partners LLC is managed solely by SORA Ventures, which is identified as a related party to the company. The fund’s main goal is to generate long-term capital appreciation and maximize total returns for its members by investing in common stock, primarily shares of SGA Co., Ltd (049470.KQ).
Top Win International Limited is changing its corporate name to AsiaStrategy. The company states that the Nasdaq marketplace effective date for this name change, and the use of the new trading name AsiaStrategy (Nasdaq: SORA), will be August 22, 2025. This update is an administrative change to the company’s listed name and ticker symbol rather than an operational or financial event.
Top Win International Limited reported a leadership change, appointing Mr. Tong Liu (Luke) as Chief Investment Officer. He brings experience in crypto-focused investing and prior roles in derivatives, equities, and wealth management at UBS Singapore and Equities First, mainly covering Greater China.
Mr. Liu is a partner at Sora Ventures, a crypto fund focusing on high-upside projects and DAT companies in Asia, and holds an MEng from University College London. The company stated there are no family relationships between Mr. Liu and any of its other directors or officers.
Top Win International Limited agreed to sell US$10 million of three-year convertible notes bearing 3.0% annual interest to certain investors. The notes are initially convertible into the company’s ordinary shares at a price of US$4.64 per share, and the closing is subject to customary conditions, expected on or before August 20, 2025.
The company and an investor also terminated a previous securities purchase agreement dated July 26, 2025 for a US$3,050,000 convertible note with an initial conversion price of US$8.79 per share, citing evolving market conditions. The form of the new agreements and notes, and the related press release, are included as exhibits to this report.
Top Win International Limited reports that two related Reporting Persons — Kwan Ngai and Pride River Limited — beneficially own 14,450,000 ordinary shares, which equals 58.1% of the company's 24,864,000 shares outstanding as reported by the issuer. Those shares are reported as held of record by Pride River Limited, a British Virgin Islands company majority owned by Kwan Ngai, and both Reporting Persons state sole voting and sole dispositive power over the 14.45 million shares. The filing therefore documents a clear majority ownership stake that gives the Reporting Persons effective control of shareholder voting and disposition of the reported shares.
Meeting outcome: On August 5, 2025 at 9:30 p.m. HKT, Top Win International Limited held an Extraordinary General Meeting. As of the record date July 1, 2025, the Company had 24,864,000 ordinary shares issued and outstanding.
Attendance and quorum: Holders of 22,119,497 shares (approx. 88.96%) were represented by proxy, constituting a quorum.
- Proposal 1: Change company name to "AsiaStrategy". Votes For: 22,118,595; Against: 902; Abstentions: 0. Approved (required ≥ two‑thirds).
- Proposal 2: Adopt Second Amended and Restated Memorandum and Articles of Association. Votes For: 22,116,494; Against: 2,639; Abstentions: 362. Approved (required ≥ two‑thirds).
- The Second Amended and Restated M&A will become effective upon filing in the Cayman Islands; Exhibit 3.1 appended. Report signed by Jason Fang, Director and Co‑CEO, dated August 6, 2025.