The Hong Kong-based cryptocurrency company Noah Ark Technologies, plans its entry on the Tokyo Stock Exchange (TSE) after it announced the plan to acquire a higher stake of Beat Holdings Limited, a Chinese company dedicated to the development of programs and applications for mobile devices.
The possible movement has generated distress and uncertainty in the TSE. The stock market has distanced itself from cryptocurrencies, as they consider that they lack protection for investors, according to local reports. Furthermore, according to a stock exchange representative, the TSE “is worried” about what may happen, but that it cannot stop a possible purchase.
The reports are suggesting the TSE is structured in a way that classifies the companies depending on its type of operations. With a first market that brings together the important companies with a high market capitalization, the second market, where Beat Holdings is located at the moment, the third for foreign companies and finally the fourth market for technological innovation firms.
Beat was formerly known as Xinhua Holdings Limited, and although it is based in Hong Kong, it has offices in Singapore, Japan, Malaysia and Indonesia.
However, the Japanese authorities have not approved Noah as a cryptocurrency operator. The company proposed last June, the plan to acquire new shares which could allow it to take over 50% of the group and have higher rights. Currently, its stock percentage is 15.8%.
Lian Yih Hann, executive director of Beat, said his company resists Noah’s advances and that he plans to increase his credibility with the TSE. The corporation also said that it did not intend to work with cryptocurrencies.
Another of his proposals was to change the name of Beat to add Noah Coin (NOAH), a cryptocurrency that the company issued this year.
Noah started its operations in 2016 and aims to “create an intuitive solution for managing payments, mobile money, discounts and commercial services, using the blockchain technology and cryptocurrencies,” according to them.
Another of its objectives is to create crypto exchanges in the United States, China, Europe and Japan.