Pharos to acquire 10.71% stake in Hong Kong-listed GCL

The Pharos Foundation, a Layer 1 public chain focused on real-world assets (RWA), has signed a share subscription and investment agreement with Hong Kong-listed GCL New Energy Holdings, according to TipRanks. Under the deal, GCL will issue 186.5 million new shares to Pharos, giving the foundation a 10.71% stake in the company post-issuance. The new shares represent 12% of GCL's existing share capital and are valued at approximately 47.2 billion won ($34.2 million) at current prices. GCL is a Bermuda-based new energy and solar power company with a market capitalization of around 1.74 billion Hong Kong dollars ($223 million). The collaboration will integrate Pharos's Data Asset Token (DAT) framework into GCL's energy network, allowing the company's real-world energy data to be verified and utilized as compliant on-chain financial data assets.