Future FinTech Announces Acquisition

Binwei Wang
    Jul 16, 2020 2:00 PM  PT
Future FinTech Announces Acquisition
author: Binwei Wang   

Future FinTech Group Inc. (Nasdaq: FTFT) announced Thursday that it has entered into a Share Exchange Agreement with Joy Rich Enterprises Limited ("Joy Rich") to acquire 90% of the issued and outstanding shares of Nice Talent Asset Management Limited, a Hong Kong-based asset management company, from Joy Rich.The blockchain e-commerce and financial technology company said, The acquisition is worth HK$54 million ($7 million), yhe blockchain e-commerce and financial technology company said. 

NTAM is licensed under the Securities and Futures Commission of Hong Kong to carry out regulated activities in 'Type 4:Advising on Securities' and 'Type 9: Asset Management.' 

"We are passionate about identifying and pursuing a competitive partner in the field of fintech and boutique financial services. This acquisition marks a significant step forward in Future FinTech's ongoing global expansion into innovative financial services," stated by Shanchun Huang, the chief executive officer of Future FinTech.

He added, "The Company will further explore and develop the new platform to offer asset management and investment consulting services for corporate customers and high net-worth professional investors in Hong Kong."

Earlier of this month, The Beijing-based Fintech company said revenue in the first quarter reached $0.2 million, up 25% year-over-year. Net income hit $117.2 million, or $3.46 per share, compared to a net loss of $1.89 million, or 5 cents per share in the same period last year.

Shares in Future FinTech closed at $2.94 per share, up 10% Thursday.