NEW
YORK, Nov. 13, 2023 /PRNewswire/ -- Future
Fintech Group Inc. (NASDAQ: FTFT), (hereinafter referred to as
"Future FinTech", "FTFT" or the "Company"), a comprehensive
financial and digital technology service provider, announced
today that on November 7, 2023,
its wholly-owned subsidiary, Future FinTech (Hong Kong) Limited ("FTFT HK"), completed the
acquisition of Alpha International Securities (Hong Kong) Ltd. ("Alpha HK") and Alpha
Information Services Shenzhen Limited ("Alpha SZ"). The names of
the two entities were subsequently changed to 'FTFT International
Securities and Futures Limited' and 'FTFT Information Services
(Shenzhen) Co. Ltd.',
respectively.
As publicly announced on March 1,
2023, FTFT HK entered into an agreement to acquire Alpha HK
and Alpha SZ from Alpha Financial Limited ("Alpha Financial") on
February 27, 2023. Pursuant to the
agreement, FTFT HK will acquire all the issued and outstanding
shares of Alpha HK and Alpha SZ from Alpha Financial for
HK$15,659,949 (approximately
US$ 2.0 million) in cash, which is
based on the net equity value of both Alpha HK and Alpha SZ as of
December 31, 2022. FTFT HK conducted
an in-depth operational, legal and financial due diligence on Alpha
HK, and on August 11, 2023, FTFT HK
received a letter from the Hong Kong Securities and Futures
Commission ("HKSFC") approving its acquisition of Alpha HK.
Founded in 2010, Alpha HK focuses on three main areas of
financial services: (1) online brokerage services consisting of
Hong Kong equities as well as US
equities where its works with its partner, a US brokerage
firm, (2) underwriting and distribution of Hong Kong IPOs, and
(3) underwriting U.S. dollar-denominated bonds issued by Chinese
companies in Hong Kong. Alpha HK
holds Type 1 "Securities Trading", Type 2 "Futures Trading" and
Type 4 "Securities Advisory" financial licenses issued by the
HKSFC. Alpha SZ provides technical support services for Alpha
HK.
Steven Xiang, Managing Director
of Alpha HK, said, "Alpha HK has many years of experience in the
international financial markets as well as technical expertise in
online services, and our principal team members are from well-known
financial institutions and Internet companies. We have over 60,000
registered users, and since 2020, we have underwritten 29 IPOs and
10 Chinese municipal and enterprise bonds in Hong Kong. We are committed to providing
customers with a full range of financial services in Hong Kong including online stock brokerage
services, Hong Kong IPO underwriting, financial advisory and US
dollar-based Chinese municipal and enterprise bond issuance
services."
Mr. Shanchun Huang, Chief
Executive Officer of Future Fintech, commented, "This acquisition
will create excellent synergies with our Hong Kong subsidiary, Nice Talent Asset
Management Limited, our UK payment remittance subsidiary FTFT Pay,
cryptocurrency mining businesses in Ohio and Paraguay as well as other financial services
businesses under development. We believe that FTFT International
Securities and Futures Limited will play an important role in the
continued transformation of FTFT as we internationalize and
diversify our business revenue. We aim to become a diversified
fintech company that combines a variety of boutique financial
services and innovative new business platforms to provide
best-in-class financial services to our clients."
More complete information of the Agreement is set forth in
the Form 8-K and its exhibits filed with the Securities and
Exchange Commission on March 1, 2023.
About Future Fintech Group Inc.
Future FinTech Group Inc. (NASDAQ: FTFT) is a comprehensive
financial and digital technology service provider. The Company,
through its subsidiaries, conducts asset management, brokage and
investment banking services in Hong
Kong, operates a cross-border payment business in the
United Kingdom, provides
cryptocurrency trading data information services in the
United Arab Emirates, and engages
in supply chain trading and finance businesses in China. In addition, the Company provides
digital asset computing power custody services in Paraguay and has initiated digital asset
mining farm operations in the United
States. FTFT adheres to the concept of improving financial
services with digital and internet technology, and provides its
business and individual customers with stable, safe and efficient
digital financial services. For more information, please visit
www.ftft.com.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended, or the
Exchange Act. Forward-looking statements include statements with
respect to our beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future
performance, and involve known and unknown risks, uncertainties and
other factors, which may be beyond our control, and which may cause
the actual results, performance, capital, ownership or achievements
of the Company to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. All statements other than statements of
historical fact are statements that could be forward-looking
statements. You can identify these forward-looking statements
through our use of words such as "may," "will," "anticipate,"
"assume," "should," "indicate," "would," "believe," "contemplate,"
"expect," "estimate," "continue," "plan," "point to," "project,"
"could," "intend," "target" and other similar words and expressions
of the future.
All written or oral forward-looking statements attributable
to us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 10-K for the
year ended December 31, 2022 and our other reports and
filings with SEC. Such reports are available upon request from the
Company, or from the Securities and Exchange Commission, including
through the SEC's Internet website
at http://www.sec.gov. We have no obligation and do not
undertake to update, revise or correct any of the forward-looking
statements after the date hereof, or after the respective dates on
which any such statements otherwise are made.
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SOURCE Future FinTech Group Inc.