NEW
YORK, March 1, 2023 /PRNewswire/ -- Future
FinTech Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as
"Future FinTech", "FTFT" or the "Company"), a blockchain
application technology developer and a fintech service provider,
announced today that on February 27,
2023, Future FinTech (Hong
Kong) Limited ("FTFT HK"), a wholly owned subsidiary of the
Company, signed a Share Transfer Agreement (the "Agreement") with
Alpha Financial Limited ("Alpha Financial"), a firm based in
Hong Kong, to acquire its wholly
owned subsidiaries Alpha International Securities (Hong Kong) Ltd. ("Alpha HK"), a company
incorporated in Hong Kong and
Alpha Information Service Shenzhen Co., Ltd., a company
incorporated in China ("Alpha
SZ"). On September 8, 2022, the
Company announced that FTFT HK signed a Memorandum of Understanding
with Alpha Financial to acquire Alpha HK.
Alpha HK focuses on three financial services sectors: (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 securities for Hong Kong IPOs, and (3) underwriting of US
dollar-based bonds issued by Chinese municipal cities and companies
in Hong Kong. Alpha HK holds Type
1 'Securities Trading', Type 2 'Futures Contract Trading' and Type
4 'Securities Consulting' financial licenses issued by the Hong
Kong Securities and Futures Commission. Alpha SZ provides technical
support services to Alpha HK.
Steven Xiang, General Manager of
Alpha HK, stated, "The Alpha Securities management team has
substantial international financial markets experience and our
principal team members are from well-known financial institutions.
We have over 60,000 customer accounts and since 2020, we have underwritten 29 IPOs in
Hong Kong. In terms of our
offshore US dollar-based Chinese bond issuance,
since 2020 we have underwritten nine Chinese municipal and enterprise bonds in Hong
Kong."
Mr. Xiang continued, "Alpha HK is committed to providing
customers with a full range of financial services in Hong Kong including online brokerage services,
IPOs, financial advisory services and US dollar-based Chinese
municipal and enterprise bond issuance services among our other
services."
Shanchun Huang, Chief Executive
Officer of Future FinTech, commented, "We believe that the
acquisition will be synergistic with Nice Talent Asset Management
Limited ("NTAM"), our 90%-owned asset management subsidiary also
based in Hong Kong, as well as
other financial services businesses that we are developing. We
believe that Alpha HK could also play an important role in our
continued transformation into a diversified fintech enterprise that
is international in scope. Our objective is to optimize our current
opportunities and integrate financial businesses into a
comprehensive and strategic financial services platform."
Pursuant to the Agreement, FTFT HK agreed to acquire all of the
issued and outstanding shares of Alpha HK and Alpha SZ from Alpha
Financial in cash for a price of HK$15,659,949 (approximately US$2,007,686) ("the Total Purchase Price"); 50%
of the Total Purchase Price is to be paid to Alpha
Financial within 5 working days after the signing of the
Agreement with the remaining 50% to be paid within 5 working days
after FTFT HK receives approval from the Hong Kong Securities and
Futures Commission (the "HKSFC") for the transfer of Alpha HK to
FTFT HK prior to December 31, 2023
(or such later date as the parties mutually agree upon). If the
HKSFC fails to give such approval within 365 days of the Agreement,
Alpha Financial will refund the amount paid by FTFT HK
under the terms of the Agreement within 3 working days after the
earlier of receiving the notice of failure or the expiration of 365
days unless FTFT HK and Alpha Financial mutually agree to
extend such deadline.
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. is a blockchain application technology
developer and fintech service provider incorporated
in Florida. The Company's operations include a
blockchain-based online shopping mall platform, Chain Cloud
Mall ("CCM"), supply chain financing services,
asset management, cryptocurrency mining, money
transfer
service and cryptocurrency market data
services. The
Company is also developing blockchain-based e-Commerce technology, cryptocurrency
investment
management, and financial service technology businesses. For
more information,
please visit http://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, 2021 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.