NEW YORK, Sept. 8, 2022 /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 September 1, 2022, Future FinTech (Hong Kong) Limited, a wholly owned subsidiary of the Company (“FTFT HK”), signed a Memorandum of Understanding for Equity Acquisition (the “MOU”) to acquire Alpha International Securities (Hong Kong) Ltd. (“Alpha Securities”) from Alpha Financial Limited, a firm based in Hong Kong. The purchase price and acquisition terms of the acquisition are to be determined pending due diligence and a financial audit of Alpha Securities by FTFT HK, with a formal acquisition agreement to be executed within 60 days after the parties are satisfied with the results of the due diligence and a mutual agreement as to the terms of the acquisition. The MOU stipulates that for a period of two months, Alpha Financial Limited will not engage in activities with any other party pursuant to the sale of Alpha Securities. The MOU represents terms for a proposed transaction subject to definitive documentation and is non-binding except for its ‘Confidentiality and Exclusivity’ and ‘Governing Law and Dispute Resolution’ sections.
Steven Xiang, General Manager of Alpha Securities, stated, “Alpha Securities mainly focuses on three financial services sectors: (1) online brokerage services consisting of Hong Kong equities as well as US equities, where we work with our partner, a US brokerage firm, (2) the underwriting and distribution of securities for Hong Kong IPOs, and (3) the underwriting of US dollar-based bonds issued by Chinese municipal cities and companies in Hong Kong. We hold 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.“
Mr. Xiang continued, “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 30,000 customer accounts and have underwritten 29 IPOs in Hong Kong since July 2020. In terms of our offshore China US dollar bond issuance, we underwrote approximately US$1.34 billion for nine municipal investment funds and enterprises.”
“Alpha Securities is committed to providing customers with a full range of financial services in Hong Kong including online brokerage services, IPOs, rights issuances for listed companies, financial advisory services and US dollar-based Chinese municipal and enterprise bond issuance services among our other services,” Alpha Securities’ Mr. Xiang concluded.
Shanchun Huang, Chief Executive Officer of Future FinTech, commented, “We believe that this potential 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 Securities could also play an important role in our continued transformation as we internationalize and diversify our business and income flows. Our objective is to become a diversified fintech enterprise that optimizes current opportunities and integrates them into a comprehensive and strategic business platform.”
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, and cryptocurrency market data services. The Company is also engaged in the development of blockchain based e-Commerce technology and cryptocurrency mining, cryptocurrency investment management as well as financial service technology and business. 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.
Future FinTech Group Inc.
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SOURCE Future FinTech Group Inc.