Fintech News

Future FinTech Enters Into Equity Acquisition Frame Agreement With Joyrich Enterprises Limited

Future FinTech Enters Into Equity Acquisition Frame Agreement With Joyrich Enterprises Limited

Future FinTech Group, announced that the Company, through its wholly-owned subsidiary Future FinTech (Hong Kong) Limited, entered into an equity acquisition frame agreement (the “Agreement”) with Joyrich Enterprises Limited (“Joyrich”) on March 26, 2020. Pursuant to the Agreement, the Company plans to acquire no less than 51% equity interest of Nice Talent Asset Management Limited (“NTAM”), a legal entity organized under the laws of Hong Kong. The Agreement is non-binding except for the “Confidentiality and Exclusivity” and “Applicable Law and Dispute Resolution” sections of the Agreement.

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Owned by Joyrich Enterprises Limited, Nice Talent Asset Management Limited was founded in 2018 and is licensed under the Securities and Futures Commission of Hong Kong (SFC) for carrying out regulated activities in “Advising on Securities” and “Asset Management”. NTAM’s main services include asset management and investment advisory. According to the Agreement, the Company will select qualified law firm and accounting firm to conduct formal due diligence on NTAM and then the parties will discuss and determine the final purchase price and definitive purchase agreement.

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“NTAM has a professional asset management team, a reliable partner network, mature market channels and customer resources,” said Mr. Shanchun Huang, Chief Executive Officer of Future FinTech. “Completing this acquisition in Hong Kong will allow FTFT to quickly enter the field of modern boutique financial services and better provide asset management and investment consulting services for SMEs in Hong Kong, one of the financial centers in Asia. We believe the acquisition will bring additional revenues for the Company and further expand our financial technology and boutique financial service business.”

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