FTFT signs MOU to acquire Alpha International Securities
NEW YORK, 8 September 2022 /PRNewswire/ — Future FinTech Group Inc. (NASDAQ: FTFT) (“Future FinTech”, “FTFT” or the “Company”), a blockchain application technology developer and fintech service provider, today announced that on 1 September 2022Future FinTech (Hong Kong) Limited, a wholly owned subsidiary of the Company (“FTFT HK”), signed a Memorandum of Understanding for Equity Acquisition (“MOU”) to acquire Alpha International Securities (Hong Kong) Ltd. (“Alpha Securities”) of Alpha Financial Limited, a company based in Hong Kong. The purchase price and acquisition terms for 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 investigation. and a mutual agreement on 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 of a proposed transaction subject to final documentation and is non-binding except for the sections “Confidentiality and Exclusivity” and “Governing Law and Dispute Resolution”.
Steven Xiangmanaging director of Alpha Securities, tired“Alpha Securities mainly focuses on three financial services sectors: (1) online brokerage services consisting of Hong Kong stocks as well as US stocks, where we work with our partner, a US brokerage firm, (2) guarantee and distribute securities for Hong Kong IPOs, and (3) guarantee US dollar-denominated bonds issued by Chinese 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, “Alpha Securities management has significant experience in international financial markets, and our key team members are from well-known financial institutions. We have over 30,000 client accounts and have underwritten 29 IPOs in Hong Kong since July 2020. Regarding our offshore Chinese bond issue in US dollars, we guaranteed approx 1.34 billion dollars for nine municipal investment funds and companies.”
“Alpha Securities is committed to providing clients with a full range of financial services within Hong Kong including online brokerage services, IPOs, rights issues for listed companies, financial advisory and US dollar-denominated Chinese municipal and corporate bond services among our other services,” Alpha Securities’ Mr. Xiang concluded.
Shanchun HuangCEO of Future FinTech, commented, “We believe 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 can also play an important role in our continued transformation as we internationalize and diversify our business and revenue streams. Our goal is to become a diversified fintech company 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, and financial services technology and business. For more information, please visit http://www.ftft.com/.
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