Future FinTech moves to add Alpha Securities
A subsidiary of a developer of blockchain application technology is moving ahead with its takeover bid for a Korean financial services firm that offers online brokerage, IPOs and other related services.
Future FinTech Hong Kong Limited (FTFT HK), a wholly-owned subsidiary of Future FinTech Group Inc. (FTFT), signed a Memorandum of Understanding (MOU) for the share acquisition of Alpha International Securities, a subsidiary of Alpha Financial Limited, based in Hong Kong.
Following due diligence and a financial audit of Alpha Securities by FTFT HK, the terms of the agreement and the purchase price will be determined, according to a press release on Thursday (September 8). An agreement is expected to be finalized by the beginning of November at the latest.
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“Alpha Securities is committed to providing clients with a full range of financial services in Hong Kong, including online brokerage services, IPOs, rights issues for listed companies, financial advisory services and US dollar-denominated Chinese municipal and corporate bond services among our other services,” Alpha Securities said general manager Steven Xiang in the press release.
“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 US dollar offshore Chinese bond issue , we have guaranteed about US$1.34 billion for nine municipal investment funds and enterprises, Xiang added.
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“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 that we are developing,” Future FinTech CEO Shanchun Huang said in the release.
“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 ,” Huang added.
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