Business
FTFT Announces Acquisition Agreement of Alpha International Securities (Hong Kong) Ltd.
NEW YORK, March 1, 2023 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as "Future FinTech", "FTFT" or the "Company"), a
About this update from Future Fintech Group Inc.
[{"type":"text","content":"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.\n\n \n \n \n \n \n \n\n \nAlpha 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.\nSteven 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.\"\nMr. 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.\"\nShanchun Huang, Chief Executive Officer of Future FinTech, commen...