Business
FTFT Signs MOU to Acquire Alpha International Securities
NEW YORK, Sept. 8, 2022 /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, 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.\n\n \n \n \n \n \n \n\n \nSteven 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.\"\nMr. 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 b...