Future FinTech Group (FTFT) has struck a non-binding agreement to buy 51% equity stake in Hong Kong’s Nice Talent Asset Management (NTAM).
Future FinTech plans to execute the deal via its unit Future FinTech (Hong Kong).
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The firm will now carry out formal due diligence on NTAM by choosing a law firm and accounting firm.
After that, it will sign a definitive agreement for the deal and set the final deal consideration.
NTAM is owned by Joyrich Enterprises and licenced under Hong Kong’s Securities and Futures Commission.
Set up in 2018, the business focuses on asset management and investment advisory.
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By GlobalDataFuture FinTech CEO Shanchun Huang said: “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 centres in Asia.
“We believe the acquisition will bring additional revenues for the Company and further expand our financial technology and boutique financial service business.
“FTFT will continue to develop its business and cooperate with firms in the field of boutique financial services, and will actively seek opportunities in the projects with strong profitability and broad prospects to strengthen FTFT’s business in blockchain e-commerce, digital technology and applications, fintech and boutique financial service.”
