A subsidiary of a blockchain application technology developer is moving forward in its acquisition bid for a Korean financial services firm that provides online brokerage services, 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 equity 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 deal and the acquisition price will be determined, according to a press release on Thursday (Sept. 8). A deal is expected to be finalized no later than early November.
“Alpha Securities is committed to providing customers with a full range of financial services in Hong Kong including online brokerage services, IPOs, rights issuances for listed companies, financial advisory services and US dollar-based Chinese municipal and enterprise bond issuance services among our other services,” Alpha Securities General Manager Steven Xiang said in the press release.
“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 billion for nine municipal investment funds and enterprises,” Xiang added.
“We believe that 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,” Future FinTech CEO Shanchun Huang said in the release.
“We believe that Alpha Securities could also play an important role in our continued transformation as we internationalize and diversify our business and income flows. Our objective is to become a diversified fintech enterprise that optimizes current opportunities and integrates them into a comprehensive and strategic business platform,” Huang added.