Blockchain-based Future FinTech Group (FTFT.Q) entered into a non-binding equity acquisition agreement with Joyrich Enterprises Limited to acquire 51% interest in Nice Talent Asset Management Limited (NTAM) today.
NTAM provides asset management and acts as a securities consultant. According to the agreement, the company will select a qualified law and accounting firms to conduct the formal due diligence, and then parties will discuss the final purchase price and agreement.
“NTAM has a professional asset management team, a reliable partner network, mature market channels and customer resources. 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 centers in Asia. We believe the acquisition will bring additional revenues for the Company and further expand our financial technology and boutique financial service business,” said Shanchun Huang, chief executive officer of Future FinTech.
Future Fintech is a blockchain technology research and development company incorporated in Florida. Their primary operation is a blockchain-based online shopping mall platform called Chain Cloud Mall, which is an incubator for blockchain based application projects and a digital payment system. The company is also engaged in development of blockchain based e-commerce technology in addition to financial technology.
The company and its subsidiaries are developing blockchain technology and cryptocurrencies for a variety of B2B and B2C real-life applications including a variety of financial businesses and the distribution, marketing and sale of consumer products.
“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,” Huang said.
The most interesting and telling aspect of this company has to be their website. The news section hasn’t been updated since November, 2018 and their portfolio of offered business projects shows that a lot is “coming soon.” Coupled with an earlier story about how this company recently had to move away from one of its nonproductive core businesses, which was selling fruit juice and a strange secondary product to tie in with blockchain services, and we have to wonder whether or not this company actually knows what it’s doing.
Huang is their new CEO as of earlier this month, thus suggesting that perhaps the answer to that question, at least before his arrival, was a stark no. The jury’s still out on whether or not they have anything on the ball right now.
Here’s what they’ve said about him:
“Mr. Huang has over 16 years of experience in the financial service and investment industry. He has provided financing solutions and advice for high-growth companies in China and successfully assisted 37 enterprises to complete fundraising or public offerings in China. Most recently, Mr. Huang served as the president of Wealth Index (Beijing) Fund Management Co., Ltd., which provides private equity fund management service, from March 2011 to March 2020 and president of Wealth Index (Beijing) International Investment Consulting Co., Ltd., which provides investment management and consulting services for non-securities related business, from August 2004 to March 2020. “
Sure. It all sounds good, but we’ll wait and see how this pans out. Especially with COVID-19 doing the rounds.