Beijing-based blockchain e-commerce and financial technology company Future FinTech Group has acquired Nice Asset Management (NTAM), a Hong Kong-based asset management company, for HK$54m (US$7m).
The deal is based on the acquisition of 90% of the shares from Joy Rich Enterprises. Some 40% of the purchase price is to be paid in shares and the remaining 60% is to be paid according to the achievement of certain EBIT goals by NTAM in 2020 and 2021
The management team of NTAM includes former senior executives of HSBC and certified public accountants of Hong Kong, with experience in asset management, investment advisory and extensive contacts in the industry in Hong Kong.
Shanchun Huang, CEO of Future FinTech, said, “We are passionate about identifying and pursuing the competitive partner in the field of fintech and boutique financial services. This acquisition marks a significant step forward in Future FinTech’s ongoing global expansion into innovative financial services. The Company will further explore and develop the new platform to offer asset management and investment consulting services for corporate customers and high net-worth professional investors in Hong Kong.”
Mr. Chan Siu Kei, Chief Executive Officer and Director of NTAM added, “We are excited to move forward with this highly strategic partnership with Future FinTech. Our business focus is to work alongside with our clients to help them grow their wealth and achieve their investment goals. In uncertain times like now, we specialize in uncovering potential sector winners and opportunities, while aligning with clients’ interests and offering tailor-designed and flexible investment strategies. We will leverage the additional resources, technology and platform provided by FTFT to further develop our business in Hong Kong and globally. “
Future FinTech operations include a blockchain-based online shopping mall platform, Chain Cloud Mall (“CCM”), a cross-border e-commerce platform (NONOGIRL), an incubator for blockchain based application projects, and a digital payment system “DCON”. The Company is also engaged in development of blockchain based e-Commerce technology as well as financial technology.
