XI'AN, China, Sept. 7, 2017 /PRNewswire/ -- Future FinTech
Group Inc. (NASDAQ: FTFT) ("Future
FinTech" or "the Company" - News), a
financial technology company and integrated producer of
fruit-related products, today announced that Hedetang Foods
(China) Co., Ltd., one of the
Company's wholly owned subsidiaries, signed a Shareholder
Investment Agreement with Shaanxi Yinlian Huijin Investment
Management Co., Ltd. to jointly invest and establish Zhonglian
Hengxin Assets Management Co., Ltd. ("Zhonglian Hengxin"), which
furthers the Company's transformation into a fintech
enterprise.
"We are pleased to announce this agreement as it further extends
our footprint into the fintech sector and offers substantial
opportunities for growth in asset management in China," said Mr. Hongke Xue, Chief Executive
Officer of Future FinTech. "We believe that our strategic approach
to create sustainable value from our entry into fintech will create
a high margin business that will enable us to capitalize upon
China's growth by utilizing
sophisticated financial technologies. This augments our previous
expansion into global trading and investments, e-commerce and big
data which we believe offers synergies for all of our businesses,"
Mr. Hongke Xue concluded.
The business scope of Zhonglian
Hengxin has been approved by both the State Administration for
Industry and Commerce of the People's
Republic of China and the Shaanxi Administration for
Industry and Commerce. The business scope
of Zhonglian Hengxin is to purchase and dispose of non-performing assets of financial
enterprises and non-financial institutions. The main businesses
include the acquisition and disposition of non-performing assets,
enterprise reorganization by merger and acquisition, credit and
debt liquidation, management of private equity investment fund by
entrustment, and private placements and investment management.
Zhonglian Hengxin will establish seven departments: (1) the
General Management Department, (2)
the Financial Management Department, (3) the First Business
Department, (4) the Second Business Department, (5) the Audit and
Supervision Department, (6) the Risk Management Department, and (7)
the Innovation and Investment Department. The Company will focus on
developing an effective operating strategy for this business and is
intent upon providing innovative solutions to facilitate the
effective use of economic resources while optimizing regional
finance economies. The registered capital of Zhonglian Hengxin is
to be RMB 100 million, to be
contributed before December 31, 2017, where the Company holds
a 55% ownership interest in the new fintech enterprise through its
indirectly owned subsidiary of Hedetang Foods (China) Co., Ltd.
As shown in the China Financial Stability Report (2017),
until the end of 2016, the non-performing loan ("NPL") balance of
banking financial institutions has been RMB 2.19 trillion with an NPL ratio of 1.91%, which has been on the increase up
to June 2017. Zhonglian Hengxin will
comprehensively assess the marketplace and seek to develop
financial solutions utilizing innovative and sophisticated tools,
aiming at becoming an innovative company to revitalize NPLs and
financial assets through fintech, and in so doing, help in the
reconstitution and development of
China's economy.
About Future FinTech Group Inc.
Future FinTech Group Inc. ("Future FinTech" or the "Company"),
is an agricultural products company that utilizes financial
technology solutions to operate and grow its businesses. The
Company is engaged in the production and sales of fruit juice
concentrates, fruit beverages, and other fruit related products in
China and certain overseas
markets. The Company's fruit juice concentrates are sold to
domestic customers and exported directly or via distributors. Its
fruit juice products, "Hedetang" and "SkyPeople," are healthy and
nutritious beverages and sold primarily in China. The Company leverages e-commerce and
new technology platforms and is building a regional agricultural
products commodities market with the goal to become a leader in
agricultural finance technology. For more information, please visit
http://www.ftft.top/.
For more information, please contact:
COMPANY
Cindy Liu, Investor Relations
Manager
Future FinTech Group Inc.
Tel: China + 86 -
29-8187-8277
Email: skypeople_annie@163.com
Web: http://www.ftft.top
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SOURCE Future FinTech Group Inc.