FTFT's Asset Management Business Eligible to Manage Virtual Assets

Jun 13,2022

News Provided By: PR Newswire

NEW YORK, June 13, 2022 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as "Future FinTech", "FTFT" or "the Company"), a blockchain application technology developer and fintech service provider, announced today that Nice Talent Asset Management Limited ("NTAM"), its 90%-owned Hong Kong-based asset management company, has become eligible to manage virtual assets under certain conditions and the asset class is below 10% of gross asset value of its portfolio. In order to engage in the management of virtual assets, NTAM shall comply with the regulatory requirements issued by the Securities and Futures Commission of Hong Kong ("SFC"). Currently, NTAM is exploring and analyzing the feasibility of managing virtual assets but there has been no change in its investment mandate as of the date of this announcement.

NTAM is licensed under the SFC to carry out regulated activities in 'Type 4: Advising on Securities' and 'Type 9: Asset Management' with eligibility in managing virtual assets based upon the recent change of regulations in Hong Kong to include virtual assets in asset management services, given certain conditions are met. NTAM's current business partners include major international banks and its clients are high net worth customers. Hong Kong is widely recognized as a leading asset management center in Asia with a large concentration of international fund managers.

NTAM's business focus is to work alongside its clients to help them grow their wealth and achieve their investment goals. NTAM believes that virtual assets can be an important holding in risk-weighted investment portfolios as it has matured as an asset class and represents an evolution in investment strategy. NTAM specializes in aligning investment opportunities with its clients' interests while offering tailored and flexible investment strategies in every market environment, and NTAM believes that virtual assets represent such an opportunity in today's investment world.

Mr. Shanchun Huang, CEO of Future FinTech, stated, "We are pleased that NTAM is exploring opportunities that meet the needs of the investment community since virtual assets are becoming an increasingly essential and sophisticated asset class across a wide spectrum of investors. We believe that this strategic asset will further bolster NTAM's ability to offer investment opportunities and best-in-class asset management and investment consulting services for institutional investors and high net worth investors in Hong Kong."