Under the planned structure, FTFT Capital Dubai is expected to become a 55 percent owned subsidiary of the Company and Shenzhen SOSOB to become an 80 percent owned subsidiary of FTFT Capital Dubai.
FREMONT, CA: Future FinTech Group, a leading blockchain e-commerce company and a service provider for financial technology, has declared that on March 17, 2021 the company entered into a Strategic Cooperation Agreement with major shareholders of Shenzhen SOSOB Technology to form a joint venture titled FTFT Capital (Dubai) Limited ("FTFT Capital Dubai"), an entity formed to offer services and solutions in the global digital currency business.
As per the agreement, the company will make a cash contribution of $5.5 million for 55 percent ownership of FTFT Capital Dubai as well as the shareholders of Shenzhen SOSOB will contribute 80 percent of their equity interest in Shenzhen SOSOB to FTFT Capital Dubai; Shenzhen SOSOB assets involve intellectual property rights, an online platform that offers global digital currency market information and its members and online traffic, valued in aggregate at $4.5 million for 45 percent ownership of FTFT Capital Dubai. Under the planned structure, FTFT Capital Dubai is expected to become a 55 percent owned subsidiary of the Company and Shenzhen SOSOB to become an 80 percent owned subsidiary of FTFT Capital Dubai. It is also planned that FTFT Capital Dubai would set up an investment fund for the investment and management of encrypted financial assets for institutional as well as high net worth investors. FTFT Capital Dubai will be based in Dubai, United Arab Emirates.
Mr. Shanchun Huang, Chief Executive Officer of Future FinTech, stated, "We are excited to jointly create a new enterprise that will serve the digital currency markets. Our objective is to build a company of significant value by creating new content and capturing market share through the application of blockchain technology in financial service markets including digital wallet safety management, blockchain code auditing and operations, and maintenance services. We believe that SOSOB's digital currency market data information service, analysis capabilities, diversified financial services and multilingual services will serve as a catalyst to introduce new advisory services for blockchain-based financial asset products."