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BEIJING, Sept. 15, 2020 /PRNewswire/ — Future FinTech Group Inc. (NASDAQ: FTFT) (hereinafter referred to as “Future Fintech”, “FTFT” or “Company” “) a leading blockchain e-commerce company and a service provider for financial technology, today announced it has signed an equity acquisition frame agreement (“Frame Agreement”) with Benma (Shenzhen) Industrial Co., Ltd. (“Benma”), and plans to acquire no less than 60% of the shares of Sichuan Tema Supply Chain Management Co., Ltd. ( “Tema”) from Benma. The Frame Agreement is non-binding except for the “Confidentiality and Exclusivity” and “Applicable Law and Dispute Resolution” sections.
According to the Frame Agreement, FT Commercial Management (Beijing) Co., Ltd., a newly established wholly-owned subsidiary of FTFT, will acquire no less than 60% of the equity shares of Tema through a share exchange with Benma.
Tema provides financial services for supply chain industry and achieved revenue RMB 3.36 billion (approximately $480 million) and net profit RMB 76 million (approximately $10.86 million) in 2019 based upon unaudited financials under Chinese GAAP. Tema’s business includes procurement agent services, sales agent services, inventory pledged loan services, and supply chain financing intermediary services. Tema’s supply chain related services cover electronic components, technology service to supply chain data management for the electronic industry, supply chain management for various electronic components and …
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