NEW YORK, Nov. 14, 2019 /PRNewswire/ -- Future FinTech Group Inc. (FTFT) ("Future FinTech", "FTFT" or "the Company") today announced that it has entered into a Three Party Cooperation Agreement (the "Agreement") with Fan Zhang, a citizen of China, and Caixia Wang, a citizen of China through its wholly owned subsidiary GlobalKey SharedMall Limited to develop and operate a cross border e-commerce platform.
Pursuant to the Agreement, the three parties agreed to make cash contributions totaling RMB 1,000,000 (approximately $142,857) to QR (HK) Limited ("QR HK"), a wholly owned subsidiary of GlobalKey SharedMall Limited ("GlobalKey"). Of this total, GlobalKey shall contribute RMB 510,000 (approximately $72,857); Fan Zhang shall contribute RMB 300,000 (approximately $42,857); and Caixia Wang shall contribute RMB 190,000 (approximately $27,143). GlobalKey agreed to loan Fan Zhang RMB 300,000 for his cash contribution obligation, which shall be repaid from dividends of QR HK in the future. If QR HK is terminated by the parties before the loan is paid off from the dividends or by liquidation of Fan Zhang's ownership of QR HK, Fan Zhang shall repay the loan to GlobalKey in two years. Fan Zhang shall be responsible for the operations and daily management of QR HK's cross-border e-commerce platform and shall be paid RMB 12,000 per month. GlobalKey is responsible for accounting, supervision of Fan Zhang's management, and auditing the financials of QR HK, and additionally has the right to veto material business decisions of QR HK.
"Since the formal launch in January this year, our blockchain-backed shopping platform Chain Cloud Mall (CCM) has been widely praised by customers and entrepreneurs. After comprehensive market research, we decide to expand our e-commerce business to the cross border market and choose Southeast Asia as our first stop. According to a report released by Forrester Analytics, the online-retail sector in Southeast Asia is expected to reach $53 billion in 2023 from $19 billion in 2018. Our new cross border e-commerce platform is currently under construction and will mainly target female customers in first and second-tier cities in Southeast Asia, where the number of female online shoppers is growing fast." said Mr. Yongke Xue, Chief Executive Officer and Chairman of Future Fintech.
About Future FinTech Group Inc.
Future FinTech Group Inc. ("Future FinTech", "FTFT" or the "Company") is incorporated in Florida and engages in fruit juice and blockchain based e-commerce businesses. The Company engages in the operation of a blockchain based online shared shopping mall platform and also operates an incubator for application projects using blockchain technology. FTFT and its subsidiaries are developing blockchain technology for a variety of B2B and B2C real-life applications including the distribution, marketing and sale of consumer products. The Company is also developing financial technology business to stay ahead of the changing industry. For more information, please visit http://www.ftft.top/.
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Dragon Gate Investment Partners LLC
SOURCE Future FinTech Group Inc.