Future FinTech Group Regains Compliance with NASDAQ Listing Requirements


Future FinTech Group Inc. (NASDAQ: FTFT) (“hereinafter referred to as “Future FinTech”, “FTFT” or the “Company”), a blockchain application technology developer and a fintech service provider, announced today that on April 21, 2023, it received a written notification from the NASDAQ Stock Market Listing Qualifications Staff (the “Staff”) indicating that the Company has regained compliance with the periodic filing requirement for The Nasdaq Stock Market under Listing Rule 5250(c)(1).

On April 18, 2023, the Company received a letter from the Staff stating that it was not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of it not having timely filed its Annual Report on Form 10-K (“Form 10-K”) for the fiscal year ended December 31, 2022 with the Securities and Exchange Commission.

Based on the April 19, 2023 filing of the Company’s Form 10-K for the fiscal year ended December 31, 2022, Staff has determined that the Company complies with the Nasdaq Listing Rule and accordingly, this matter is now closed.


Future Fintech Holds Operations Update Meeting


Future FinTech Group Inc. (NASDAQ: FTFT) (“hereinafter referred to as “Future FinTech”, “FTFT” or “the Company”), a leading blockchain-based e-commerce business and a fintech service provider, announced today that the Company held an operations update video conference call on August 20, 2021. It was attended by CEO Shanchun Huang, COO Yang Liu, CIO Xiaochen Zhao, Head of FTFT’s Future Commercial Group Ltd. Jie Han, and Honorary Chief Economist of the Company Dr. Finn E. Kydland, Nobel Laureate in Economics.

Future FinTech COO Yang Liu hosted the call and commented on FTFT’s recent operations, “As of mid-August, we have made significant progress in implementing our global strategic plan. We completed the acquisition of Hong Kong-based Nice Talent Asset Management Limited (“NTAM”), incorporated a new subsidiary, Future Fintech Digital Capital Management LLC (“Future Fintech Digital Capital”), in Connecticut, established an R&D center -Future FinTech Labs Inc. (“Future FinTech Labs”) in New York, registered a new subsidiary FTFT Capital Investments LLC (“FTFT Capital Investments”) in Dubai, and incorporated a new subsidiary -FTFT UK Limited (“FTFT UK”) in United Kingdom, as an operating base to develop fintech business in Europe.”

As a core element of its strategic plan, FTFT plans upon developing an array of diversified financial products and services for global institutional investors and high net worth investors through its subsidiaries which are approved to provide such services. To achieve this goal, the Company plans upon forming an operational matrix to include Future FinTech Labs, Future Fintech Digital Capital, FTFT Capital Investments, FTFT UK, NTAM and other subsidiaries with appropriate licenses to provide such services. Through the integration of its R&D center, institutional investment management and fintech, the Company intends to become a leading financial services firm that provides users with a wide range of personal online financial products and services. It is planned that these will include mobile payments, international transfers, wealth management services, member rewards, and other non-traditional proprietary applications that we believe will positively disrupt the financial services sector.

The Company believes that its core competency through its blockchain application capabilities, strong technical team and deep experience in blockchain projects provides superior support for its asset management and online financial services businesses as well as for future business development.

FTFT Honorary Chief Economist Dr. Kydland Supports Company’s Corporate Strategy

Dr. Kydland expressed support for the Company’s strategic plan of its financial services business. Dr. Kydland observed that FTFT’s core plans in online financial services will enable it to succeed at its highly enterprising initiative to disrupt traditional banking by using financial technology and that this course represents the direction of future financial services.

Dr. Finn E. Kydland commented, “I am optimistic about the competitive prospects of FTFT’s use of cutting-edge financial technology and its applications for the traditional banking business. I look forward to sharing my resources, knowledge and experience in the macroeconomic, financial and monetary fields, and applying research to help guide FTFT’s assessment of the long-term trends of the financial industry to optimize the Company’s strategic plan.”

Dr. Kydland continued, “Although I could only meet the FTFT team by video conference, once the pandemic moderates, I will plan to visit FTFT offices in New YorkDubaiHong KongLondon and Beijing, and conduct in-depth exchanges to facilitate the support of macroeconomic theory with the strategic direction of the Company.”


Future Fintech Announces Framework Agreement to Purchase Antminer Bitcoin Mining Machines


Future FinTech Group Inc. (NASDAQ: FTFT) (“hereinafter referred to as Future FinTech”, “FTFT” or “the Company”), a leading blockchain-based e-commerce business and a fintech service provider, announced today that on March 26, 2021, the Company signed a framework agreement (the “Frame Agreement”) with Nanjing Shunru Electronic Technology Co., Ltd. (“Nanjing Shunru”) to purchase approximately 20,000 Antminer bitcoin mining machines, which will provide a combined 200 Petahash per second (PH/s) hash rate, which accounts for about 0.12% of Bitcoin’s total hash rate capacity. Mining hash rate is an important security metric in terms of verifying bitcoin transactions; high hashing or computing processing power means greater system security for Bitcoin transactions. The Frame Agreement is non-binding except for the ‘Confidentiality and Exclusivity’ and ‘Applicable Law and Dispute Resolution’ sections of the agreement.

According to the Frame Agreement, Nanjing Shunru will provide no less than 20,000 Antminer mining machines to Future FinTech and guarantees a total Bitcoin hash rate of at least 200 PH/s for at least 180 days per year. Should the hash rate be less than 200 PH/s, Nanjing Shunru must supplement the corresponding hash rate with additional Antminer mining machines within a five-day period with no additional cost to FTFT. The mining machines will be delivered pending further due diligence on the part of the Company and a definitive agreement by the parties. The purchase price of such Antminer miner machines is RMB 50 million (approximately $7.6 million), of which RMB 10 million (approximately $1.5 million) will be paid in cash, and the remaining RMB 40 million (approximately $6.1 million) will be paid in FTFT common stock.

Mr. Shanchun Huang, Chief Executive Officer of Future FinTech, commented, “The recent sharp increase in the price of Bitcoin has provided us with the opportunity and economic incentive to develop an encrypted digital currency mining business. The signing of the mining machine acquisition frame agreement is the first step for us to move into the bitcoin mining field. We will continue to optimize the Company’s comprehensive platform in the field of cryptocurrency mining and blockchain technology services to maximize returns to our shareholders.”


Future FinTech and China Foundation of Consumer Protection Enter Into Cooperation Agreement to Use Blockchain Technology Against Counterfeit Products


Future FinTech Group Inc. (NASDAQ: FTFT) (“Future FinTech”, “FTFT” or “Company”), a leading blockchain based e-commerce business and a fintech service provider, announced today that, its wholly-owned subsidiary Chain Cloud Mall Network and Technology (Tianjin) Co., Limited (“CCM”) has signed a cooperation agreement with The Merchandise and Quality Week Magazine, a news magazine directly owned by China Foundation of Consumer Protection. The cooperation has a term for five years, from February 1, 2021 to January 31, 2026. The Anti-Counterfeiting Committee of China Foundation of Consumer Protection will set up a “Quality and Safety Office” and appoint Mr. Zhi Yan, the general manager of CCM, as the deputy director of that office for a term of one year, who will be responsible for building the quality and safety credit system for Chinese brands and enterprises under the “Responsible Brand Plan”. The “Responsible Brand Plan” will be officially launched in March 2021 and operated by the “Quality and Safety Office” of the Anti-Counterfeiting Committee of China Foundation of Consumer Protection.

Mr. Zhi Yan said that: “The Responsible Brand Plan will make full use of the real name based blockchain anti-counterfeiting tracing technology developed by CCM, which will not only protect the legitimate rights and interests of the enterprises and their brands, but also impose  responsibility for their product’s quality and safety.”

China Foundation of Consumer Protection was established in November 1989. It is supervised by the State Owned Assets Supervision and Administration Commission of the State Council of China. Its mission is to protect the interest of consumers and implement its responsibility as a nonprofit consumer protection organization under the Consumer Protection Law of China. One of its main responsibilities is to support and participate in anti-counterfeiting activities and clean up the consumer products market.

The Anti-Counterfeiting Committee of China Foundation of Consumer Protection is the first and the only nonprofit organization that was approved by the Ministry of Civil Affairs specializing in anti-counterfeiting in China. It was established in July 2000. It focuses on cracking down counterfeit and shoddy products that harm the rights and interest of consumers.