Gelonghui, May 23 | INTL GENIUS (00033.HK) announced that on May 14, 2024, the company signed a Memorandum of Understanding (“MOU”) with the target company regarding the proposed acquisition of all issued share capital of the target company. The target company is a company incorporated in Singapore and is licensed by the Monetary Authority of Singapore to (i) provide fund management services; (ii) provide advice on investment products (including pooled investment plans and life insurance policies); and (iii) arrange life insurance policies (other than reinsurance). According to currently available data, target companies mainly provide wealth advisory services to high-net-worth clients and provide financial advisory services related to insurance. It has served more than 150 clients and has managed a total of $1 billion in assets.

The cost of the proposed acquisition is estimated to be approximately US$30 million, subject to actual assessed asset prices and actual sales agreements. According to the latest discussions between the company and the target company, the company is exploring the possibility of settling the costs mainly through issuing price shares and settling the costs with at least a portion of the cash costs. The company is currently conducting a due diligence review of the target company. After obtaining satisfactory due diligence results, the company will further discuss the formal sales agreement with the target company and its shareholders.

The Group is mainly engaged in trading party products, providing securities brokerage and asset management services, providing consulting services, lending services and commodity trading. The company intends to expand its asset management services globally and is actively seeking potential asset management companies for future expansion. Management believes that by expanding asset management services globally, proposed acquisitions can promote the Group's business development, thereby expanding the Group's revenue streams, enhancing the Group's performance, and creating value for the company's shareholders.