On June 12, 2024, Hong Kong / PRNewswire/-- Fosun International (00656.HK) announced today that its subsidiary Fosun Wealth International Holdings Limited ('Fosun Wealth Holding'), which independently incubated pioneering digitized institution Wealth Management platform - Xinglu Financial Technology Holdings Limited ('Xinglu Technology'), has signed strategic cooperation agreements with a range of financial and tech industry leaders, including Huaxia Fund Hong Kong, Taikang Asset Management Hong Kong, Ping An Asset Management Hong Kong, Boshi International, E-fund Management Hong Kong, China-Europe Fund International, Hengyun Technology, and Hithink RoyalFlush Information Network. According to the agreement, the signing parties will jointly integrate professional knowledge and resources in the field of financial technology, promote the digital transformation of financial institutions in wealth management, provide personalized and diversified demands for customers in the process of digitization and provide full-category financial products and one-stop solutions, injecting new vitality into the Hong Kong financial market.
Xinglu Technology has leading R&D strength and solution realization ability in the industry, and is currently the only financial technology service provider in the Hong Kong financial market that can provide one-stop wealth management platform and solutions. Through its self-developed technology platform, it can provide wealth management products covering the whole category of cash management, public funds, private equity funds, structured products, bonds, insurance, etc., and can provide personalized asset management and investment services according to customer needs. Currently, the company's clients include commercial banks, securities companies, cross-border e-commerce, family offices, wealth management companies, insurance brokers, fund management companies, etc. The company's asset management scale is expected to exceed HKD 10 billion within the year, with a growth of ten times. The goal for the next three years is to reach a scale of hundreds of billions, and is committed to becoming one of the most influential ToB wealth management platforms in Asia.
Technological innovation is one of the important engines driving Fosun's development. According to the financial report, Fosun's investment in science and technology in 2023 reached RMB 7.4 billion, a year-on-year increase of 14% on the same caliber. In recent years, Fosun has been persistently investing in science and technology and has now entered into a harvest period. Many of its businesses, including financial services, have achieved fruitful results.
On June 5, Fosun International's subsidiary, Fosun International Securities Limited ('Fosun International Securities'), announced that it had obtained the licensing of virtual asset trading services approved by the Hong Kong Securities and Futures Commission ('SFC'). In recent years, the development space of the virtual asset trading market is huge, and it is the must-win place for major financial services providers. The fact that Fosun International Securities is able to obtain the licensing of virtual asset trading services issued by the Hong Kong SFC is an important recognition of the company's solid professional financial capabilities and stable and reliable trading platforms. After obtaining this license, Fosun's financial management and investment services in Hong Kong will further expand into virtual asset trading and distribution services, and trading products and services will be further expanded to virtual asset derivatives, such as exchange-traded funds and virtual asset ETFs.
Fosun has a global industrial layout and strong business resources. The ecological empowerment and resource integration between different industries under its umbrella can drive business growth exponentially. From the virtual asset trading service licensing obtained by Fosun International Securities and the innovative breakthroughs of Xinglu Technology in the Hong Kong market, we can see Fosun's leading advantage in the wealth management field.
Wealth management business has the advantages of light assets, high profits, and low volatility for financial institutions, and is an important stabilizer and smoothen of business operations with very high value. Recently, the Hong Kong financial market has returned to an upward track, and the expected rate cut in the second half of the year will further boost the investment atmosphere. The market expects that the asset management needs of institutional investors will be greatly increased, leading to an explosion. Financial technology businesses in the future will quickly enter a harvest period and are expected to become an important highlight of Fosun's performance.