Summary by Futu AI
FLJ Group Limited (NASDAQ: FLJ), a company operating in the insurance agency and insurance technology sectors in the PRC, has successfully completed the acquisition of Alpha Mind Technology Limited, a transaction that was initially announced on November 22, 2023. The acquisition, which was finalized on December 28, 2023, involved an all-cash purchase price of $180 million, paid through promissory notes with a 90-day maturity and a 3% annual interest rate. These notes are secured by the equity and assets of Alpha Mind and its subsidiaries. With this acquisition, Alpha Mind becomes a wholly-owned subsidiary of FLJ Group. The company's senior management will remain in place following the transaction. Additionally, FLJ Group has terminated its previously announced acquisition agreement with Lianlian Holdings Inc., which was made public on September 29, 2023. The termination was mutual between both parties. FLJ Group's business includes a PRC-licensed insurance agency working with approximately 180 insurance carriers and an insurance technology business developing SaaS platforms for the insurance industry.