Future FinTech Stock Surges On Forging Into Supply Chain Software Business - Future FinTech Gr (NASDAQ:FT

Future FinTech Group Inc (NASDAQ:FTFT) inked a term sheet to acquire 51% of the equity of Shanghai Dianfa Internet Technology Co., Ltd for $2.8 million.
Future FinTech will pay $0.93 in cash and the remaining $1.8 million in shares.
It represents Future FinTech's aim to enter SMEs' critical supply chain finance business and the microfinance sector.
Future FinTech held $72 million in cash and equivalents as of June 30.
Recently, Alibaba Group Holding Ltd (NYSE:BABA) backed Ant Group, and TikTok parent ByteDance Ltd reduced their stakes in their fintech businesses following China's fintech crackdown.
Price Action: FTFT shares traded higher by 12.43% at $2.90 on the last check Friday.

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