creator: Belinda Zhou
Shares in blockchain e-commerce and monetary expertise firm Future FinTech Group Inc. (Nasdaq: FTFT) jumped as excessive as 9% Tuesday morning after the corporate introduced a two-digit development in its top-line for the primary quarter.
The Beijing-based Fintech firm mentioned in an announcement at this time that income within the first quarter reached $0.2 million, up 25% year-over-year. Internet revenue hit $117.2 million, or $3.46 per share, in comparison with a internet lack of $1.89 million, or 5 cents per share in the identical interval final yr.
Because of discontinued operations, the underside line of Future FinTech noticed sturdy development within the first quarter.
“We’re happy to have bought our conventional fruit juice associated enterprise within the first quarter, which was extremely aggressive and we’ve got suffered vital losses for such enterprise,” Shanchun Huang, the chief govt officer of the corporate, mentioned within the assertion.
Huang was appointed to the CEO and director place at FTFT in March.
Future FinTech, previously named SkyPeople Fruit Juice Inc., was a long-time producer of fruit juices and fruit-related merchandise earlier than turning to the event of blockchain-based e-Commerce expertise, in addition to monetary expertise.
In its submitting with the U.S. Securities and Change Fee on Monday, the corporate mentioned the discontinued operations included HeDeTang Holdings (HK) Ltd. and Huludao Surprise, a subsidiary which produces concentrated apple juice.
The disposal deal of HeDeTang added a acquire of $123.69 million to the corporate on Feb. 27; the possession of Huludao Surprise was transferred to New Continent Worldwide Co., Ltd. on the identical day.
Future FinTech delved into blockchain enterprise as early as 2017, when the corporate invested $9.6 million to enterprise additional into the digital world of a cryptocurrency group.
The corporate’s present portfolio features a blockchain-based on-line shopping center platform, Chain Cloud Mall, a cross-border e-commerce platform NONOGIRL, an incubator for blockchain-based utility tasks, and a digital cost system DCON.
“We imagine that the mixture of blockchain expertise that we’ve got experience with monetary expertise companies will allow our firm to develop quickly on this subject and improve the value of shareholders,” Huang mentioned within the assertion.
Future FinTech reported on April 9 that it has accomplished the relocation work to new headquarters in Beijing. Huang mentioned the relocation of the corporate’s headquarters to Beijing is part of its strategic plan to construct a nationwide and worldwide e-commerce and fintech firm.
The corporate introduced its trial model of its cross-border e-commerce platform NONOGIRL on April 2, labeling it as an S2B2C (Provider-to-business-to-customer) crowdsourcing gross sales platform.
Shares in Future FinTech have been buying and selling at $1.47 per share, up 5% intraday Tuesday.