AGM Group Holdings Inc. (“AGM” or the “Company”) (NASDAQ: AGMH), a financial technology (“FinTech”) company providing trading platform solutions and enabling technologies for brokerage firms and other financial institutions, today announced that its wholly owned subsidiary, Shenzhen AnGaoMeng Financial Technology Service Co., Ltd., has entered into a letter of intent agreement to acquire 100% equity interest in Yushu Kingo City Real Estate Development Co., Ltd. (“Kingo City”).
Established in December 2013 with registered capital of RMB 30 million, Kingo City is a licensed real estate development and property management company based in Yushu City, Jilin Province, China. Kingo City is currently developing a commercial complex located at the intersection of Xinmin and Xiangyang Streets in Yushu City (the “Development Project”). Phase I of the Development Project is expected to be completed in October 2019 with total construction area of 120,000 square meters (approximately 1.29 million square feet) and property market value of approximately RMB 1.2 billionupon completion.
The proposed transaction is subject to a definitive share purchase agreement to be negotiated between the two parties, following further financial and legal reviews and approval of the Company’s Board of Directors, as well as other customary closing conditions. The Company plans to facilitate the proposed transaction by issuing new shares and using cash on hand.
About AGM Group Holdings Inc.
Incorporated in April 2015 and headquartered in Beijing, China, AGM Group Holdings Inc. is an emerging financial technology (“FinTech”) company focusing on delivering innovative trading platform solutions and enhancing technologies for brokerage firms and other financial institutions. For more information, please visit www.agmgroup.com.
Forward Looking Statements
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