Addentax Proposes Acquisition of Riches Group's Offshore Wealth Management Business
Addentax Group announced the proposed strategic acquisition of the offshore wealth management and integrated cross-border service business of Hong Kong-based Riches Group, a provider of global asset allocation and cross-border services. The Company believes that, if completed, the proposed acquisition would support the Company's global expansion strategy by facilitating the integration of Riches Group's offshore business ecosystem, AI-enabled financial solutions, and digital currency/crypto service offerings. Based on preliminary internal estimates and subject to final closing and integration, the Company anticipates that the proposed acquisition could contribute approximately HKD 300M in annualized revenue. Riches Group, headquartered in Hong Kong, has built a diversified service ecosystem, which includes global wealth management, international education, immigration consulting, and cross-border healthcare services. Subject to the completion of the proposed acquisition, the Company would gain access to Riches Group's core business assets, including its full suite of wealth management services, which range from private banking and fund custody to global fixed-income products and offshore/US dollar insurance. Based on information provided by Riches Group, these services have historically generated monthly transaction volumes exceeding HK$100M. The proposed acquisition is expected to provide the Company with access to Riches Group's AI-enabled wealth advisory capabilities. Riches Group has developed proprietary algorithms designed to support data-driven, personalized asset allocation strategies, real-time risk assessments, and market insights.
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Addentax Group Proposes Acquisition of Riches Group
- Strategic Acquisition Plan: Addentax Group announced a proposed acquisition of Hong Kong's Riches Group offshore wealth management and cross-border service business, which is expected to contribute approximately HKD 300 million in annual revenue upon completion, significantly advancing the company's global expansion strategy.
- Service Ecosystem Integration: Riches Group's diversified offerings, including global wealth management, international education, and cross-border healthcare, have historically generated monthly transaction volumes exceeding HKD 100 million, enhancing Addentax's capabilities to serve high-net-worth clients post-acquisition.
- AI and Digital Asset Capabilities: The acquisition will provide Addentax access to Riches Group's AI-driven wealth advisory capabilities and compliant digital currency services, which are expected to enhance the precision and efficiency of its wealth management services, addressing market demand for digital assets.
- Global Market Expansion: By integrating Riches Group's client network and professional team, Addentax plans to expand its business footprint in high-growth markets such as Southeast Asia, Europe, and North America, further solidifying its competitive position in the global fintech sector.
Addentax Proposes Acquisition of Riches Group
- Strategic Acquisition Plan: Addentax Group announced a proposed acquisition of Hong Kong's Riches Group's offshore wealth management and cross-border services, which is expected to contribute approximately HKD 300 million in annual revenue upon completion, significantly advancing its global expansion strategy.
- Business Integration Advantages: The acquisition will provide Addentax access to Riches Group's core assets, including a comprehensive suite of wealth management services, which is anticipated to enhance the company's competitiveness in the high-net-worth client market and strengthen its cross-border financial service capabilities.
- Technological and Innovation Enhancement: The acquisition will enable Addentax to leverage Riches Group's AI-driven wealth advisory capabilities, expected to improve the precision and efficiency of asset allocation strategies, thereby driving technological development within the global fintech sector.
- Market Expansion Potential: By integrating Riches Group's client network and professional team, Addentax will be positioned to expand its offshore business in high-growth markets such as Southeast Asia, Europe, and North America, further enhancing its ability to serve global high-end financial needs.
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Addentax Group Proposes Acquisition of Riches Group
- Strategic Acquisition Plan: Addentax Group announced a proposed acquisition of Hong Kong's Riches Group offshore wealth management and cross-border service business, which is expected to contribute approximately HKD 300 million in annual revenue upon completion, significantly advancing the company's global expansion strategy.
- Service Ecosystem Integration: Riches Group's diversified offerings, including global wealth management, international education, and cross-border healthcare, have historically generated monthly transaction volumes exceeding HKD 100 million, enhancing Addentax's capabilities to serve high-net-worth clients post-acquisition.
- AI and Digital Asset Capabilities: The acquisition will provide Addentax access to Riches Group's AI-driven wealth advisory capabilities and compliant digital currency services, which are expected to enhance the precision and efficiency of its wealth management services, addressing market demand for digital assets.
- Global Market Expansion: By integrating Riches Group's client network and professional team, Addentax plans to expand its business footprint in high-growth markets such as Southeast Asia, Europe, and North America, further solidifying its competitive position in the global fintech sector.
Addentax Proposes Acquisition of Riches Group
- Strategic Acquisition Plan: Addentax Group announced a proposed acquisition of Hong Kong's Riches Group's offshore wealth management and cross-border services, which is expected to contribute approximately HKD 300 million in annual revenue upon completion, significantly advancing its global expansion strategy.
- Business Integration Advantages: The acquisition will provide Addentax access to Riches Group's core assets, including a comprehensive suite of wealth management services, which is anticipated to enhance the company's competitiveness in the high-net-worth client market and strengthen its cross-border financial service capabilities.
- Technological and Innovation Enhancement: The acquisition will enable Addentax to leverage Riches Group's AI-driven wealth advisory capabilities, expected to improve the precision and efficiency of asset allocation strategies, thereby driving technological development within the global fintech sector.
- Market Expansion Potential: By integrating Riches Group's client network and professional team, Addentax will be positioned to expand its offshore business in high-growth markets such as Southeast Asia, Europe, and North America, further enhancing its ability to serve global high-end financial needs.
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Other Notable Gainers: Several stocks saw significant pre-market gains, including Professional Diversity Network (up 88.8%), STRATA Skin Sciences (up 80%), and Jiuzi Holdings (up 50.9%).
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Investment Strategy: The company aims to enhance its long-term Bitcoin investment strategy, leveraging the current bullish momentum of Bitcoin, while the final terms of the acquisition will be determined through mutual agreement and are subject to due diligence and approvals.
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