Chinese credit firm NCF Group completes reverse merger to list its shares in the US
NCF Wealth’s existing management team will continue to operate the business after the transaction and will serve as executive management of the public holding company after the business combination.
NCF Wealth Holdings Ltd., a Chinese online lending platform, has announced its merger with Hunter Maritime Acquisition Corp. (Nasdaq: HUNT), a blank check company, to be listed on the US Stock Exchange.
Under the agreement, Hunter issued 200 million Class A common shares to former NCF Wealth shareholders upon closing of the merger. Former NCF Wealth shareholders are also entitled to receive up to an additional 50 million Class A common shares if the combined company meets certain financial performance targets for fiscal 2019 and 2020.
Hunter plans to change its name to NCF Wealth Holdings Ltd. in the coming weeks. The common shares, units and warrants of the Company will continue to trade under the symbols “HUNT”, “HUNTU” and “HUNTW” until the name of the company changes.
NCF Wealth’s existing management team will continue to operate the business after the transaction and will serve as executive management of the public holding company after the business combination. Jia Sheng will be the general manager, Huanxiang Li will be the chairman, and Li Wei will be the financial director.
“As a leading financial technology company in China, NCF Wealth is delighted to become a state-owned enterprise to further enhance its brand image and ability to serve its clients and counterparties, thereby extending its already impressive track record.” , said Jia Sheng. âNCF Wealth is now positioned to use the capital markets for the strategic expansion of its business and the acquisition of strategic resources. “
Among other businesses, NCF operates an online consumer and business finance marketplace in China, focused on facilitating debt finance by directly connecting individual and business borrowers with lenders as an alternative to traditional lending sources. NCF generates revenue primarily from the fees charged to borrowers for the services by matching them with lenders through the facilities of its online platform.