TROOPS, Inc. (Nasdaq: TROO) Explores Acquisition of Hong Kong Insurance Brokerage and Nears Agreement to Acquire Bestfaith International Technology Limited
Strategic Moves to Expand Footprint in Hong Kong's Real Estate and Insurance Sectors
HONG KONG, March 24, 2025 /PRNewswire/ -- TROOPS, Inc. (NASDAQ:TROO) (the "Company" or "TROOPS") today announced two strategic initiatives to accelerate its growth in Asia. The Company has commenced preliminary due diligence on a prominent Hong Kong-based insurance brokerage as a potential acquisition target and is in advanced negotiations to acquire Bestfaith International Technology Limited ("Bestfaith"), a leading building management company servicing over 200 buildings across Hong Kong.
Preliminary Due Diligence on Insurance Brokerage
TROOPS is conducting preliminary due diligence on an insurance brokerage headquartered in Hong Kong. While discussions are in early stages, this acquisition would complement TROOPS' existing financial services portfolio and enhance its capabilities in Asia's dynamic insurance market. The Company emphasizes that no binding agreement has been reached, and the transaction remains subject to due diligence, regulatory approvals, and final negotiations.
Proposed Acquisition of Bestfaith International Technology Limited
Concurrently, TROOPS is finalizing an agreement to acquire 100% of Bestfaith International Technology Limited, a Hong Kong building management firm which is responsible for telecommunication management and optical fibre related services for over 200 residential and commercial properties. Bestfaith's extensive network and expertise in facility operations, maintenance, and tenant services align with TROOPS' mission to deliver integrated property management solutions. The acquisition is expected to close following customary closing conditions, including regulatory approvals and final board consent.
Strategic Rationale
These initiatives underscore TROOPS' commitment to expanding its presence in Hong Kong's growth sectors. The addition of Bestfaith would establish TROOPS as a key player in the region's property management industry, while the potential insurance brokerage acquisition would enhance its revenue streams and create cross-selling opportunities between its property management and insurance services divisions.
Safe Harbor and Informational Statement
This announcement contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company set forth herein and those preceded by or that include the words "believe," "expect," "anticipate," "future," "will," "intend," "plan," "estimate" or similar expressions, are "forward-looking statements". Forward-looking statements in this release include, without limitation, the effectiveness of the Company's multiple-brand, multiple channel strategy and the transitioning of its product development and sales focus and to a "light-asset" model, Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. These forward-looking statements can change as a result of many possible events or factors not all of which are known to the Company, which may include, without limitation, our ability to have effective internal control over financial reporting; our success in designing and distributing products under brands licensed from others; management of sales trend and client mix; possibility of securing loans and other financing without efficient fixed assets as collaterals; changes in government policy in China; China's overall economic conditions and local market economic conditions; our ability to expand through strategic acquisitions and establishment of new locations; compliance with government regulations; legislation or regulatory environments; geopolitical events, and other events and/or risks outlined in the Company's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F and other filings. All information provided in this press release and in the attachments is as of the date of the issuance, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
About TROOPS, Inc.
TROOPS, Inc. is a conglomerate group of various businesses with its headquarters based in Hong Kong. The group is principally engaged in (a) money lending business in Hong Kong providing mortgage loans to high quality target borrowers (b) property investment to generate rental income and (c) the development, operation and management of an online financial marketplace that provides one-stop financial technology solutions including API services by leveraging artificial intelligence, big data and blockchain, and cloud computing (SaaS). The group's vision is to operate as a conglomerate to build synergy within its own sustainable ecosystem thereby creating value to its shareholders.
For more information about TROOPS, Inc., please visit our investor relations website: www.troops.co
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