Chinese investment holding company Zall Development Group has agreed to acquire Shanghai-based Harvest Capital’s financial leasing, asset management and financial services businesses for HKD216m.
The deal includes acquisition of Harvest Financial Leasing, Nine Fish Asset Management and 90% of the shares of Harvest Financial Services.
Zall Development Group plans to merge the three businesses with its existing credit and loan guarantee services firm as well as its payment processing vehicle to set up the new Zall Financial Group.
The new group will offer online or offline platform customers a one-stop suite of financial, logistics, operations management and information services.
Platform customers will gain access to a range of financial services such as financing, credit and loan guarantee services, financial leasing, factoring and asset management.
The Chinese firm said that the move "is an important step in the group’s drive to complete the formation of an intelligent business ecosystem, while strengthening the financial services supply chain."