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China-based fintech company to buy stakes in 2 asset managers

China's AGM Group Holdings Inc. has agreed to acquire a 75% stake in SIFT Capital Partners Ltd. and a 100% stake in AGM Global Asset Management Ltd. for HK$6 million and US$22,635, respectively, according to a Form 6-K filed May 30.

SIFT Capital is an asset manager. AGM Global Asset Management is not conducting any business currently but it plans to engage in investment fund business in the future. AGM Group Holdings is a financial technology company.

AGM Group Holdings is buying the SIFT Capital Partners stake from the company's shareholders. It will buy AGM Global Asset Management from Alpha Growth Management Co. Ltd. The SIFT Capital deal is subject to the approval of Hong Kong's Securities and Futures Commission.