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Fosun International: The NAGA Group IPO on the Deutsche Börse

July 13, 2017, Fosun International Limited (“Fosun”) is pleased to announce the successful initial public offering of The Naga Group AG (“ NAGA”) on the “Scale” market, the SME segment of the Deutsche Börse. Among the first batch of high-tech start-ups listed on the “Scale” market, NAGA also mile-marks Fosun’s first overseas fin-tech investment which has successfully listed on an international exchange.

 

Fosun and its subsidiary, Hauck & Aufhauser (“H&A”), a private bank based in Germany invested in NAGA as its Series-A investor in March 2017. Following the IPO, Fosun, together with H&A, has become NAGA’s largest shareholder.

 

NAGA specializes in disruptive trading technologies in the financial sector and is the owner of SwipeStox, a popular mobile-centric app for social trading. The total issue volume for the offering was €2.51 million with strong investor interest pushing the initial price up from €2.6 per share to €6.7 per share at market close on its first day of trading.

 

Guo Guangchang, Chairman of Fosun Group said, “Currently, leading technology is Fosun’s prior business goal. NAGA’s pioneering technology aims to revolutionize the traditional banking sector through disruptive technology. This strategy is also aligned with Fosun’s mission to revolutionize traditional sectors, such as health and leisure through our own ecosystem of world-class companies, financial technology and AI. The successful investment into NAGA with H&A not only demonstrate Fosun’s ability to leverage its global resources with local expertise but also indicate our persistence and pursuit in technological innovation. We will continue supporting NAGA, and hope it can bring more innovative products to China and Asia customers as well as driving Chinese Fintech companies to grow. ”.

 

"Fosun and its investment into NAGA played an important role for our company growth and for our IPO. The concept of value investing and the belief in our vision from the beginning allowed us to build cutting edge technology and revolutionize the entire capital markets and trading industry. We are proud to be one of Germany's fastest and most successful IPOs in recent years. The listing allows us to offer more transparency and to gain more credibility amongst our investors and users,”said Benjamin Bilski, Founder & Member of the Board of NAGA Group AG."

 

About THE NAGA GROUP AG:

THE NAGA GROUP AG was founded by Yasin Sebastian Qureshi, Christoph Brück and Benjamin Bilski in August 2015. It’s mission: to develop, market and grow disruptive applications in financial technology, all of which aim to bring change and opening to an out-dated financial system.  In November 2016, NAGA established a Joint Venture with the German Stock exchange to build the world´s first in-game item exchange called “SWITEX”. The word "Naga" means "Cobra Snake" in Sanskrit and it is the name for the hottest chilli in the world.