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Hudson Capital Inc. (NASDAQ:HUSN) announced that on March 30, 2022, it has sold its wholly-owned subsidiary, Hong Kong Internet Financial Services (HKIFS), to private investors.
Javier Selgas, CEO of Hudson Capital and Freight App, Inc., said, "As we focus more on our core business as a transportation logistics technology platform company and on improving operations, we decided it would be prudent to divest from any non-core, non-performing businesses. With the sale of HJIFS, our operations are 100% based in North America, creating room for long-term growth in our target markets."
Transaction
The sale of HKIFS was completed on March 30, 2022 and included all of the prior operations, obligations, and commitments related to its Chinese operations. The sale of HKIFS will result in Hudson Capital departing from its legacy PRC financial advisory business. The Company expects immaterial financial effects from the sale outside of incurring minimal legal expenses to assemble and formalize the transaction.
Posted In: HUSN
