Item 1.01 Entry into a Material Definitive Agreement.
The information set forth in Item 1.02 below is hereby incorporated by reference
into this Item 1.01.
Item 1.02 Termination of a Material Definitive Agreement.
As previously disclosed, on December 30, 2019, Fortune Valley Treasures, Inc.
("FVTI"), along with Qianhai DaXingHuaShang Investment (Shenzhen) Co., Ltd., a
subsidiary of FVTI and a wholly foreign-owned enterprise in China ("QHDX"),
entered into an equity interest transfer agreement (the "Agreement") with
shareholders (the "Original Shareholders") of Foshan BaiTaFeng Beverage
Development Co., Ltd. ("BTF"), a limited liability company formed under the laws
of the People's Republic of China (the "PRC") and engaged in the business of
bottling and distributing of drinking water in the PRC. Pursuant to the
Agreement, QHDX agreed to purchase 80% of BTF's equity interest from Mr. Chunbin
Li, the legal representative and one of the Original Shareholders of BTF, in
exchange for shares of FVTI's common stock.
On February 28, 2021, FVTI, QHDX and the Original Shareholders of BTF signed a
termination agreement pursuant to which the parties mutually agreed to terminate
the Agreement. The Agreement is terminated effective as of February 28, 2021 and
the parties have no further rights or obligations under the Agreement. The
parties further agreed to waive their rights to any claims that may arise under
the Agreement. As of the date of the termination agreement, no equity interest
of BTF had been transferred to QHDX.
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