ZuluTrade acquired by the Formax Group from China

Luca Puddu Last Updated: December 2020 2 min read

ZuluTrade changes owner.

The famous Social and Copy Trading platform, one of the first in the industry, was acquired by Formax Group, a large Chinese group with offices in the United Kingdom, Australia, New Zealand, Hong Kong and Vietnam, and branches in 33 major cities in China, including Beijing, Tianjin, Shanghai, Shenzhen, Guangzhou, Wuhan and Chengdu.

Formax Group operates in the field of integrated financial products and offers asset management services, investment consultancies and financial credits.

Among the services offered by Formax Group are infrastructures for trading on US and HK stocks, and forex currencies, P2P services, small and micro loans and other financial services related to the Fintech field.

Formax Group, led and founded (in 2012) by Bill Wang, hasn’t simply acquired the ZuluTrade platform, but also includes the other subsidiaries of the group of Leon Yohai, founder and CEO of ZuluTrade.

In addition to ZuluTrade, the deal includes the acquisition of the Greek-based brokerage firm Dayo Innovative Trading Ltd., which operates under the well-known name of AAAFX, and is the real holder of the ZuluTrade patents.

Acquiring AAAFX, the Formax Group also acquired the broker’s licenses, and of course all its customers, which at the time of the agreement amounted to 30,000.

The agreement also included the sale of ZuluTrade Japan, a company with a JFSA license.

The total sale price amounts to around $12.4 million.

The transaction stems from the Formax Group’s ambition to expand its portfolio of services, including one of the most well-known and renowned Copy Trading platforms, and from ZuluTrade’s ambition to access the Chinese market by extending its reach into one of the most thriving markets in the field.

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