SYDNEY, AUSTRALIA: Victor Group Holdings Ltd (ASX: VIG), a leading provider of cloud-based education solutions in China, has announced its strategic investment in LIT Technology Pty Ltd, an innovative fintech company with a strong presence in Vietnam.

The deal, valued at AUD2,000,000.00, will be completed through the issuance of 80,000,000 shares at an issues price of AUD0.025 per share to the vendors and/or their nominees. The vendors of LIT are primarily individual shareholders who are not related or associated with VIG.

The investment will give VIG a 25% stake in LIT Technology, which offers a diverse range of financial services, including buy now pay later (BNPL), digital finance technology platform, and micro lending to SMEs.

VIG has completed a due diligence process that involved the evaluation of the business model and inspection of legal and financial documents. The due diligence process was satisfactorily completed.

The share sale agreement is subject to shareholders approval and includes clauses that are typical for this type of transaction. The company intends to convene a general meeting as soon as possible to obtain the necessary shareholders’ approval.

While the investment in LIT will broaden the company’s scope of business, the primary undertaking of the company will continue to be providing SaaS, PaaS, IaaS and education cloud in China.

The investment will expand VIG’s IT capabilities from EdTech to FinTech and enhance its geographical footprint in Southeast Asia, particularly in Vietnam, where LIT Technology has a substantial operational presence.

The rapidly growing middle class and increasing digital adoption in Vietnam present a significant market opportunity, with its 98 million population.

VIG aims to leverage this investment to become a leader in the Southeast Asian EdTech and FinTech industries, meeting the increasing demand for innovative financial and educational solutions.

Mr. Zhenxian (Brady) Wu, Managing Director/CEO of VIG, remarked, “This investment in LIT Technology signifies a strategic expansion of VIG’s IT capabilities from EdTech to FinTech and enhances our geographical footprint in Southeast Asia, leveraging LIT Technology’s strong presence in Vietnam.”