Peak Fintech Group, Inc. (NASDAQ: TNT; CSE: PKK) is a Canadian parent to subsidiaries claiming to revolutionize China’s financial system.
Promotion-driven excitement for PKK’s alleged rampant revenue growth has led a >1,000% rise in its stock during 2021 culminating with a NASDAQ uplisting in early September.
The uplisting has been less than smooth sailing. It took just 11 days for the stock to be halted for filing deficiencies and we believe it is destined for delisting.
PKK’s evolution is questionable at best. The company pivoted from failed, wannabe “Find My iPhone” software, to revenue-less IT services, to a fully impaired e-commerce platform before becoming a “hub” for commercial lending in China.
While PKK touted its $30m, September 2021 acquisition of “Heartbeat” (a China insurance company), we reveal the entity that received these funds is an unrelated company (that doesn’t own the asset).
PKK is not new to the “shell game”. In December 2019, they claimed to direct $1.4m towards a 70% stake in loan brokerage platform, Jinxiaoer, but filings uncover PKK has never owned Jinxiaoer either.
Even if PKK purchased these assets, they have nominal value and were grossly overpaid for. Both Heartbeat and Jinxiaoer generate almost zero revenue, low registered capital, and limited to no web traffic history.
PKK’s scheme runs deeper than fake acquisitions. It reported vast revenue growth in its Fintech segment, but Chinese subsidiary filings (from SAIC) expose that PKK has never owned Asia Synergy Financial Capital, the main operating subsidiary (despite claiming to own 51%).
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