This is a report from the Shandong Office of Hong Kong Business Daily. Ferretti S.p.A. has recommended shareholders reject KKCG’s voluntary conditional partial offer. Its Independent Financial Adviser concluded that the €3.50 per share offer is “not fair and not reasonable” for independent shareholders, citing unattractive valuation and structural limitations. Ferretti’s Independent Board Committee and Board also concurred and advised independent shareholders not to accept the Offer.

HONG KONG, March 13, 2026 /PRNewswire/ — The board of Italian luxury yacht maker Ferretti Group on Friday recommended that independent shareholders not to accept a voluntary partial takeover bid by Czech investment group KKCG, in a response document published on 13 March 2026.

KKCG Maritime S.A., controlled by Czech billionaire Karel Komárek, is offering €3.50 per share (approximately HK$31.71) in cash for up to 52,132,861 shares, or 15.4% of Ferretti’s issued share capital. The acceptance period runs from 16 March to 13 April 2026.

Board, IBC and IFA Unanimously Recommend Rejection
The rejection followed a three-tier review process required under Hong Kong and Italian regulatory frameworks: Independent Financial Adviser (Altus Capital) concluded that the offer, including the consideration, is “not attractive” and “not fair and not reasonable” so far as independent shareholders are concerned, and recommended the IBC to advise independent shareholders not to accept the offer. Independent Board Committee (IBC) concurred with Altus and concluded that the offer is “not fair and not reasonable”, recommending that independent shareholders not accept. Board of Directors agreed with and adopted the assessments of both the IBC and Altus, concluding that the offer does not adequately reflect Ferretti’s value and is not in the best interest of the Company and the independent shareholders.

Valuation and Structural Concerns

Altus Capital said the offer price, while at a premium to historical averages, stands at a discount to recent market prices on both exchanges. The implied EV/EBITDA ratio of 5.3 times compares unfavourably to yacht industry peers and a broader panel of luxury brand comparables. Altus also noted the partial nature of the offer as a fundamental structural weakness, as it denies shareholders a full exit while leaving them exposed to reduced liquidity and greater price volatility.

Governance and Strategic Uncertainty

Beyond pricing, the Board warned that the offer could create a duopoly of significant shareholdings (with FIH at approximately 39.4% and KKCG at 29.9%), giving rise to significant uncertainty in relation to the Company’s long-term business strategy and potentially resulting in boardroom stalemates.

Altus further noted that KKCG has not been involved in the group’s operations, has made no demonstrated contribution to its development, and has not presented a clear industry-specific strategy for the luxury yacht business.

Offer Background and Company Trajectory

KKCG announced the voluntary partial offer earlier this year as part of an effort to build a strategic stake in the Italian yacht maker, and seek to have its proposed nominees to be elected to the board. KKCG has a track record of controversial conduct toward minority shareholders at other listed companies. At Greek gaming company OPAP S.A., KKCG launched a 2019 tender offer at the statutory minimum price below market value, which the majority of shareholders rejected, and subsequently used a five-year scrip dividend programme to cross the 50% control threshold without paying any premium. In the ongoing Allwyn-OPAP merger, KKCG initially sought 85% voting control on only 78.5% economic interest through preference shares; according to Athens Times (19 December 2025), Citi called this “one of the main concerns for investors” and Eurobank Equities described it as creating “asymmetries in economic rights and control”, ultimately forcing KKCG to withdraw the scheme after investor backlash.

Ferretti, meanwhile, has undergone significant development over the past decade. Weichai Group became Ferretti’s controlling shareholder in 2012 as a long-term strategic investor, and over the following years the company returned to profitability, expanded its global market presence and completed listings in Hong Kong in 2022 and Milan in 2023.

For the year ended 31 December 2025, Ferretti reported net revenue of approximately €1,231.7 million, up 5.0% year-on-year, with net profit of approximately €90.1 million and an order backlog of approximately €1,715.7 million.

Board Voting and Abstentions

The response document was approved at a board meeting on 12 March 2026. Mr. Piero Ferrari, non-executive director, who indirectly and directly holds approximately 4.63% of the Company’s shares, abstained as required under Italian law. Mr. Ferrari has indicated that he intends to reject the Offer in respect of all the shares held by him.

Mr. Alberto Galassi, chief executive officer and executive director, also abstained, noting that accepting shareholders would only sell part of their holdings while remaining exposed to the company, echoing concerns raised by the IFA, and said he considered it more appropriate to remain neutral. Independent non-executive director Stefano Domenicali was absent from the meeting due to other commitments.

This is a report from the Shandong Office of Hong Kong Business Daily. Ferretti S.p.A. has recommended shareholders reject KKCG’s voluntary conditional partial offer. Its Independent Financial Adviser concluded that the €3.50 per share offer is “not fair and not reasonable” for independent shareholders, citing unattractive valuation and structural limitations. Ferretti’s Independent Board Committee and Board also concurred and advised independent shareholders not to accept the Offer.

HONG KONG, March 13, 2026 /PRNewswire/ — The board of Italian luxury yacht maker Ferretti Group on Friday recommended that independent shareholders not to accept a voluntary partial takeover bid by Czech investment group KKCG, in a response document published on 13 March 2026.

KKCG Maritime S.A., controlled by Czech billionaire Karel Komárek, is offering €3.50 per share (approximately HK$31.71) in cash for up to 52,132,861 shares, or 15.4% of Ferretti’s issued share capital. The acceptance period runs from 16 March to 13 April 2026.

Board, IBC and IFA Unanimously Recommend Rejection
The rejection followed a three-tier review process required under Hong Kong and Italian regulatory frameworks: Independent Financial Adviser (Altus Capital) concluded that the offer, including the consideration, is “not attractive” and “not fair and not reasonable” so far as independent shareholders are concerned, and recommended the IBC to advise independent shareholders not to accept the offer. Independent Board Committee (IBC) concurred with Altus and concluded that the offer is “not fair and not reasonable”, recommending that independent shareholders not accept. Board of Directors agreed with and adopted the assessments of both the IBC and Altus, concluding that the offer does not adequately reflect Ferretti’s value and is not in the best interest of the Company and the independent shareholders.

Valuation and Structural Concerns

Altus Capital said the offer price, while at a premium to historical averages, stands at a discount to recent market prices on both exchanges. The implied EV/EBITDA ratio of 5.3 times compares unfavourably to yacht industry peers and a broader panel of luxury brand comparables. Altus also noted the partial nature of the offer as a fundamental structural weakness, as it denies shareholders a full exit while leaving them exposed to reduced liquidity and greater price volatility.

Governance and Strategic Uncertainty

Beyond pricing, the Board warned that the offer could create a duopoly of significant shareholdings (with FIH at approximately 39.4% and KKCG at 29.9%), giving rise to significant uncertainty in relation to the Company’s long-term business strategy and potentially resulting in boardroom stalemates.

Altus further noted that KKCG has not been involved in the group’s operations, has made no demonstrated contribution to its development, and has not presented a clear industry-specific strategy for the luxury yacht business.

Offer Background and Company Trajectory

KKCG announced the voluntary partial offer earlier this year as part of an effort to build a strategic stake in the Italian yacht maker, and seek to have its proposed nominees to be elected to the board. KKCG has a track record of controversial conduct toward minority shareholders at other listed companies. At Greek gaming company OPAP S.A., KKCG launched a 2019 tender offer at the statutory minimum price below market value, which the majority of shareholders rejected, and subsequently used a five-year scrip dividend programme to cross the 50% control threshold without paying any premium. In the ongoing Allwyn-OPAP merger, KKCG initially sought 85% voting control on only 78.5% economic interest through preference shares; according to Athens Times (19 December 2025), Citi called this “one of the main concerns for investors” and Eurobank Equities described it as creating “asymmetries in economic rights and control”, ultimately forcing KKCG to withdraw the scheme after investor backlash.

Ferretti, meanwhile, has undergone significant development over the past decade. Weichai Group became Ferretti’s controlling shareholder in 2012 as a long-term strategic investor, and over the following years the company returned to profitability, expanded its global market presence and completed listings in Hong Kong in 2022 and Milan in 2023.

For the year ended 31 December 2025, Ferretti reported net revenue of approximately €1,231.7 million, up 5.0% year-on-year, with net profit of approximately €90.1 million and an order backlog of approximately €1,715.7 million.

Board Voting and Abstentions

The response document was approved at a board meeting on 12 March 2026. Mr. Piero Ferrari, non-executive director, who indirectly and directly holds approximately 4.63% of the Company’s shares, abstained as required under Italian law. Mr. Ferrari has indicated that he intends to reject the Offer in respect of all the shares held by him.

Mr. Alberto Galassi, chief executive officer and executive director, also abstained, noting that accepting shareholders would only sell part of their holdings while remaining exposed to the company, echoing concerns raised by the IFA, and said he considered it more appropriate to remain neutral. Independent non-executive director Stefano Domenicali was absent from the meeting due to other commitments.

*Velotrade enters the crypto funded trading market with institutional foundations, aligned incentives, and a rule set built from scratch for crypto traders*

HONG KONG, March 13, 2026 /PRNewswire/ — Velotrade, founded by former institutional derivatives traders from JP Morgan, Dresdner Kleinwort, and Bank of America, today announced the launch of its crypto funded trading platform. The firm offers traders the opportunity to operate a prop trading account without risking their own capital. The account sizes range from $5,000 to $200,000, with considerable profit splits.

Velotrade is not a rebrand, a pivot from forex, or a first venture. The founding team brings combined decades of experience in capital markets, risk management, and financial technology. Their previous company, Velotrade Management Limited, operates a fintech trade finance platform that has paid out more than $2.5 billion to clients worldwide since 2016. That business continues to operate today as a separate legal entity. The founding team and the Velotrade name carry a track record covered by Bloomberg, the Financial Times, the Wall Street Journal, and Nasdaq. The crypto funded trading platform is operated by Velotrade Re Limited, a separate Hong Kong company incorporated in November 2025.

The decision to enter the crypto prop market came from a simple observation: most firms in the space are not built by or for traders.

“We looked at the crypto prop market and found firms run by people with little experience in trading, in risk management, or in running a financial services company,” said Gianluca Pizzituti, CEO and co-founder of Velotrade. “That shows. It shows in the rules, in the structure, in the fine print. We thought: there is an opportunity to build something the industry actually needs.”

A Different Business Model

Most prop firms generate the majority of their revenue from challenge fees. The more traders fail, the more fees they collect. Velotrade is built on the opposite logic.

The firm uses institutional liquidity bridges and AI driven hedging to mirror selected trader positions in real markets. When a funded trader is profitable, Velotrade earns alongside them. The business model only works if traders succeed.

“We are not here to collect challenge fees and hope people fail,” Pizzituti said. “Our revenue model is tied to trader performance. That changes everything about how you design rules, and how you treat the people trading your capital.”

Rules Written for Crypto, Not Borrowed from Forex

The majority of prop firms offering crypto instruments today were originally built for forex. Their evaluation frameworks reflect that: trailing drawdowns calibrated for pip range volatility, consistency rules, weekend holding bans, and restricted news trading windows. Applied to a 24/7 asset class with a fundamentally different liquidity and volatility profile, these rules create avoidable breaches that end funded accounts for reasons unrelated to trading skill.

Velotrade was designed from the ground up for crypto. The evaluation framework includes:

• No consistency rule.** Traders are not penalised for having one large winning day or for varying position sizes based on conviction.
• No time limit.** There is no cap on evaluation duration. Traders move at their own pace.
• News trading permitted.** No restricted windows around market events.
• Weekend holding permitted.** Positions can be held through weekends across all account tiers.

Two evaluation formats are available. The 2 step challenge targets traders who want maximum drawdown room (10% overall, 5% daily). The 1 step challenge offers a faster path to funding with tighter parameters (7% overall, 4% daily). Both run on DXtrade.

The full rule set is published on [velotrade.com](http://velotrade.com) and written with institutional grade clarity. The stated standard: a trader should be able to read the rules once and know exactly where they stand.

Crypto Only

Velotrade does not offer forex, indices, or equities. The platform trades a wide range of cryptocurrencies with leverage of up to 6x on BTC and ETH. The decision is deliberate: build for one asset class and do it properly, rather than bolt crypto onto an existing infrastructure.

Payout Structure

Funded traders can request their first payout after 14 calendar days. Subsequent payouts are available weekly on request. All payouts are processed within 24 hours in USDC or USDT.

About the Founders

Gianluca Pizzituti, Chief Executive Officer

Formerly at the derivatives desk at Dresdner Kleinwort in London. Founded and ran a proprietary high frequency trading firm in FX and equity indices out of Singapore. In 2016, he founded Velotrade in Hong Kong and scaled the trade finance platform to over USD 2.5 billion in disbursements worldwide.

Vittorio De Angelis, Executive Chairman

Over 30 years in capital markets and risk management. Traded equity derivatives at JP Morgan and Dresdner Kleinwort in London, rising to Co Head of Equity Derivatives at Bank of America. Later served as Head of Brokerage at a global broker in Hong Kong.

About Velotrade

Velotrade Re Limited is a Hong Kong based company operating a crypto funded trading platform for disciplined traders. The founding team previously built Velotrade Management Limited (est. 2016), a trade finance platform that has paid out over $2.5 billion to clients worldwide and has been covered by Bloomberg, the Financial Times, the Wall Street Journal, and Nasdaq. The two companies are separate legal entities.

Challenge options, pricing, and the complete rule set are available at [velotrade.com](http://velotrade.com).

Media Contact
press@velotrade.com
[velotrade.com](http://velotrade.com)

*Velotrade enters the crypto funded trading market with institutional foundations, aligned incentives, and a rule set built from scratch for crypto traders*

HONG KONG, March 13, 2026 /PRNewswire/ — Velotrade, founded by former institutional derivatives traders from JP Morgan, Dresdner Kleinwort, and Bank of America, today announced the launch of its crypto funded trading platform. The firm offers traders the opportunity to operate a prop trading account without risking their own capital. The account sizes range from $5,000 to $200,000, with considerable profit splits.

Velotrade is not a rebrand, a pivot from forex, or a first venture. The founding team brings combined decades of experience in capital markets, risk management, and financial technology. Their previous company, Velotrade Management Limited, operates a fintech trade finance platform that has paid out more than $2.5 billion to clients worldwide since 2016. That business continues to operate today as a separate legal entity. The founding team and the Velotrade name carry a track record covered by Bloomberg, the Financial Times, the Wall Street Journal, and Nasdaq. The crypto funded trading platform is operated by Velotrade Re Limited, a separate Hong Kong company incorporated in November 2025.

The decision to enter the crypto prop market came from a simple observation: most firms in the space are not built by or for traders.

“We looked at the crypto prop market and found firms run by people with little experience in trading, in risk management, or in running a financial services company,” said Gianluca Pizzituti, CEO and co-founder of Velotrade. “That shows. It shows in the rules, in the structure, in the fine print. We thought: there is an opportunity to build something the industry actually needs.”

A Different Business Model

Most prop firms generate the majority of their revenue from challenge fees. The more traders fail, the more fees they collect. Velotrade is built on the opposite logic.

The firm uses institutional liquidity bridges and AI driven hedging to mirror selected trader positions in real markets. When a funded trader is profitable, Velotrade earns alongside them. The business model only works if traders succeed.

“We are not here to collect challenge fees and hope people fail,” Pizzituti said. “Our revenue model is tied to trader performance. That changes everything about how you design rules, and how you treat the people trading your capital.”

Rules Written for Crypto, Not Borrowed from Forex

The majority of prop firms offering crypto instruments today were originally built for forex. Their evaluation frameworks reflect that: trailing drawdowns calibrated for pip range volatility, consistency rules, weekend holding bans, and restricted news trading windows. Applied to a 24/7 asset class with a fundamentally different liquidity and volatility profile, these rules create avoidable breaches that end funded accounts for reasons unrelated to trading skill.

Velotrade was designed from the ground up for crypto. The evaluation framework includes:

• No consistency rule.** Traders are not penalised for having one large winning day or for varying position sizes based on conviction.
• No time limit.** There is no cap on evaluation duration. Traders move at their own pace.
• News trading permitted.** No restricted windows around market events.
• Weekend holding permitted.** Positions can be held through weekends across all account tiers.

Two evaluation formats are available. The 2 step challenge targets traders who want maximum drawdown room (10% overall, 5% daily). The 1 step challenge offers a faster path to funding with tighter parameters (7% overall, 4% daily). Both run on DXtrade.

The full rule set is published on [velotrade.com](http://velotrade.com) and written with institutional grade clarity. The stated standard: a trader should be able to read the rules once and know exactly where they stand.

Crypto Only

Velotrade does not offer forex, indices, or equities. The platform trades a wide range of cryptocurrencies with leverage of up to 6x on BTC and ETH. The decision is deliberate: build for one asset class and do it properly, rather than bolt crypto onto an existing infrastructure.

Payout Structure

Funded traders can request their first payout after 14 calendar days. Subsequent payouts are available weekly on request. All payouts are processed within 24 hours in USDC or USDT.

About the Founders

Gianluca Pizzituti, Chief Executive Officer

Formerly at the derivatives desk at Dresdner Kleinwort in London. Founded and ran a proprietary high frequency trading firm in FX and equity indices out of Singapore. In 2016, he founded Velotrade in Hong Kong and scaled the trade finance platform to over USD 2.5 billion in disbursements worldwide.

Vittorio De Angelis, Executive Chairman

Over 30 years in capital markets and risk management. Traded equity derivatives at JP Morgan and Dresdner Kleinwort in London, rising to Co Head of Equity Derivatives at Bank of America. Later served as Head of Brokerage at a global broker in Hong Kong.

About Velotrade

Velotrade Re Limited is a Hong Kong based company operating a crypto funded trading platform for disciplined traders. The founding team previously built Velotrade Management Limited (est. 2016), a trade finance platform that has paid out over $2.5 billion to clients worldwide and has been covered by Bloomberg, the Financial Times, the Wall Street Journal, and Nasdaq. The two companies are separate legal entities.

Challenge options, pricing, and the complete rule set are available at [velotrade.com](http://velotrade.com).

Media Contact
press@velotrade.com
[velotrade.com](http://velotrade.com)