Zhong Yang Financial Group Limited (the "Company") (NASDAQ: TOP), a
fast-growing online brokerage firm located in Hong Kong
specializing in the trading of local and foreign equities, futures,
options products and other financial services, today announced the
pricing of its initial public offering (the "Offering") of
5,000,000 ordinary shares (the "Ordinary Shares") at a public
offering price of $5.00 per share for total gross proceeds of
$25,000,000 before deducting underwriting discounts and offering
expenses. The Offering is being conducted on a firm commitment
basis. The Ordinary Shares have been approved for listing on The
Nasdaq Capital Market and are expected to commence trading today,
June 1, 2022, under the ticker symbol "TOP".
The Company has granted the underwriters an
option, exercisable one or more times in whole or in part, to
purchase up to 750,000 additional Ordinary Shares at the initial
public offering price, less underwriting discounts, within 45 days
from the closing date of the Offering to cover over-allotments, if
any.
The Offering is expected to close on June 3,
2022, subject to customary closing conditions.
Univest Securities, LLC is acting as lead
book-running manager for the offering; Valuable Capital Limited is
acting as joint book runner. Ortoli Rosenstadt LLP is acting as
counsel to the Company, and Hunter Taubman Fischer & Li LLC is
acting as counsel to the underwriters. Stevenson, Wong & Co. is
acting as Hong Kong counsel to the Company.
The Company intends to use the proceeds from
this Offering primarily for (i) development of Contract for
Difference (“CFD”) products and services, especially to connect
with top CFD liquidity providers such as UBS and Morgan Stanley to
further develop its Hong Kong and global business, (ii)
acquisitions and/or applications for licenses in New Zealand and
Australia in other regulated securities, futures or/and other
financial structured products related activities, when the
appropriate time arises, (iii) optimization of sales network
coverage and geographical coverage, conducting more Internet
(online) related services and sales, development of CFD white label
partners and introduction of broker services to further develop and
strengthen the existing brokerage business, (iv) purchase of IT
equipment and software to transform and upgrade our IT
infrastructure and capacity, including online trading platforms,
risk monitoring programs, and software and computer program
structures that provide personalized trading and risk management
functions, and (v)working capital, operating expenses and other
general corporate purposes.
A registration statement on Form F-1 (File No.
333-259441) relating to the Offering, as amended, has been filed
with the U.S. Securities and Exchange Commission ("SEC") and was
declared effective by the SEC on May 31, 2022. The Offering is
being made only by means of a prospectus. Copies of the final
prospectus related to the Offering may be obtained, when available,
from Univest Securities, LLC by email at IBAssistDesk@univest.us or
via standard mail to Univest Securities, LLC, 75 Rockefeller Plaza,
Suite 18 C, New York, NY 10019. In addition, a copy of the final
prospectus can also be obtained via the SEC's website at
www.sec.gov.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy the securities
described herein, nor shall there be any sale of these securities
in any state or jurisdiction in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
About Zhong Yang Financial Group Limited
Founded in Hong Kong, the Company, through its
operating subsidiaries, operates online brokerage platforms
specializing in the trading of local and foreign equities, futures,
and options products.
The trading platforms, which the operating
subsidiaries license from third parties enable its investors to
trade on renowned stock and futures exchanges around the world,
including the Chicago Mercantile Exchange (“CME”), Hong Kong
Futures Exchange (“HKFE”), The New York Mercantile Exchange
(“NYMEX”), The Chicago Board of Trade (“CBOT”), The Commodity
Exchange (“COMEX”), Eurex Exchange (“EUREX”), ICE Clear Europe
Limited (“ICEU”), Singapore Exchange (“SGX”), Australia Securities
Exchange (“ASX”), Bursa Malaysia Derivatives Berhad (“BMD”), and
Osaka Exchange (OSE). The operating subsidiaries are licensed
with the Securities and Futures Commission of Hong Kong ("HKSFC”)
to carry out type 1 (dealing in securities), type 2 (dealing in
futures contracts) regulated activities, and are licensed with the
HKSFC to carry out type 4 (advising on securities), type 5
(advising on futures contracts), and type 9 (asset management)
regulated activities in Hong Kong. For more information, please
visit http://www.zyfgl.com/.
Forward-Looking Statement
This press release contains forward-looking
statements as defined by the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include statements
concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements that
are other than statements of historical facts. When the Company
uses words such as "may, "will, "intend," "should," "believe,"
"expect," "anticipate," "project," "estimate" or similar
expressions that do not relate solely to historical matters, it is
making forward-looking statements. These forward-looking statements
include, without limitation, the Company's statements regarding the
expected trading of its Ordinary Shares on the Nasdaq Capital
Market and the closing of the Offering. Forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
uncertainties related to market conditions and the completion of
the initial public offering on the anticipated terms or at all, and
other factors discussed in the “Risk Factors” section of the
registration statement filed with the SEC. For these reasons, among
others, investors are cautioned not to place undue reliance upon
any forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the SEC, which
are available for review at www.sec.gov. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
For more information, please contact:
The Company:
IR DepartmentEmail: IR@zyzq.com.hk
Investor Relations:
EverGreen Consulting Inc.
Ms. Janice Wang, Managing Partner
Email: IR@changqingconsulting.com
Phone: +1 571-464-9470 (from U.S.)
+86 13811768559 (from China)
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