Zhong Yang Financial Group Limited 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 closing 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 was conducted on a firm commitment basis. In addition, 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 closed on June 3, 2022 and the Ordinary Shares began trading on June 1, 2022 on The Nasdaq Capital Market under the ticker symbol “TOP”.
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Univest Securities, LLC served as lead book-running manager for the offering; Valuable Capital Limited served as joint book runner. Ortoli Rosenstadt LLP served as counsel to the Company, and Hunter Taubman Fischer & Li LLC served as counsel to the underwriters. Stevenson, Wong & Co. served 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.
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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.
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