Special purpose acquisition companies, or SPACs, are now eyeing the Asian market for merger deals as they compete to finalize deals before their initial public offerings (IPOs) expire.
SPACs, also known as blank-check companies, have become a popular vehicle on the U.S. market for taking private companies public. SPACs generally operate by raising money through an IPO and then entering into a business combination with a company with existing operations, often through a reverse merger.
The New York Stock Exchange said it no longer plans to delist three Chinese telecommunications giants, reversing a decision announced four days earlier. The NYSE said late Monday it dropped the plans after “further consultation with relevant regulatory authorities in connection with Office of Foreign Assets Control.”
Over the past decade, U.S. investors have increased their exposure to companies based in or with the majority of their operations in China (“China-based Issuers”). China, while often viewed from an investing perspective as an emerging market, is the world’s second largest economy and, through direct investment as well as index-based investing, U.S. investors have increased their exposure to China-based Issuers over the past decade.
SHANGHAI, China, March 31, 2021 (GLOBE NEWSWIRE) -- Hywin Holdings Ltd. (“Hywin” or the “Company”) (NASDAQ: HYW), the third largest third-party wealth management service provider in China, today announced the closing of its previously announced initial public offering of 3,000,000 American Depositary Shares (the “ADSs”), at US$10.00 per ADS. Each ADS represents two Class A ordinary shares of the Company.
The Company raised a total of US$30 million in gross proceeds from the IPO, before deducting underwriting discounts and commissions as well as other estimated offering expenses.
Network 1 Financial Securities Inc., Alexander Capital L.P. and Valuable Capital Limited are acting as bookrunners of the offering.
A registration statement related to these securities was filed with the United States Securities and Exchange Commission and became effective on March 25, 2021. This offering is being made only by means of a prospectus forming part of the effective registration statement. A copy of the final prospectus relating to the offering may be obtained, when available, by contacting Network 1 Financial Securities Inc. at 2 Bridge Avenue, Suite 241, Red Bank, NJ 07701, by email: firstname.lastname@example.org, or by telephone: +1 (800)-886-7007.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Hywin Holdings Ltd.
Hywin (NASDAQ: HYW) is the third largest third-party wealth management service provider in China, with a 7.5% market share in terms of 2019 transaction value, according to CIC. Our primary services are wealth management, insurance brokerage, and asset management. Wealth management is currently our largest business segment, in which our onshore and offshore solution platform serves clients across generations. This unit markets and distributes investment products and funds that raise capital both privately and through public offerings. For more information, please visit https://ir.hywinwealth.com/
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “anticipate,” “estimate,” “plan,” “project,” “potential,” “continue,” “ongoing,” “expect,” “aim,” “believe,” “intend,” “may,” “should,” “will,” “is/are likely to,” “could” and similar statements. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.