Hywin Holdings, which provides wealth management services in China, filed on Friday with the SEC to raise up to $48 million in an initial public offering.
Hywin states that it is the third largest third-party wealth management service provider in China. The company provides wealth management services, insurance brokerage services, and asset management services to its clients, and its largest business to date has been in wealth management.
The Shanghai, China-based company was founded in 2006 and booked $199 million in revenue for the 12 months ended June 30, 2020 (based on exchange rate between RMB and USD as of 2/26/21). It plans to list on the Nasdaq under the symbol HYW. Hywin Holdings filed confidentially on August 11, 2020. Network 1 Financial Securities is the sole bookrunner on the deal. No pricing terms were disclosed.
