Zhong Yang Financial Group, a Hong Kong-based online brokerage, filed on Friday with the SEC to raise up to $28 million.
The Hong Kong-based company plans to raise $28 million by offering 5 million shares at a price range of $5 to $6. At the midpoint of the proposed range, Zhong Yang Financial Group would command a market value of $193 million.
Zhong Yang specializes in the trading of local and foreign equities, futures, and options products. The company generates revenues primarily by charging flat-rate commission fees on futures transactions, and mainly serves high volume and frequency trading institutional and individual investors in Asia. It licenses its trading platforms from third parties, which enable investors to place trades on more than 100 futures products on multiple exchanges around the world.
Zhong Yang Financial Group was founded in 2015 and booked $17 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol TOP. Zhong Yang Financial Group filed confidentially on February 26, 2021. Univest Securities and Valuable Capital are the joint bookrunners on the deal.
