Zhong Yang Financial Group, a Hong Kong-based online brokerage, raised $25 million by offering 5 million shares at $5, the low end of the range of $5 to $6.
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 plans to list on the Nasdaq under the symbol TOP. Univest Securities and Valuable Capital acted as joint bookrunners on the deal.
