Harneys advised on the successful Nasdaq listing of the Zhong Yang Financial Group
Harneys acted as Cayman Islands counsel to Zhong Yang Financial Group (“Zhong Yang”) for its successful Nasdaq listing on 1 June 2022. The listing raised gross proceeds of approximately US$25,000,000. Univest Securities LLC was lead bookrunning manager, while Valuable Capital Ltd. was joint bookrunner.
Zhong Yang is a fast-growing online brokerage firm in Hong Kong focusing on trading local and overseas equities, futures, options products and other financial services. It licenses its trading platforms from third parties, allowing investors to place trades on more than 100 futures products on multiple exchanges globally. Proceeds from the offering will help support its local and international businesses by connecting with top Contract for Difference (“CFD”) liquidity providers, obtain licenses in other regulated securities in New Zealand and Australia, optimise its sales network, upgrade its IT infrastructure, and for working capital and other general corporate purposes.
Hong Kong Corporate Partner Raymond Ng and Senior Associate Annie Liu together advised the client. Raymond mentioned, “We are delighted to witness the Nasdaq listing of our client Zhong Yang, paving way for its further development in both Hong Kong and other foreign markets, and help to continue attracting high volume and frequency trading institutional and individual investors in Asia.”
The corporate team at Harneys has substantial experience regarding all aspects of capital raising by offshore companies, including IPOs and secondary offerings, rights issues, equity linked securities, including convertible and exchangeable bonds, SPACs and business combinations, as well as private placements, take-privates, takeovers and spin-offs. The firm’s ECM expertise lie in advising entities listed or listing on all major stock exchanges, including the New York Stock Exchange, NASDAQ, the London Stock Exchange, AIM, the Hong Kong Stock Exchange, Shanghai Stock Exchange and the Luxembourg Stock Exchange.
