NEW YORK, June 03, 2022 (GLOBE NEWSWIRE) — Univest Securities, LLC (“Univest”), a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the closing of the initial public offering (the “Offering”) for its client Zhong Yang Financial Group Limited (the “Company”, Nasdaq: TOP), a fast-growing online brokerage firm located in Hong Kong specializing in the trading of local and foreign equities, futures, options products and other financial services. The Company received aggregate gross proceeds of US$25 million of 5,000,000 ordinary shares (the “Ordinary Shares”) at a public offering price of US$5.00 per share from this Offering, before deducting underwriting discounts and offering expenses. In addition, the Company has granted the underwriters an option, exercisable one or more times in whole or in part, to purchase up to 750,000 additional Ordinary Shares at the initial public offering price, less underwriting discounts, within 45 days from the closing date of the Offering to cover over-allotments, if any. The Offering closed on June 3, 2022 and the Ordinary Shares began trading on June 1, 2022 on The Nasdaq Capital Market under the ticker symbol “TOP.”
The Company intends to use the proceeds from this Offering primarily for (i) development of Contract for Difference (“CFD”) products and services, especially to connect with top CFD liquidity providers such as UBS and Morgan…
