Zhong Yang Financial Group closes US IPO

Hong Kong-headquartered online brokerage firm Zhong Yang Financial Group Ltd. closed its $25 million IPO and commenced trading on the Nasdaq under the ticker symbol TOP.

Under the public float, the company offered 5 million ordinary shares at $5 apiece, according to a June 3 release.

The company granted the underwriters an option to purchase up to 750,000 additional ordinary shares at the IPO price, less underwriting discounts, within 45 days from the closing date of the offering to cover overallotments, if any.

Proceeds from the offering will be used to further develop its Hong Kong and global business, acquire licenses in other regulated securities in New Zealand and Australia, optimize its sales network, upgrade its IT infrastructure and for working capital and other general corporate purposes, the company said.

Univest Securities LLC was lead bookrunning manager for the IPO, while Valuable Capital Ltd. was joint bookrunner.