Chinese insurance broker Tian Ruixiang Holdings Ltd. filed a prospectus with the U.S. Securities and Exchange Commission for an initial public offering of its class A common shares.

The proposed maximum aggregate offering price, estimated solely to calculate the registration fee, is $15.0 million. The company is seeking to list its shares on the Nasdaq Capital Market under the symbol TIRX.

Tian Ruixiang plans to use 60% of the proceeds to open new branches and recruit new employees and 20% for research, development and operational investment. The remaining funds will be used for general working capital.

Network 1 Financial Securities Inc. is the sole underwriter for the offering. The underwriter holds a 45-day option to purchase up to an additional 15% of the total number of class A shares to be offered by the company.

Tian Ruixiang operates as TRX Insurance Brokers.