GUANGZHOU, China, March 29, 2019 (GLOBE NEWSWIRE) -- Puyi Inc. (“Puyi” or the “Company”) (NASDAQ: PUYI), a leading third-party wealth management services provider in China focusing on mass affluent and emerging middle class population, today announced that its American Depositary Shares (“ADSs”), each 2 ADSs representing 3 ordinary shares of the Company, have been approved for listing on the NASDAQ Global Market and will begin trading today under the symbol “PUYI”.
The Company completed the initial public offering of its ADSs on March 27, 2019 that raised approximately $25.75 million in gross proceeds, before deducting underwriting discounts, commissions and other related expenses, through the issuance of 4,292,276 ADSs at a public offering price of $6.00 per ADS.
Network 1 Financial Securities, Inc. acted as the underwriter and Valuable Capital Limited acted as selected dealer for the Offering. Sidley Austin LLP acted as U.S. legal counsel to the Company, and Mei & Mark LLP acted as U.S. legal counsel to the underwriter.
The Company intends to use the proceeds from this offering primarily for: 1) the expansion of branch network; 2) the upgrade of IT infrastructure; 3) the launch of additional fund(s) of funds and non-performing loan funds under its asset management business; and 4) general corporate purposes, including fund strategic investments and acquisitions.
A registration statement relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission (“SEC”) on March 18, 2019. The offering of these securities was made only by means of a prospectus, forming a part of the registration statement. A copy of the final prospectus relating to the offering may be obtained by contacting Network 1 Financial Securities, Inc., 2 Bridge Avenue, Suite 241, Red Bank, New Jersey 07701, Attention: Steven Sun, Executive Director, Investment Banking or email firstname.lastname@example.org or by calling +1 (800)-886-7007. In addition, a copy of the final prospectus relating to the offering may be obtained via the SEC's website at www.sec.gov.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Puyi Inc.
Headquartered in Guangzhou, China, Puyi Inc. is a leading third-party wealth management services provider in China focusing on mass affluent and emerging middle class population. Puyi also provides corporate financing services and asset management services for clients. For more information, please visit www.puyiwm.com.
About Network 1 Financial Securities, Inc.
Founded in 1983, Network 1 Financial Securities, Inc. is a full-service broker/dealer. Its clients include high net worth individuals from many countries, institutional investors, managed pension funds and hedge funds. Network 1 Financial Securities, Inc. is committed to servicing each client on a personal level to help meet their individual financial goals. Network 1 Financial Securities, Inc. believes that this commitment strengthens client relationships and, in turn, creates long-term associations. For more information, please visit https://network1.com.
Safe Harbor Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the third-party wealth management industry in China; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company serves and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward‐looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
At the Company:
Anlin Hu, CFO
Phone: +86 180 0229 9877
At Network 1 Financial Securities, Inc.Steven Sun
Phone: +1 800 886 7007
Tony Tian, CFA
Weitian Group LLC
Phone: +1 732 910 9692
Source: Puyi Inc.