TOP Financial Group Limited Enters into Share Purchase Agreement to Acquire Australian Broker Top 500 Sec PTY Ltd.
01 September 2022 - 10:00PM
TOP 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, today
announced that the Company has entered into a Share Purchase
Agreement (the “Agreement”) to acquire Australia-headquartered
brokerage firm TOP 500 Sec PTY Ltd. (the “Target”).
Pursuant to the Agreement, the Company agrees to acquire, and
PRO800 Limited (the “Seller”) agrees to sell, 100% of the equity
interest in the Target for a total consideration of $700,000. The
closing of the transaction is conditioned upon completion of due
diligence reviews of the Target and any required regulatory
approvals.
The Target is a profitable broker that owns an Australian
Financial Services License (AFSL:328866) and is principally engaged
in providing financial services business in Australia that includes
arranging or providing financial advice on financial products such
as derivatives, foreign exchange contracts, stock and bond issuance
etc.
Mr. Ka Fai Yuen, CEO of the Company commented: “The proposed
acquisition of an Australian local service provider could
potentially be a fantastic opportunity for us to continue expanding
and solidifying our presence globally and gain access to wider
scope of customers. We would carefully study the viability of this
acquisition and we also have sufficient financial resources to
complete the deal should we decide to proceed further. Our Company
has consistently been disciplined and focused on delivering
dedicated and high-quality brokerage services for our clients, thus
we will conduct careful analysis to determine whether this or other
opportunities we are considering provide the most compelling value
for our business and shareholders.”
About TOP Financial Group Limited
Founded in Hong Kong, the Company, through its operating
subsidiaries, operates online brokerage platforms specializing in
the trading of local and foreign equities, futures, and options
products.
The trading platforms, which the operating subsidiaries license
from third parties enable its investors to trade on renowned stock
and futures exchanges around the world, including the Chicago
Mercantile Exchange (“CME”), Hong Kong Futures Exchange (“HKFE”),
The New York Mercantile Exchange (“NYMEX”), The Chicago Board of
Trade (“CBOT”), The Commodity Exchange (“COMEX”), Eurex Exchange
(“EUREX”), ICE Clear Europe Limited (“ICEU”), Singapore Exchange
(“SGX”), Australia Securities Exchange (“ASX”), Bursa Malaysia
Derivatives Berhad (“BMD”), and Osaka Exchange (OSE). The operating
subsidiaries are licensed with the Securities and Futures
Commission of Hong Kong ("HKSFC”) to carry out type 1 (dealing in
securities), type 2 (dealing in futures contracts) regulated
activities, and are licensed with the HKSFC to carry out type 4
(advising on securities), type 5 (advising on futures contracts),
and type 9 (asset management) regulated activities in Hong Kong.
For more information, please visit http://www.zyfgl.com/.
Forward-Looking 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 uncertainties related to market conditions and the completion
of the initial public offering on the anticipated terms or at all,
and other factors discussed in the “Risk Factors” section of the
registration statement filed with the SEC. 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 SEC, 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:
The Company:
IR Department
Email: IR@zyzq.com.hk
Investor Relations:
EverGreen Consulting Inc.
Ms. Janice Wang, Managing Partner
Email: IR@changqingconsulting.com
Phone: +1 470-940-3308 (from U.S.)
+86 13811768559 (from China)
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