Hywin Holdings, which provides wealth management services in China, raised $30 million by offering 3 million ADSs at $10, the low end of the range of $10 to $12. The company offered 0.8 million fewer ADSs than anticipated. It originally planned to offer 4.2 million ADSs before lowering the offering earlier this month.
Hywin states that it is the third largest third-party wealth management service provider in China, with a 7.5% market share by 2019 transaction value. The company provides wealth management services, insurance brokerage services, and asset management services to its clients, and its largest business to date has been in wealth management.
Hywin Holdings plans to list on the Nasdaq under the symbol HYW. Network 1 Financial Securities, Alexander Capital and Valuable Capital acted as lead managers on the deal.
