NEW YORK, March 26 (Xinhua) -- Hywin Holdings, which provides wealth management services in China, on Friday started trading on the Nasdaq.
The company, trading under the ticker symbol of "HYW," priced its initial public offering of 3,000,000 American depositary shares (ADSs) at 10 U.S. dollars per ADS.
Each ADS represents two Class A ordinary shares of the company.
Founded in 2006, the Shanghai-based 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.
It is the third largest third-party wealth management service provider in China, with a 7.5 percent market share in terms of 2019 transaction value, according to its prospectus, citing a report by China Insights Consultancy, an independent industry consulting platform.
Wang Dian, Hywin's chief executive officer, told Xinhua that the move was a milestone and new start for the company.
"The listing could help attract more talents and drive us to further improve our management as well as the transparency of our business operation," she said.
Wang also said that the third-party wealth management services market in China is currently at an early stage of development and has great potential, boosting her confidence about the company's future growth.
Driven by private wealth accumulation and evolving risk appetite, the investment preference of investors in China has shifted toward a more diversified and professional asset allocation, which in turn has fostered the development of third-party wealth management service in China, she noted.
Hywin started trading at 11.25 dollars per share on Friday and closed at 9.9 dollars apiece.
As of Thursday, the S&P U.S. Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on U.S. exchanges by total market cap, stood at 4,887.13, marking a 14.95-percent loss for the month-to-date returns and a 6.46-percent slide for the year-to-date returns. Enditem
