Capital Watch
Asset Pro Group Holdings Ltd.
Company Profile
Sector: Financial Services
Industry: Investment
Sub-Industry: Wealth Management
Asset Pro is a leading technology platform in China that facilitates overseas asset and service transactions. Utilizing its technological capabilities, the company collaborates with advisors, who are primarily individual financial advisors, to help overseas asset and service providers reach more target investors, optimize product offerings, improve marketing efficiency and ultimately increase sales.
Asset Pro was the largest overseas wealth management service platform in China in terms of revenue from transactions facilitated in the six months ended June 30, 2019, as reported by iResearch, an independent market research firm. It also recorded the highest growth rate by the value of transactions facilitated in 2018 among all overseas wealth management service platforms in China, according to iResearch.
The company had the largest and most comprehensive advisor network for overseas asset and service distribution in the industry as of December 2018, covering approximately 100,000 independent advisors and an additional 60,000 advisors employed by more than 1,500 institutions.
Asset Pro facilitated 4,023 overseas asset and service transactions in 2018, reflecting an increase of 255% from 1,133 transactions in 2017. The aggregate value of these transactions was $512.5 million in 2018, reflecting an increase of 477% from $88.8 million in 2017.
The company earns revenues primarily by charging referral fees to overseas asset and service providers for transactions they successfully facilitate. Asset Pro’s total revenues increased by 342% from 45.9 million yuan in 2017 to 202.9 million yuan ($29.5 million) in 2018. Net loss decreased from 29.1 million yuan in 2017 to 20.1 million yuan ($2.9 million) in 2018.
Corporate Information
Suite 810-811, Block W3,
Oriental Plaza 1 Dong Chang An Avenue Dong Cheng District,
Beijing 100738 People’s Republic of China
Phone: +86-400-008-9093
Key Executives
Mr. Chao Zhu, Founder and CEO
Prior to founding Asset Pro, Chao Zhu served at JP Morgan Chase in London and as an associate at the investment banking division of the Royal Bank of Scotland Group, focusing on mergers, acquisitions and bond offerings. In 2018, Mr. Zhu was recognized by Forbes Magazine as one of the “Forbes 30 Under 30” awardees in China. Mr. Zhu holds a Bachelor of Arts from DePauw University.
Mr. Hai Huang, Co-founder and CFO
Prior to Asset Pro, Hai Huang served as an associate at the institutional equity division at Morgan Stanley, focusing on structured financial products. In 2017, Mr. Huang was recognized by Forbes Magazine as one of the “Forbes 30 Under 30” awardees in China. Mr. Huang holds a Bachelor of Science from the University of Michigan and a Master’s in Operations Research and Information Engineering from Cornell University.
Mr. Kai Xie, CSO
Prior to joining Asset Pro, Kai Xie served as the chief investment director at Suzhou Tianchen Investment Management Ltd. and as an analyst at Morgan Stanley Huaxin Securities Co. Ltd. Mr. Xie holds a Bachelor’s in Industrial Engineering from Tshinghua University and a Master’s in Engineering Management from Duke University.
Investor FAQs
1.When was Asset Pro established?
Asset Pro was established in 2013 in Hong Kong, Asset Pro has built over 32 branches across Greater China area and provided global investment support for more than 1,550 wealth management institutions and 105,000 independent financial advisors.
2.When does Asset Pro’s fiscal year end?
Asset Pro’s fiscal year ends on December 31.
3.When and where to obtain a copy of Asset Pro’s annual report?
Annual report is required to file on Form 20-F within four months of the end of each fiscal year. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K.
4.On which exchange is Asset Pro’s stock traded and what is the ticker symbol?
Asset Pro intends to apply for the listing of its ADSs on the Nasdaq Global Market.
5.Who is Asset Pro’s legal counsel?
Asset Pro’s PRC legal counsel is King & Wood Mallesons. In Hong Kong, the company’s legal counsels are Jeffrey Mak Law Firm and Maples and Calder (Hong Kong) LLP.
6.Who are Asset Pro’s underwriters?
Listed underwriters on the deal are Deutsche Bank Securities Inc. and Nomura Securities International Inc.
7. How many employees does Asset Pro have?
As of December 31, 2018, Asset Pro had 162 employees.
Mr. Daniel McNamara, Head of International Business Development
Daniel McNamara has more than 30 years of experience in financial service and has held leadership roles at various renowned financial service providers in North America and Asia. Prior to joining Asset Pro, Mr. McNamara served as the Head of U.S. Financial Institutions Group at BMO Capital Markets from 2013 to 2019. His prior roles also include Co-Head of Investment Banking for Asia-Pacific at Citigroup and Global Co-Head of the Financial Institutions Group (ex-Japan) at Nomura. Mr. McNamara holds a Bachelor of Science from Georgetown University and an MBA from the Wharton School of the University of Pennsylvania.
Mr. Yue Zhou, Head of Data & Analytics
Prior to joining Asset Pro, Yue Zhou served as an associate at the Institutional Clients Group at Citigroup Global Markets Inc., focusing on quantitative analysis. Mr. Zhou holds a Bachelor’s in Electrical Engineering from the University of Michigan and a Master’s in Management Science and Engineering from Stanford University.
IR Contacts
In the United States:
Ms. Honglan Cheng, CFA
Head of Investor Relations
In China:
Ms Fanjing Gui
Public Relations