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Asia Times Holdings Receives SEC Approval for IPO

Although it did not name its clients, Asia Times said in 2016, it assisted three Chinese companies, which went public in the U.S. in 2017.

CapitalWatch Staff
    Feb 12, 2019 10:57 AM  PT
Asia Times Holdings Receives SEC Approval for IPO

Asia Times Holding Ltd., a financial consulting company based in Shenzhen, said today its registration statement to proceed with an initial public offering was approved by the Securities and Exchange Commission. 

The company, which originally filed with federal regulators in December, is seeking to offer between 2 million and 5 million shares at $4 per share. Asia Times has applied to lists it shares on the Nasdaq Capital Market under the ticker symbol "ATIF." 

The offering of the shares, the company said, would be sold on a "best efforts" basis through Boustead Securities LLC, which is acting as sole underwriter. The proposed date for completing the offering was not disclosed. 

Asia Times, which helps other small- to medium-sized Chinese companies go public, said its goal after completing its IPO was "to become an international financial consulting company with clients and offices throughout Asia." 

To date, it has "primarily focused on helping clients going public on the OTC markets and exchanges in the U.S., but we are in the process of expanding our service to listing clients on domestic exchanges in China as well as the Hong Kong Stock Exchange," the SEC filing said. 

Although it did not name its clients, Asia Times said in 2016, it assisted three Chinese companies, which went public in the U.S. in 2017. That year, it signed seven additional companies to consulting agreements and this year, it signed five more. 

Each of its clients have been Chinese companies, Asia Times said. The company currently has business centers and service centers in Hong Kong and Shenzhen, it said, and owns CNNM, a news and media website that provides social news and financial information to the Asian region. 

The company currently has business centers and service centers in Hong Kong and Shenzhen, it said, and owns CNNM, a news and media website that provides social news and financial information to the Asian region. 

The small financial consulting company, founded in 2015, said it expects to expand its operations "to other Asian countries, such as Malaysia, Vietnam, and Singapore, by the year of 2020."

The company reported revenue of $3.6 million for the fiscal year ended July 31, 2017, and $5.3 million in revenue for fiscal 2018. Asia Times said its net income tripled to $1.95 million in 2018 compared with the year before. 

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