Corporate News Blog – Hong Kong Based Forthright Securities Company is Now Part of Yintech Investment Holdings

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LONDON, UK / ACCESSWIRE / September 29, 2017 / Pro-Trader Daily looks at the latest corporate events and news making the headlines for Yintech Investment Holdings Ltd (NASDAQ: YIN) (“Yintech”), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=YIN. The Company announced on September 27, 2017, that it has signed an agreement to acquire 100% equity interest in Forthright Securities Company Limited (“FSCL”). The Yintech/FSCL deal has been approved by the Securities and Futures Commission of Hong Kong. For immediate access to our complimentary reports, including today’s coverage, register for free now at:

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Transaction details

The Company is acquiring FSCL from Yintech’s co-founder and director, Mr. Ming Yan. Mr. Yan is the majority shareholder in Yintech with 21.4% stake as on June 30, 2017. Yintech is offering a total consideration of approximately $2.1 million for the 100% stake in FSCL. Other terms of the acquisition agreement were not shared by the Company. The deal is expected to close in October 2017 and is subject to closing adjustments and other closing conditions. The deal is in-line with the Company’s business strategy of developing new businesses and look at fresh opportunities to expand the Company’s portfolio of medium and low-risk products.

Commenting on the acquisition of 100% stake in FSCL, Mr. Wenbin Chen, Chairman and CEO of Yintech, said:

“By integrating Forthright Securities under the Yintech umbrella, we will now be able to provide our customers with another important asset class to diversify their investment portfolio. With Forthright Securities’ proprietary mobile apps, customers will be able to trade around the clock on global capital markets and enjoy customized one-on-one services. I am confident that our deep understanding of, and extensive experience in serving, Chinese individual investors will allow us to further differentiate ourselves in this rapidly growing yet highly competitive market.”

About Forthright Securities Company Ltd

Hong Kong-based FSCL is the wholly-owned subsidiary of Forthright Financial and is the licensed holder of Type-1 regulated activity (dealing in securities) under the Securities and Futures Ordinance, Forthright Securities is regulated by the SFC. FSCL provides brokerage services to individual as well as institutional clients for a comprehensive range of securities and financial products traded on global capital markets, including stocks, bonds, and ETFs. FSCL had total client assets of approximately HK$300 million as on August 31, 2017.

About Yintech Investment Holdings Limited

Yintech is headquartered in Shanghai, China and was founded in 2011 and listed on NASDAQ Exchange in April 2016. The Company is a leading provider of investment and trading services for individual customers in China. The Company offers best-in-class financial information, investment tools and services to its customers by leveraging financial technology and mobile platforms. At present, the Company is focused on providing gold and other commodities trading services, securities advisory services, securities information platform services, and overseas securities trading services. The Company has been aggressively developing its business by offering trading in Hong Kong and US-listed securities and asset management businesses so that its customers have a wider range of investment products and services to choose from. The Company has offices in Beijing, Guangzhou, Shenzhen, Hong Kong, and Boston and has over 4,000 employees. Yintech’s market capitalization was more than $1.1 billion at the end of FY16.

In July 2017, Yintech formed a joint venture with SINA Corporation (NASDAQ: SINA), a leading online media Company serving China and the global Chinese communities. The JV Company SINA Caidao (Shanghai) Information Technology Co., Ltd would provide financial software, information, and services to individual investors seeking investments in securities, wealth management, futures, and gold products.

The Company has established Financial Innovation Labs in Shanghai and Boston in November 2016, which will work in the areas of big data, artificial intelligence and trading strategies, etc. so that the Company can offer its customers more advanced trading strategies, reliable risk management toolkits, and intelligent services.

Last Close Stock Review

On Thursday, September 28, 2017, the stock closed the trading session at $10.42, rising 1.07% from its previous closing price of $10.31. A total volume of 79.49 thousand shares have exchanged hands, which was higher than the 3-month average volume of 44.56 thousand shares. Yintech Investment’s stock price advanced 7.76% in the last one month and 6.22% in the past three months. The stock is trading at a PE ratio of 4.58 and has a dividend yield of 7.68%. The stock currently has a market cap of $721.27 million.

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