Shanghai-based wealth management firm Hywin has filed an application with the Securities and Exchange Commission in the US to raise up to $48m in an initial public offering, according to information from Connecticut-based asset manager Renaissance Capital, which manages IPO-focused ETFs.
Hywin plans to list on the Nasdaq under the symbol HYW. Founded in 2006, Hywin provides wealth management, insurance brokerage and asset management services to its clients. Its largest business to date has been in wealth management.
FSA sought more information from the firm, but it was unable to provide more details in time for publication.
Other Chinese wealth managers have listed in the US, including Noah Holdings, Jupai Holdings and Puhui Wealth Management.
Hywin has around 170 wealth centres in at least 80 major cities in China and expanded its presence in the UK and the US.
Hywin also has an office in Hong Kong, with three licenses granted by the Securities and Futures Commission in 2013, including advising on securities (type 4), advising on futures contracts (type 5) and asset management (type 9), according to the regulator’s website.
In 2019, the firm signed a memorandum of understanding with Liechtenstein-based VP Bank to establish a Hong Kong-based collaboration platform.
