BEIJING, Dec. 9, 2019 /PRNewswire/ -- Puhui Wealth
Investment Management Co., Ltd. (Nasdaq: PHCF) ("Puhui" or the
"Company"), a third-party wealth management service provider with a
focus on wealth management services for high net worth individuals
and corporate clients, today announced it has closed the
acquisition of Granville Financial Services Company
Limited ("Granville"), a registered Exchange Participant
of The Stock Exchange of Hong Kong Ltd. The acquisition is
consistent with Puhui's strategy of expanding its wealth and asset
management services to include international regions as a
complement to its business in mainland China.
Transaction Background / Terms
Puhui has agreed to
purchase 13,000,000 (100%) shares of Granville in the amount of
HK$29,390,000 (a. USD$3.76 million). The Securities and Futures
Commission of Hong Kong approved
the application for Puhui to become a controlling shareholder of
Puhui paid for the net assets of Granville, whose assets consist
predominantly of securities licenses to conduct wealth management
business and general securities business in Hong Kong, from cash on hand.
Ji, Chairman and CEO of Puhui, stated, "The acquisition of
Granville is a major step forward in our long-term growth strategy
of becoming a leading, comprehensive third-party wealth management
service provider and expand outside of China. We are now well-positioned to take
advantage of financial qualifications and licenses that allow us to
provide our services in China and
Hong Kong, with the prospect of
seeking additional licenses globally.
This acquisition will play a significant role in assisting the
Company's business development activities in Hong Kong, broadening and enhancing our
existing product portfolio, and providing valuable
international experience to our team. We will continue to evaluate
other business and growth opportunities as they arise."
About Granville Financial Services Company Limited
Granville Financial Services Company Limited ("Granville") is a
registered Exchange Participant of The Stock Exchange of Hong Kong
Ltd (CCASS Participant ID: B02130, Broker no: 5505), and a
licensed corporation of the Securities and Futures Commission
(CE No. BJH949).
Granville is a licensed corporation under the Securities and
Futures Ordinance Chapter 571 to engage in regulated activities
type 1 (Dealing in Securities), type 2 (Dealing in Futures) and
type 9 (Asset Management).
About Puhui Wealth Investment Management Co., Ltd.
Headquartered in Beijing, China,
Puhui was founded in 2013, which is a third-party wealth management
service provider focusing on marketing financial products
(including private equity and other diversified products and
services) to, and managing funds for, individuals and corporate
clients in the PRC. On December 27,
2018, the Company's ordinary shares were listed and began
trading listed on the Nasdaq Capital Market (Nasdaq: PHCF).
Additional information about Puhui can be found at the Company's
corporate website: www.puhuiwealth.com.
Forward Looking Statements
This news release contains
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. Forward-looking statements may be identified by the
use of words such as "anticipate", "believe", "expect", "estimate",
"plan", "outlook", and "project" and other similar expressions that
indicate future events or trends or are not statements of
historical matters. These statements are based on our management's
current expectations and beliefs, as well as a number of
assumptions concerning future events.
Such forward-looking statements are subject to known and unknown
risks, uncertainties, assumptions and other important factors, many
of which are outside of our control and all of which could cause
actual results to differ materially from the results discussed in
the forward-looking statements. Accordingly, forward-looking
statements should not be relied upon as representing our views as
of any subsequent date, and we do not undertake any obligation to
update forward-looking statements to reflect events or
circumstances after the date they were made, whether as a result of
new information, future events or otherwise, except as may be
required under applicable securities laws. Factors that could cause
actual results to differ materially from those expressed or implied
in forward-looking statements can be found in our reports filed
with the Securities and Exchange Commission, which are
available, free of charge, on the SEC's website
The Equity Group
+86 10 5661
SOURCE Puhui Wealth Investment Management Co., Ltd.