Chinese wealth manager Hywin Holdings has filed for an initial public offering (IPO) with the US Securities and Exchange Commission.
The company aims to raise up to $48m in the IPO and has applied for the symbol ‘HYW’ for listing on the Nasdaq Global Market Stock Exchange.
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Network 1 Financial Securities is the sole bookrunner for the deal. Other terms were not disclosed.
According to the prospectus, Hywin is the third largest third-party wealth management service provider in China with a market share of around 7.5% in terms of 2019 transaction value.
The company primarily provides wealth management services, insurance brokerage services and asset management services to its clients.
In October last year, another Chinese firm Lufax Holding Limited filed for a US IPO with the US Securities and Exchange Commission. The filing set a placeholder value of $100m.
It is expected that China’s asset management industry may see accelerated growth in the upcoming years.
Recently, British fund manager Schroders secured the clearance to launch a majority-owned wealth management joint venture (JV) with a unit of Chinese lender Bank of Communications (BOCOM).
The JV, to be based in Shanghai, will be the third wealth management venture in the country.
Separately, Credit Suisse is also planning to bolster its wealth business in China.
