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Monday, June 17, 2024

Hong Kong-based wealth manager Prestige Wealth debuts on Nasdaq

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Hong Kong-based wealth management and asset management company, Prestige Wealth Inc., listed its stocks on the Nasdaq Stock Exchange under the ticker symbol “PWM” on Thursday. The Company raised $5 million by offering 1,000,000 ordinary shares at a public offering price of $5.00 per ordinary share.

The Company has granted the underwriters a 45-day option to purchase up to an additional 150,000 ordinary shares at the public offering price after the closing of Offering, less underwriting discounts. Through its IPO on Nasdaq, Prestige Wealth became the first US-listed Chinese IPO for the second half of 2023.

Conducting its operations primarily through its subsidiaries, Prestige Wealth is a wealth management and asset management services provider based in Hong Kong, assisting its clients in identifying and purchasing well-matched wealth management products and global asset management products.

With a focus on quality service, the Company has retained a loyal customer base consisting of high-net-worth and ultra-high-net-worth clients in Asia. Through the Company’s wealth management service, it introduces clients to customized wealth management products and provides them with tailored value-added services. The Company provides asset management services via investment funds that it manages and also provides discretionary account management services and asset management-related advisory services to clients.

The fast economic development in China has propelled the rapid accumulation of wealth in the past decade. According to Frost & Sullivan report, the number of high net worth and ultra-high net worth individuals in Mainland China has surged from 1,034,400 in 2015 to 1,527,700 in 2021, at a CAGR of approximately 6.7% from 2015 to 2021. Meanwhile, the total net worth of the high net worth individuals has also increased from approximately $24.4 trillion in 2015 to approximately $30.9 trillion in 2021, representing a CAGR of approximately 4.0% for the same period.

The substantial growth in the number of high net worth and ultra-high net worth individuals in Mainland China is expected to fuel the growth wealth management and asset management services in Hong Kong as Hong Kong is the top choice for high net worth and ultra-high net worth individuals in Mainland China to allocate their investments as Hong Kong is being seen as the ideal spring board to overseas financial markets.

According to the Company’s free writing prospectus, the investment highlights of the Company include significant client satisfaction and high client retention; client experience oriented, customized, and high-quality value-added services; referrals from well-connected clients; carefully selected business partners such as product brokers and underlying fund managers; access to highly desirable products that are not widely open to subscribers; and experienced management team. The Company’s Growth Strategies include further enhance brand recognition among high net worth and ultra-high net worth individuals;  further grow client base;  grow its asset management business to include a larger number of funds and diversify the types of funds; integrate resources and provide one-stop wealth preservation and management solution; and pursue strategic investments and acquisition opportunities.

According to the Company’s SEC filings, proceeds from the Offering will be used for brand promotion, hiring of additional client relationship managers and employees, expansion of products and services, and general working capital.

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