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Yintech registers $80 million of stock for initial public sale of ADSs
Jefferies sells American Depositary Shares representing ordinary shares
By Devika Patel
Knoxville, Tenn., April 4 – Yintech Investment Holdings Ltd. will price its initial public offering of American Depositary Shares with a 30-day greenshoe, according to a Form F-1 filed Monday with the Securities and Exchange Commission. The company has registered up to $80 million of underlying ordinary stock.
Each ADS represents ordinary shares.
Jefferies is the bookrunner.
Proceeds will be used to promote the company’s brand and services, to invest in information technology infrastructure and proprietary software, to develop new businesses and for other general corporate purposes, including working capital needs and potential acquisitions.
The Shanghai company provides spot commodity trading services in China. The company has applied to list the ADSs on the Nasdaq under the symbol “YIN.”
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