Chinese financial service company ATIF commences stock trading in U.S. market

ATIF Holdings Limited (ATIF), a Chinese financial consulting service firm, began trading its shares on the Nasdaq Capital Market under the ticker symbol "ATIF" on Friday.

[File Photo: IC]

ATIF's stock price swung within a range of 4.44-5.1 U.S. dollars per share during Friday's trading premiere, and slightly dropped to 4.95 U.S. dollars per share around market close.

On April 29, the company completed the closing of its initial public offering (IPO) of 2,074,672 ordinary shares at a price of 5 U.S. dollars per share. The aggregate gross proceeds from the IPO were 10,373,360 U.S. dollars.

Headquartered in the southern Chinese city of Shenzhen, the company specializes in providing financial consulting services to small and medium-sized enterprises in Asia.

Wang Qiuli, CEO of ATIF, expressed confidence in the prospects of the company's stock performance and growth momentum for the year.

"At first, based on the rising trend of the entire U.S. stock market, more global funds will enter the U.S. stock market. Secondly, based on the continuation of the upsurge of Chinese enterprises listing in the United States, it will bring more opportunities to us," Wang told Xinhua.

The company has also coordinated with American investment institutions to make local investors better understand its main business and general corporate performance.

"Our target buyers are mainly investment institutions, and of course, we welcome strong individual investors," Wang added.

The IPO was made through filing a prospectus with the U.S. Securities and Exchange Commission, and became effective on March 14.

In the fiscal years ended July 31, 2018, ATIF generated a total revenue of nearly 5.31 million U.S. dollars, according to its latest prospectus. The revenue from consulting service reached over 5.23 million U.S. dollars in the fiscal year, up by 33.7 percent year-on-year.