(Hong Kong – 10 August 2020) The leading cybersecurity company in Hong Kong, Edvance International Holdings Limited (“Edvance International” or the “Company”, together with the Company’s subsidiaries, collectively the “Group”) (SEHK stock code: 01410.HK), is pleased to announce that Edvance Financial Holdings Limited, a wholly-owned subsidiary of the Group, has entered into a subscription agreement (“Subscription Agreement”) with Royston Financial Group Limited (“Royston Financial”), for 60% of the enlarged issued share capital at the subscription price of HK$7,200,000. It will help to expand the Group’s business portfolio to financial services sector and create potential business synergies in future.
Upon completion of the Share Subscription, Royston Financial will be owned as to 60% indirectly by the Group and become a non-wholly owned subsidiary. The remaining share capital will be owned by Mr. Raymond Liu, Dr. Kenny Tang and an independent third party, with 24%, 8% and 8% respectively. Mr. Raymond Liu and Dr. Kenny Tang are the Chairman and executive Director, and non-executive Director of the Group, respectively.
Royston Financial is operated pursuant to the Securities and Futures Commission (“SFC”) Licences granted by the SFC in relation to the respective regulated activities under the Securities and Futures Ordinance, providing Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) in Hong Kong. As at 31 July 2020, the unaudited net assets value of the Royston Financial were approximately HK$5,631,000.
Mr. Raymond Liu, Chairman and executive Director of Edvance International commented, “As an enterprise with many years of operational experience in Hong Kong, the Group understands that financial market is an important pillar in Hong Kong and an investment opportunity that should not be neglected. This acquisition will help to diversify the Group’s investment portfolio and income sources. In the future, the Group expects to generate potential business synergies through Royston Financial and further optimizes overall business portfolio.”