MMTec Launches Investment Banking Service
Chinese online broker MMTec Inc. (Nasdaq: MTC) has kicked off its financial advisory and investment banking line.
The Beijing-based online securities trading platform said Friday after markets closed that the addition will help the company provide investment and listing guidance to Chinese enterprises looking to become publicly traded in the United States capital markets.
MMTec said its expansion is based on the consideration of the current economic and market conditions in China and the United States, as well as various growth trends in those respective markets. Particularly, the company said that as a result of the China economic downturn, high-growth companies were assigned low P/E ratios, while certain China-based companies consistently expressed their interest in pursuing a U.S. listing as the preferred strategy overseas.
Looking forward, MMTec said it is considering to increase the size and distribution of its support team. It currently operates service teams in China and the United States.
Shares of MMTec rose nearly 3 percent Friday to close at $9.15 apiece.
MMTec was one of the first Chinese companies to float on Wall Street this year, raising $8.28 million in early January. Initially priced at $4 per share and wavering close to that level since, the stock of the company has seen tailwinds this month, nearly doubling in value.
(Source: Thomson Reuters Eikon)