SHANGHAI, July 6, 2020 /PRNewswire/ -- Yintech Investment
Holdings Limited (NASDAQ: YIN) ("Yintech" or the "Company"), a
leading provider of investment and trading services for individual
investors in China, today
announced that the special committee (the "Special Committee") of
the Company's board of directors has retained Duff & Phelps,
LLC as its financial advisor and Kirkland & Ellis as its U.S.
legal counsel in connection with its review and evaluation of the
previously announced non-binding "going private" proposal from Mr.
Wenbin Chen, co-founder, Chairman of
the Board and Chief Executive Officer of Yintech, Mr. Ming Yan, co-founder and director of Yintech,
and Ms. Ningfeng Chen, co-founder
and director of Yintech (collectively, the "Buyer Group") that the
Board received on June 22, 2020 (the
"Transaction").
The Board cautions the Company's shareholders and others
considering trading the Company's securities that the Special
Committee is continuing its evaluation of the Transaction and other strategic alternatives of the
Company and that, at this time, no decisions have been made
by the Special Committee with respect to the Company's response to
the Transaction. There can be no assurance that any definitive
offer will be made by the Buyer Group, that any agreement will be
executed with the Buyer Group or that the Transaction or any
comparable transaction will be approved or consummated. The Company
does not undertake any obligation to provide any updates with
respect to the Transaction or any other transaction, except as
required under applicable law.
Safe Harbor Statement
All statements other than statements of historical fact
contained in this release, including statements regarding future
results of the operations of the Company are forward-looking
statements, which are made under the "safe harbor" provisions of
the U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to a number of risks,
uncertainties and assumptions that could cause actual results to
differ materially. Factors that might cause or contribute to such
differences include, but are not limited to: the Company's ability
to effectively acquire and retain its customers; the Company's
diversification of its business among different commodity
exchanges; the adjustments in commissions and other fees set by
relevant commodity exchanges; the Company's ability to constantly
upgrade its technology platform and software; general market
conditions of online spot commodity trading industry and stock
market; intense competition among service providers in this
industry; the Company's relatively short operating history; the
price of the Company's ADSs and changing market conditions for its
ADSs; acquisition-related risks, including unknown liabilities and
integration risks; as well as those risks detailed from time to
time under the caption "Risk Factors" and elsewhere in the
Company's Securities and Exchange Commission filings and reports,
including in the Company's annual report on Form 20-F for the year
ended December 31, 2019. In addition,
the Company operates in a very competitive and rapidly changing
environment. New risks emerge from time to time. It is not possible
for the management to predict all risks, nor can the Company assess
the impact of all factors on its business or the extent to which
any factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements that the Company may make. In light of these risks,
uncertainties and assumptions, the forward-looking events and
circumstances discussed in this release are inherently uncertain
and may not occur, and actual results could differ materially and
adversely from those anticipated or implied in the forward-looking
statements. Accordingly, you should not rely upon forward-looking
statements as predictions of future events. The Company does not
undertake any obligation to update publicly or revise any
forward-looking statements for any reason after the date of this
release, nor to conform these statements to actual results, future
events, or to changes in the Company's expectations.
About Yintech
Yintech (NASDAQ: YIN) is a leading provider of investment and
trading services for individual investors in China. Yintech strives to provide
best-in-class financial information, investment tools and services
to its customers by leveraging financial technology and mobile
platforms. Currently, Yintech is focused on the provision of gold
and other commodities trading services, securities advisory
services, securities information platform services, overseas
securities trading services and asset management services.
For investor and media inquiries, please contact:
Yvonne Young
Phone: +86 21 2028 9009 ext 8270
E-mail: ir@yintech.cn
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SOURCE Yintech Investment Holdings Ltd.