DALIAN, China, Jan. 19, 2011 /PRNewswire-Asia-FirstCall/ --
China YiBai United Guarantee International Holding Inc. (Pink
Sheets: CBGH), a company providing innovative financial services
for small and medium enterprises in China, announced today that its
subsidiary China Dragon International Investment Co., Ltd
(China Dragon), is applying for Type
I and Type IV License from Hong Kong Securities and Futures
Commission (SFC). In a related announcement, the company also said
despite that it received approval from SFC on its application to
become substantial shareholders of TIS Securities(HK) Limited, it
has cancelled its investing agreement with TIS Securities.
The Type I License allows China
Dragon to become a security dealer; Type IV License allows
China Dragon to provide advice on
securities activities. China Yibai expects SFC to issue these
licenses this year.
China Yibai CEO Mr. Li said, "After thorough consideration, we
believe that it will be more valuable to our shareholders to apply
for the licenses by ourselves instead of investing in another
company. This is an important strategic decision for our financing
business in Hong Kong. By
attaining these two licenses, we will be able to make important
progress in growing market share and further enhancing our revenue
growth potential."
About TIS Securities (HK) Limited
TIS Securities (HK) Limited was incorporated in 1993, with
registered capital of one billion HK Dollars. TIS Securities (HK)
Limited is a registered member and sponsor of The Stock Exchange of
Hong Kong Ltd (SEHK). It provides financial services including
financing, sponsorship service for businesses going public,
securities underwriting, mergers and acquisitions, private equity,
and financial consultancy.
About Hong Kong Securities and Futures Commission
The Securities and Futures Commission (SFC), established in
1989, is an independent non-governmental statutory body outside the
civil service and is responsible for administering the laws
governing the securities and futures markets in Hong Kong and facilitating and encouraging the
development of the market.
About China YiBai United Guarantee International Holding
Inc.
China YiBai United Guarantee International Holding Inc. and its
wholly owned subsidiaries provide innovative financial services for
small and medium enterprises (SMEs) including equity financing,
asset management and multi-level domestic and overseas capital
market listings. More information may be found at
http://www.yibaichina.com.
An online investor kit including a company profile, press
releases, current price quotes, stock charts and other valuable
information for investors is available at
http://www.hawkassociates.com/profile/cbgh.cfm. To subscribe to
future releases via e-mail alert, visit
http://www.hawkassociates.com/about/alert/.
Forward-Looking Statements
This press release contains certain statements that may
include "forward-looking statements."
All statements other than statements of historical fact included
herein are "forward-looking statements."
These forward looking statements are often identified by the use
of forward-looking terminology such as
"believes," "expects"
or similar expressions, involve known and unknown risks and
uncertainties. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they
do involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. You should not place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's
periodic reports that are filed with the Pink Sheets. All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
SOURCE China YiBai United Guarantee International Holding
Inc.