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A multi-disciplinary financial services firm that provides finance brokering has announced that it will list on the Australian Securities Exchange (ASX) in early 2017 by way of a reverse takeover.
TST Partners Group Pty Ltd (TST Partners), a Melbourne-based financial and legal services firm that provides finance brokering, accounting, legal, and corporate advisory services in Melbourne, has entered into an agreement with Shanghai-based private equity firm Jingyi Group Co. Ltd (Jingyi Group).
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As part of the planned reverse takeover (RTO), the Jingyi Group has entered into a heads of agreement to acquire the majority shareholding interests of a currently listed Australian company.
TST Partners will then enter into a scrip-for-scrip transaction with the company in order to become a listed entity.
The company will be named once the transaction has shareholder, ASX and regulatory approvals, with all parties currently bound by a non-disclosure agreement.
According to the companies, the planned RTO will make the company the only conglomeration of multi-disciplinary professional services listed on the ASX.
In addition to the RTO listing, TST Partners and Jingyi Group have said they plan to raise significant capital from Asian investors into managed investment schemes to be operated by its newly established asset management business, TST Asset Management Pty Ltd.
The asset management company will initially operate three funds across property development, mortgage backed securities, and equities and fixed income securities.
Mr Francis Gu, group managing director of TST Partners, said: “TST Partners will position itself to provide highly technical financial and legal services without the top-tier price tag.
“Our true multi-disciplinary service offering is also the preferred model for overseas clients, as it eliminates the need to co-ordinate across multiple service providers required to complete a single transaction.
“The proposed listing of TST Partners will also allow us to raise capital for our ambitious expansion plans.”
Mr Xianyou Kang, managing director of Jingyi Group, added that the group’s investment in Australia “reflects an overall trend in China to look towards Australia as a desired destination for expansion”.
He said: “We see the listing of TST Partners as an opportunity to take a significant lead in providing the ever-growing need for financial and legal services by Asian investors and corporations looking to invest in Australia for the foreseeable future…
“Our Australian business investment will not only provide clients with financial and legal services, but also exposure to investment opportunities through our asset management business”.
