Lion Announces Business Expansion Into Vietnam
Lion Group Holding Ltd. (NASDAQ: LGHL) announced its expansion into Vietnam by launching a Vietnamese-language version of its trading platform, Lion Brokers Pro, in October 2020. The company aims to tap into Vietnam's burgeoning economy and young population, targeting revenue generation by Q4 2020. Additionally, Lion is planning to expand further into Singapore, having initiated earlier preparations for a capital markets services license. This strategic move marks Lion's first step outside the greater China region as part of its broader growth strategy.
- Launch of Vietnamese-language trading platform targets local investors.
- Expected revenue generation from the expansion in Q4 2020.
- Strategic move marks first international expansion beyond China, enhancing market reach.
- Expansion into Singapore is planned, with a subsidiary established and a license application submitted.
- None.
- Represents First Step of Strategic Expansion into Southeast Asia Region -
HONG KONG, Sept. 30, 2020 /PRNewswire/ -- Lion Group Holding Ltd. ("Lion" or "the Company") (NASDAQ: LGHL), operator of an all-in-one trading platform that offers a wide spectrum of products and services with a focus on Chinese investors, today announced its plans to expand its service offerings into Vietnam.
Lion will introduce a Vietnamese-language version of its CFD trading platform, Lion Brokers Pro, in October 2020. The Company currently has a team in place in Ho Chi Minh City to support the expansion and will engage local enterprises as part of promotion and marketing efforts. Lion expects to begin generating revenue from the business expansion in the fourth quarter of 2020.
"This move marks a milestone moment in the growth of Lion as our first foray out of the greater China region as part of our larger strategic expansion plan," said Mr. Chunning (Wilson) Wang, CEO of Lion, "Vietnam's fast-growing economy and large population of young people makes Vietnam an attractive market for our trading and investment services and will increase and diversify our potential customer base. While China remains our core market, we also believe there are strong growth opportunities in Southeast Asia. As we continue to pursue opportunities for business growth and regional expansion, we remain committed to delivering our services and developing innovative products to support the needs of our customers."
In addition to Vietnam, Lion is targeting Singapore in the next tranche of its strategic plan to expand in Southeast Asia. The Company established a subsidiary and office in Singapore earlier in 2019 and applied for a capital markets services license with the Monetary Authority of Singapore. Approval is expected in the first half of 2021.
About Lion
Lion Group Holding Ltd. (NASDAQ: LGHL) operates an all-in-one trading platform that offers a wide spectrum of products and services with a focus on Chinese investors. Through its state-of-the-art technology, Lion offers contract-for-difference (CFD) trading, insurance brokerage, futures brokerage, and securities brokerage on its platform, which can be accessed through applications available on the iOS, Android, Windows, and macOS systems. Lion's customers are well-educated and affluent Chinese individual investors residing both inside and outside the PRC as well as institutional clients in Hong Kong. Additional information may be found at http://ir.liongrouphl.com.
Forward-Looking Statements
This press release contains, "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Lion's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "might" and "continues," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Lion's expectations with respect to future performance and anticipated financial impacts of the Business combination, the satisfaction of the closing conditions to the business combination and the timing of the completion of the business combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the control of Lion and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the inability to maintain the listing of the post-acquisition company's ADSs on NASDAQ following the business combination; (2) the risk that the business combination disrupts current plans and operations as a result of the announcement and consummation of the transactions described herein; (3) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (4) costs related to the business combination; (5) changes in applicable laws or regulations; (6) the possibility that Lion may be adversely affected by other economic, business, and/or competitive factors; and (7) other risks and uncertainties to be identified in the proxy statement/prospectus relating to the business combination, including those under "Risk Factors" therein, and in other filings with the Securities and Exchange Commission ("SEC") made by Lion. Lion cautions that the foregoing list of factors is not exclusive. Lion cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Lion does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, subject to applicable law.
Contacts
Lion Group Holding
Tel: +852 2820 9011
Email: ir@liongrouphl.com
ICR, LLC
William Zima
Tel: +1 203 682 8233
Email: ir@liongrouphl.com
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SOURCE Lion Group Holding Ltd.
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