Zhong Yang Financial Group Limited Announces Results of Special Meeting of Shareholders

Rhea-AI Summary

Zhong Yang Financial Group Limited (NASDAQ: TOP) announced on July 13, 2022, that its shareholders approved significant changes during a special meeting held on July 12, 2022. Key decisions included changing the company's name to TOP Financial Group Limited and amending the Memorandum and Articles of Association to reflect this change. A total of 30,007,331 votes were cast, representing 85.61% of the votes exercisable. Chairwoman Ms. Junli Yang expressed gratitude for shareholder support, which is expected to enhance the company's market presence.

Positive

• Shareholders approved name change to TOP Financial Group Limited.
• 85.61% of votes supported the proposed changes, indicating strong shareholder backing.

Negative

• None.

Hong Kong China, July 13, 2022 (GLOBE NEWSWIRE) -- Zhong Yang Financial Group Limited (the "Company") (NASDAQ: TOP), a fast-growing online brokerage firm located in Hong Kong specializing in the trading of local and foreign equities, futures, options products and other financial services, today announced that shareholders have approved the proposals voted on at the Company’s special meeting of shareholders held on July 12, 2022, Eastern Time and the Company’s shareholders voted to approve the following proposals:

1. change of the name of the Company to TOP Financial Group Limited and amendment and restatement the Company’s Memorandum and Articles of Association to incorporate the new name; and
2. amendment of Article 9, 18, 43, 49, 67, 97, 101, 114 and 115 of the Company’s Articles of Association.

A total of 30,007,331 votes, representing 85.61% of the votes exercisable as of the record date of the special meeting of shareholders of the Company, were present in person or by proxy at the meeting. The proposals were approved by the shareholders. Ms. Junli Yang, Chairwoman of TOP commented: “I would like to thank our shareholders for their strong support for these important changes, which we expect will enhance our corporate profile in the market.”

About Zhong Yang Financial Group Limited

Founded in Hong Kong, the Company, through its operating subsidiaries, operates online brokerage platforms specializing in the trading of local and foreign equities, futures, and options products.

The trading platforms, which the operating subsidiaries license from third parties enable its investors to trade on renowned stock and futures exchanges around the world, including the Chicago Mercantile Exchange (“CME”), Hong Kong Futures Exchange (“HKFE”), The New York Mercantile Exchange (“NYMEX”), The Chicago Board of Trade (“CBOT”), The Commodity Exchange (“COMEX”), Eurex Exchange (“EUREX”), ICE Clear Europe Limited (“ICEU”), Singapore Exchange (“SGX”), Australia Securities Exchange (“ASX”), Bursa Malaysia Derivatives Berhad (“BMD”), and Osaka Exchange (OSE). The operating subsidiaries are licensed with the Securities and Futures Commission of Hong Kong ("HKSFC”) to carry out type 1 (dealing in securities), type 2 (dealing in futures contracts) regulated activities, and are licensed with the HKSFC to carry out type 4 (advising on securities), type 5 (advising on futures contracts), and type 9 (asset management) regulated activities in Hong Kong. For more information, please visit http://www.zyfgl.com/.

Forward-Looking Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

The Company:

IR Department

Email: IR@zyzq.com.hk

Investor Relations:

EverGreen Consulting Inc.

Ms. Janice Wang, Managing Partner

Email: IR@changqingconsulting.com

Phone: +1 470-940-3308 (from U.S.)

+86 13811768559 (from China)

FAQ

What key changes did Zhong Yang Financial Group Limited announce on July 13, 2022?

The company announced that shareholders approved a name change to TOP Financial Group Limited and amendments to the Articles of Association.

How many votes were cast in favor of the proposals at Zhong Yang Financial's special meeting?

A total of 30,007,331 votes were cast, representing 85.61% of the votes exercisable.

What is the significance of the name change for Zhong Yang Financial Group Limited?

The name change is expected to enhance the company's corporate profile in the market.

When did shareholders vote on the proposals for Zhong Yang Financial Group Limited?

Shareholders voted on the proposals during a special meeting held on July 12, 2022.