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.
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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.
