Boustead's Dan McClory Discusses "Recent Developments in the Chinese Companies' IPOs in the US"

Boustead Securities' Dan McClory, Head of China and Head of Equity Capital Markets, lead the Kontaktsource virtual program, "Current State of Chinese Companies' IPOs in the United States."

Dan discusses the recent IPO market and geopolitical developments impacting emerging markets and especially Chinese companies listing in the US or seeking Nasdaq, NYSE and London Stock Exchange IPOs including: risk factors, new requirements Nasdaq has proposed to the SEC, key takeaways from the passing of U.S. Senate Bill S.945, the London-Shanghai Connect, STAR’s first international listing, and more.

Watch the full webinar here

Watch Dan's presentation below:

Boustead’s Dan McClory and Former Nasdaq CEO Bob Greifeld Discuss New Rules for Chinese IPOs

Boustead's Dan McClory (left) and Former Nasdaq CEO Bob Greifeld, current Chairman of Virtu Financial, Inc.

Boustead Securities' Dan McClory, Head of Equity Capital Markets and Head of China is featured in International Financial Law Review's article by John Crabb, US Equity Market Tightens Noose on Chinese Listings, alongside former Nasdaq CEO Bob Greifeld, discussing market trends and Nasdaq's new rule proposals for IPOs requiring at least US$25 million offerings or 25% public floats in order to list on the exchange.

While many of these restrictions will directly impact Chinese firms looking to list, Dan shared his optimism for continued US listings of Chinese companies and IPOs.

“It is incredibly refreshing that Nasdaq has now codified and has taken the subjective to the objective, and has actually laid out what firms need to do with these proposed new rules if they want to list from one of the restricted markets,” said Dan in the IFLR article last week.

Previously, Nasdaq had used the broad discretion in the listing qualification department to give feedback to issuers via comment letters. The feedback was never codified, but now, if you want to list, there are stated restrictions. This has resulted in actual changes to in-process deals, because companies are willing to do what it takes to get listed – within reason.

“All of this banter about not wanting Chinese companies, about stopping Chinese companies or delisting Chinese companies has been mischaracterised because of the political environment,” added McClory. “It's easy to fall into that trap.”

"A friend of mine who runs an investment bank that specialized in Chinese listings has been asking me when this would happen," said Bob Greifeld, former Nasdaq CEO, who previously served as Chairman of the Board of Directors of The Nasdaq Stock Market LLC (“Nasdaq”) until May 10, 2017 and as Chief Executive Officer of Nasdaq from 2003 to 2016, in the IFLR story. "Shockingly, he was actually very happy with the Nasdaq move in that there is clarity and a bright line that he has to shoot for with respect to listings."

"Whether it hits the number of listings or not, at least it takes him out of the great unknown," he added. "The complaint was that he was selling listings into Nasdaq and it was opaque, while the exchange was contemplating these new rules all approvals slowed down."

"To be clear, he does agree that there is going to be a reduction in the number of new listings per se, but this is the most upbeat he has been in years," concluded Greifeld, currently the Chairman of Virtu Financial, Inc. (“VIRT” on Nasdaq), a leading provider of global, multi-asset, financial services and products across the complete investment cycle.

Read the full IFLR article by John Crabb here.

Dan McClory and Boustead’s Ada Niu in Beijing.

China IPOs

Seventy percent of Boustead Securities' underwriting clients in 2019 were Chinese. With offices in London and Beijing, Boustead is uniquely prepared to assist Chinese and US companies interested in:

• London, US and China capital markets

• The current market environment in mainland China

• Opportunities for Chinese issuers internationally

• IPO Underwriting and Sponsorship

• Debt issuance

• Special purpose acquisition companies (“SPACs”)

• Accessing capital on the London Stock Exchange

Boustead & Company’s CEO Dan McClory, Boustead’s Beijing-based Director Ada Y. Niu and Boustead Capital Markets London-based Director David Peerless are available to advise and answer questions, and act immediately on behalf of qualified companies.

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Dan McClory

Daniel J. McClory founded Boustead & Company Limited in 2016 and serves as Managing Director and Head of Equity Capital Markets and Head of China at Boustead Securities, LLC. He is based in Boustead’s Irvine, California offices. He previously held the same positions at Bonwick Capital Partners, LLC, Burnham Securities Inc. and at Hunter Wise Financial Group, LLC over the past 17 years. His teams have ranked in the Top Ten of league tables for placement agents, won 'Deal of the Year' at the M&A Advisor Awards, and completed IPOs and transactions for clients listed on NASDAQ, the NYSE, the London Stock Exchange, Toronto Stock Exchange, the Stock Exchange of Hong Kong, the Australian Securities Exchange, and the Irish Stock Exchange. Mr. McClory serves on the Boards of the USA Track & Field Foundation, the Eastern Michigan University Foundation, the American Savoy Foundation, and the Gen Next Foundation, where he listed the first-ever foreign-funded, venture philanthropy-backed IPO on Bovespa's Social Stock Exchange in Brazil. Mr. McClory earned a B.S. in English and a Masters in Language and International Trade from Eastern Michigan University, and in 2010 was awarded an honorary Doctor of Public Service degree from the school when he gave the Commencement Address. Contact Dan McClory Head of China & Equity Capital Markets (949) 233-7869 Dan@Boustead1828.com

Bob Greifeld

Robert Greifeld, is a co-founder of North Island and Chairman of Virtu Financial, Inc. He previously served as Chairman of the Board of Directors of The Nasdaq Stock Market LLC (“Nasdaq”) until May 10, 2017 and as Chief Executive Officer of Nasdaq from 2003 to 2016. During his tenure, Mr. Greifeld led Nasdaq through a series of complex, innovative acquisitions that extended the company’s footprint from a single U.S. equity exchange to a global exchange and technology solutions provider, nearly quadrupling revenue, growing annual operating profits by more than 24 times and achieving a market value of over $11 billion. Mr. Greifeld is a member of the Economic Club of New York and the NYU Stern Board of Overseers. He is Founder and Chairman of the USA Track & Field Foundation, which supports emerging athletes and inner-city youth athletics. Mr. Greifeld holds a Masters in Business from New York University, Stern School of Business, and a B.A. in English from Iona College. Source: ir.virtu.com

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About Boustead & Company Limited

Boustead & Company Limited is a diversified and comprehensive non-bank financial institution with offices in Los Angeles, New York, San Francisco, London and Beijing that is rapidly expanding in growth markets throughout the US and Asia. Through its principals and fully licensed subsidiaries, Boustead & Company possesses rich experience and exceptional capabilities in capital markets deal execution and is dedicated to providing best-in-class one-stop financial services to clients. Boustead’s comprehensive financial services platform consists of four operating units: Boustead Securities, LLC a US-based FINRA Broker/Dealer and middle-market investment bank; Sutter Securities Group, Inc., which owns three FINRA-regulated entities, Sutter Securities, Inc., Sutter Securities Clearing, LLC and FlashFunders Funding Portal, LLC, along with Sutter Securities Financial Services, Inc. and fund manager Sutter Capital Management, Inc.; Boustead Capital Partners, LLC a California Registered Investment Advisor; and Boustead Capital Markets, LLP a London-based FCA-regulated company. For more information, please visit www.bousteadco.com.

About Boustead Securities, LLC

Boustead Securities, LLC (“Boustead”), a member of FINRA and SIPC, is an investment banking firm that executes and advises on IPOs, mergers and acquisitions, capital raises and restructuring assignments in a wide array of industries, geographies and transactions, for a broad client base. Boustead’s core value proposition is the ability to create opportunity through innovative solutions and tenacious execution. With experienced professionals in the United States, Boustead’s team moves quickly and provides a broad spectrum of sophisticated financial advice and services. Boustead is a majority owned subsidiary of Boustead & Company Limited, a diversified non-bank financial institution. For more information, please visit www.boustead1828.com.

Boustead Closes US$8,000,000 Nasdaq Firm Commitment IPO for China Liberal Education (CLEU)

BEIJING, CHINA, and NEW YORK, May 14, 2020 -- China Liberal Education Holdings Limited (Nasdaq: CLEU) (“China Liberal”), an educational services provider in China, announced the closing of its initial public offering (“IPO”) of 1,333,333 ordinary shares priced at $6.00 per ordinary share, before underwriting discounts and offering expenses, resulting in gross proceeds of $8,000,000. The offering was conducted on a firm commitment basis and closed on May 12, 2020.

The ordinary shares were previously approved for listing on The Nasdaq Capital Market and commenced trading under the ticker symbol “CLEU” on May 8, 2020.

Boustead Securities, LLC (“Boustead”), acted as the sole underwriter for the offering, with Zinvest Global Limited in Hong Kong serving as Asian book runner. Hunter Taubman Fischer & Li LLC acted as counsel to China Liberal, and Pryor Cashman LLP acted as counsel to Boustead.

China Liberal has granted Boustead a 45-day option to purchase up to an additional 200,000 ordinary shares at the IPO price, less underwriting discounts, to cover over-allotments, if any.

A registration statement on Form F-1 (File No. 333-233016), including a prospectus relating to the offering, was filed with the U.S. Securities and Exchange Commission (the “SEC”) and was declared effective by the SEC. The offering of the ordinary shares was made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained on the SEC’s website (www.sec.gov) and may also be obtained from Boustead Securities, LLC, by email at offerings@boustead1828.com or telephone +1 (949) 502-4409 or standard mail to Boustead Securities, LLC, Attn: Equity Capital Markets, 6 Venture, Suite 395, Irvine, CA 92618, USA. Before you invest, you should read the prospectus and other documents China Liberal has filed or will file with the SEC for more complete information about China Liberal and the offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. There is no guarantee that any specific outcome would be achieved. Securities may be illiquid, speculative and there is a risk of total loss. Past performance is not indicative of future results.

This press release is not a solicitation or offer to buy or sell securities. Investments may be speculative, illiquid and carry a risk of loss. Past performance is not indicative of future results. There is no guarantee that any specific outcome will be achieved.

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About China Liberal Education Holdings Limited

China Liberal, headquartered in Beijing, is an educational services provider in China. It provides a wide range of services, including those under Sino-foreign jointly managed academic programs; overseas study consulting services; technological consulting services for Chinese universities to improve their campus information and data management system and to optimize their teaching, operating and management environment, creating a “smart campus”; and tailored job readiness training to graduating students. For more information, visit the company’s website at ir.chinaliberal.com.

About Boustead Securities, LLC

Boustead Securities, LLC (“Boustead”) is an investment banking firm that executes and advises on IPOs, mergers and acquisitions, capital raises and restructuring assignments in a wide array of industries, geographies and transactions, for a broad client base. Boustead’s core value proposition is the ability to create opportunity through innovative solutions and tenacious execution. With experienced professionals in the United States, Boustead’s team moves quickly and provides a broad spectrum of sophisticated financial advice and services. For more information, visit www.boustead1828.com.

CONTACT:

Boustead Securities, LLC

Dan McClory, Head of Equity Capital Markets and Head of China

dan@boustead1828.com

+1 949 502 4409

Forward-Looking Statements

This document contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.