LOS ANGELES, Calif., Jan.
4, 2021 /PRNewswire/ -- ATIF Holdings Limited (Nasdaq: ATIF,
the "Group", "ATIF" or "we"), a company providing business
consulting and multimedia services in Asia and North
America, today announced that it officially relocated its
operating headquarter to California,
USA, and launching new business model with three sectors:
asset management, investment holding and media services, to expand
the group's business with a flexible business concept that is
expected to bring high growth revenue and strong profit growth.
ATIF Inc., a wholly owned subsidiary of ATIF ("ATIF Inc.") has
been incorporated in California on
October 2020 as ATIF's new operating
headquarters. It was well received by clients in the United States, and have already secured 4
California based clients for IPO consulting services since its
inception totaled to US$4 million
contract amount in aggregate. Clients located within United States will be serviced by ATIF Inc.
from its California headquarter,
while clients outside United State will be supported by ATIF Inc.'s
business centers abroad. Huaya Consultant (Shenzhen) Co., Ltd., a wholly owned subsidiary
of ATIF, will serve as ATIF Inc.'s business center in PRC for
clients located in the PRC. To streamline the management chain and
to improve management control with lower costs, the Group
terminated the agreements pertaining to the services provided by
Qianhai Asia Times (Shenzhen)
International Financial Services Co., Ltd. Currently, the Group is
in discussion with other business organizations to collaborate
with, leveraging their resources to assist the Group as the Group's
business centers in other jurisdictions. The Group believes that
this streamlined management model and strategic partnership
strategy is in line with the current fast-changing and competitive
business environment and will provide the Group with strong growth
capability.
Launch of three major sectors, asset management, investment
holding and media services
Asset management sector is a brand-new segment added to the
Group. In 2020, the Group formed an asset management team with
series 65 securities licenses and started to invest on securities
in January 2020. Based on the asset
management team's unique portfolio strategies and accurate judgment
to the market, the securities investment sector has yielded an
ideal return for the Group. The Group plans to officially
launch its securities investment business after it has obtained the
asset management qualification from FINRA in January
2021. Moreover, the Group is in process to register
with SEC for investment advisory, which is expected to be completed
by the first quarter of 2021. The Group is also in the midst of
setting up a private fund, which is expected to provide equity
investments and investment advisory services in the U.S. stock
market. In the future, ATIF
anticipates the asset management
business will generate sustainable and stable fund management fee
income and high return performance bonus income for the Group.
The investment holding sector will optimize the existing going
public consulting services by switching the service fee from cash
remuneration to equity remuneration instead. The Group understands
that start-ups have liquidity problems and this solution will help
incubating start-ups and provide higher return opportunities for
the Group, bringing a win-win situation for both the Group and its
clients. The media services sector will strengthen the existing
media services to provide public and investor relations services to
companies and going public advisory clients in China. The Group's business center in PRC has
deep media relations and experienced capital market operations, and
is able to provide comprehensive investor relations services and
domestic media promotion services to US-listed Chinese
companies.
Mr. Pishan Chi, Chief Executive Officer and Director of ATIF,
commented, "We are very pleased with the establishment of our
California headquarters. Since our
IPO in May 2019, we have been
exploring and experimenting with our business operating model and
ultimately found that a streamlined operating model will greatly
improve the Group's management efficiency and give us more energy
to think and create a more comprehensive, timely, and efficient
business and service structure for our clients. We expect that the
new California headquarters and
the newly optimized strategic business model will bring a fresh
start and a strong future for ATIF."
Mr. Liu Jun, Chairman of the
Board and President of ATIF, added: "This new business addition and
strategic transformation of ATIF is a bold judgment and beneficial
measure made by the Group's management in response to the fast-past
and ever-changing business environment in the U.S. capital market
in a timely manner. In the face of the enormous challenges posed by
the 2020 epidemic, we have committed a lot of internal analysis and
adjustment considerations and made careful forecasts of the future
capital market and business environment. We believe that this new
business addition and transformation is not only a big step for
ATIF to move towards global business, but also a new opportunity
for ATIF. We expect that the new business sectors and business
portfolio will bring diversified revenue to the Group and
sustainable high growth earnings to our shareholders."
About ATIF Holdings Limited
Headquartered in Los Angeles, California, ATIF
Holdings Limited ("ATIF") is a holding group with asset management,
investment holding and multimedia sectors and provide business
consulting services to small and medium-sized enterprises
in Asia and North America, including going public
consulting services, international business planning and consulting
services, and financial media services. ATIF operates an
internet-based financial consulting service platform IPOEX.com,
which provides prestige membership services including online
capital market information, pre-IPO education and matchmaking
services between SMEs and financing institutions. ATIF has
advised several enterprises in China in their plans to
become publicly listed in the U.S. Through its
majority-owned subsidiary, Leaping Group Co.,
Ltd., ATIF also provides multimedia services and is
engaged in three major businesses, including multi-channel
advertising, event planning and execution, film and TV program
production and movie theater operations. ATIF operates
the largest pre-movie advertising network in Heilongjiang
Province and Liaoning
Province of China and also provides advertising
services in elevators and supermarkets. ATIF is often
hired to plan both online and offline advertising campaigns and to
produce related advertising material. In
addition, ATIF invests in films and TV programs and
distributes them in movie theaters or through online
platforms. For more information, please
visit https://ir.atifchina.com/.
Forward-Looking Statements
Certain statements made in this release are "forward looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
When used in this press release, the words "estimates,"
"projected," "expects," "anticipates," "forecasts," "plans,"
"intends," "believes," "seeks," "may," "will," "should," "future,"
"propose" and variations of these words or similar expressions (or
the negative versions of such words or expressions) are intended to
identify forward-looking statements. These forward-looking
statements are not guarantee of future performance,
conditions or results, and involve a number of known and unknown
risks, uncertainties, assumptions and other important factors, many
of which are outside the Company's control, that could cause actual
results or outcomes to differ materially from those discussed in
the forward-looking statements. Important factors, among others,
are: future financial and operating results, including revenues,
income, expenditures, cash balances and other financial items;
ability to manage growth and expansion; current and future economic
and political conditions; ability to compete in an
industry with low barriers to entry; ability to continue to operate
through our VIE structure; ability to obtain additional financing
in the future to fund capital expenditures; ability to attract new
clients and further enhance brand recognition; ability to hire and
retain qualified management personnel and key employees; trends and
competition in the financial consulting services industry; a
pandemic or epidemic; and other factors listed in the Company's
annual report on Form 20-F and other documents filed with
the Securities and Exchange Commission. The Company undertakes
no obligation to update forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that such expectations will turn out to be correct, and the Company
cautions you that actual results may differ materially from the
anticipated results expressed or implied by the forward-looking
statements we make. You should not rely upon forward-looking
statements as predictions of future events. Forward-looking
statements represent our management's beliefs and assumptions only
as of the date such statements are made. These forward-looking
statements are made as of the date of this news release.
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SOURCE ATIF Holdings Limited