Hanryu Bank announced on the 22nd that it has recently signed a contract with AEGIS CAPITAL CORP as the underwriter of the IPO after completing an audit for listing on the NASDAQ.
‘AEGIS CAPITAL CORP’, established in 1984, is an American wealth management and financial services company that provides corporate finance, strategic advisory, and related services to individuals, the public, and corporations. It has supported the listing of Cyngn Inc, Volcon Inc, Farmmi Inc, Meten Holding Group Ltd. on the NASDAQ.
With the selection of the underwriter, Hanryu Bank is planning to officially submit listing-related documents to the US Securities and Exchange Commission (SEC) in November.
In addition, the corporation is planning for its first face-to-face roadshow in the U.S after the virus calms down.
Prior to this, on September 28, Hanryu Bank received an enterprise value of $460 million through the KPMG’s Equity Value as a result of conducting the NASDAQ listing and auditing process through the global expansion strategy consulting of KPMG, a global accounting and consulting company.
Also, it has been reviewed by the law firm ‘Disclosure Law Group’ for advice on listing and has submitted documents.
Although the period of entry into the U.S. stock market varies, it is commonly known that it usually takes 2-3 months from the filing of the securities declaration to the final public offering and listing after the U.S. Securities and Exchange Commission (SEC) review process is completed.
Hanryu Bank is established for its purpose of the spread of the Korean Wave globally.
Especially, it is a growing IT business company that connects the Korean Wave, which is defined only as entertainment, to various businesses such as finance, media, AI, and blockchain.
For its main businesses, it provides ‘FANTOO’, a Fandom network service based on the Korean Wave, ‘FandomChain’, a blockchain mainnet, and ERP service that is the basis of IB business.
Hanryu Bank is also operating ‘Hanryu Times’, a global comprehensive media company that contributes to the spread of the Korean wave by transmitting news about the global Korean Wave in multiple languages and a live commerce company ‘K-Commerce’ provides live content such as celebrations, culture, and performances from around the world as well as live shopping.’
In particular, the company plans to expand and lead the global Korean Wave culture through establishing FANTOO Entertainment, nurturing Idol groups, and strengthening content.
At the same time, to preoccupy the artificial intelligence (AI) industry, which is emerging as future food, the company is planning to launch various services and platforms such as AI-applied chatbot Sejong T-bot, AI voice messenger, K-Knowledge Navigation, and FANTOO NFT that is using AI service and its own blockchain technology of FandomChain mainnet.
With the funds raised through this IPO, Hanryu Bank plans to invest in fostering a global Korean Wave platform and developing digital innovation technologies that are expected to grow rapidly, such as artificial intelligence (AI) and blockchain technology.
The company also plans to actively foster content businesses that lead the globalization of the Korean Wave, such as support for the production of cultural content that can accelerate entry into the new Korean Wave market.
As for the governance structure, Hanryu Holdings in the US will become the largest shareholder of Hanryu Bank.
A Hanryu Bank official said, “The listing on NASDAQ in the US will provide financial resources for technology and content development and related marketing for the spread of the Korean Wave, and at the same time obtain the effect of promoting the global Korean Wave platform FANTOO in the U.S. market.” And said, “As a comprehensive IT platform company, we will expedite the listing process so that we can continue to invest in technology development and Hallyu content production.”
Meanwhile, Hanryu Bank has participated in the Metaverse Alliance hosted by the Ministry of Science and Technology to strengthen and promote the competitiveness of K-culture (estimated around 500 million fans worldwide) such as Taekwondo, e-sports, K-beauty, and K-food. And has been at the forefront of the global spread of the Korean wave by leading the establishment of the Korean Wave Promotion Association (tentative name), a public-private consultative body for industry promotion.
SOURCE Hanryu Bank