|Bid||4.9100 x 900|
|Ask||4.9500 x 800|
|Day's Range||4.8800 - 5.1016|
|52 Week Range||4.5200 - 25.8500|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Hong Kong-based online art and collectibles platform Oriental Culture is banking on its Nasdaq listing to improve its brand image and to drive credibility in the sector.The company, which debuted on the New York-based exchange on Tuesday, has offered more than 140 types of collectibles and artworks valued at more than 5 billion yuan (US$765 million) for trade since its launch in 2018. It is the second such Hong Kong company to list in New York, after Takung Art debuted on the New York Stock Exchange in 2017.Oriental Culture hopes that as more online art and collectibles platforms list, they will improve the credibility of a sector dogged by a history of scams, Lewis Wan, its chief executive, said.Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China."What we really want to achieve through the listing is an improvement of our brand image, and [to inject] credibility in the market for collectibles. The net proceeds raised come second after that," Wan said.China's collectibles market, estimated to be worth at least 100 billion yuan, has been blighted by inflated values for rare stamps, postage seals and antique coins, which have hurt buyers. And in many instances, their losses have come at the hands of illicit trading platforms, where fraud and scams are common.A rare Kweichow Moutai, bottle, estimated to be worth between HK$50,000 and HK$70,000 by Sotheby's. Photo: Handout alt=A rare Kweichow Moutai, bottle, estimated to be worth between HK$50,000 and HK$70,000 by Sotheby's. Photo: HandoutOriental Culture chose Nasdaq over Hong Kong also because companies listed on the US exchange are viewed as more international and having better long-term growth potential, Wan said. It has raised just US$20.2 million from its initial public offering and plans to use the proceeds to improve its information technology infrastructure and to expand into the US market. It had about 91,000 users as of June.The company, which has about 50 employees split between Hong Kong and Nanjing, hopes to expand its services to include calligraphy, jewellery, antique furniture and Chinese wines such as fiery liquor Kweichow Moutai, which normally more than 1,000 yuan and whose vintage can also affect its value.Wan said he expected the number of such cultural asset exchanges to go down to about 32 from 60 currently, following years of crackdown by Beijing, which has sought to limit their numbers to one per province since 2011. This could potentially create opportunities for platforms in Hong Kong.Oriental Culture said it chose Nasdaq over Hong Kong because companies listed on the US exchange are viewed as more international and having better long-term growth potential. Photo: Reuters alt=Oriental Culture said it chose Nasdaq over Hong Kong because companies listed on the US exchange are viewed as more international and having better long-term growth potential. Photo: Reuters"This is a prime opportunity for the government to nurture the uniqueness of Hong Kong as an international asset management hub. Every financial centre can offer the trading of securities or gold. But the trading of Chinese cultural assets is unique to Hong Kong," Wan said.Oriental Culture currently operates more like an e-commerce platform, despite calling itself a "digital asset exchange" or "artworks exchange". It is currently not covered by Hong Kong's securities laws, and Wan said he hoped that the city's regulators will put in place a licensing framework for art and collectibles market places.The company, which has a warehouse in Nanjing, takes in collectibles from customers and performs appraisals to determine their authenticity. But the coronavirus pandemic, which affected mainland China during the first quarter of this year, ground its business to a halt.Its revenue is mainly driven by listing fees, followed by transaction fees and marketing fees. For the six months ended June 30, Oriental Culture's net income totalled US$373,000, a drop of 94 per cent from the US$6.3 million it earned during the same period a year earlier.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2021 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2021. South China Morning Post Publishers Ltd. All rights reserved.
Hong Kong, China, Dec. 17, 2020 (GLOBE NEWSWIRE) -- Oriental Culture Holding LTD (“OCG” or the “Company”) (NASDAQ: OCG), a leading online provider focusing on collectibles and artwork e-commerce services, today announced the closing of its initial public offering of 5,124,400 ordinary shares, including the exercise by the underwriters of their over-allotment option to purchase additional 59,400 ordinary shares, at a public offering price of $4.00 per share before underwriting discounts and commissions. All of the ordinary shares were offered by the Company. The ordinary shares commenced trading on the NASDAQ Capital Market under the symbol “OCG” on December 15, 2020.The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses, were approximately $20.50 million. ViewTrade Securities, Inc., a global provider of brokerage, investment banking, corporate/advisory and trading platform services, acted as sole book-running manager for the offering.A registration statement on Form F-1 (File No. 333-234654) relating to the offering has been filed with the Securities and Exchange Commission (“SEC”) and was declared effective by the SEC on December 1, 2020. The offering of the ordinary shares was made only by means of a final prospectus. A final prospectus relating to the offering was filed with the SEC on December 16, 2020, which may be obtained from ViewTrade Securities, Inc. via email: IB@Viewtrade.com or standard mail at ViewTrade Securities, Inc., 7280 W Palmetto Park Rd, 310, Boca Raton, FL 33433, Attn: Prospectus Department. In addition, a copy of the final prospectus relating to the offering may be obtained via the SEC's website at www.sec.gov.Before you invest, you should read the final prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the offering. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, the securities described herein, 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.About Oriental Culture Holding LTDOriental Culture Holding LTD is an online provider of collectibles and artwork e-commerce services, which allow collectors, artists, art dealers and owners to access an art trading market with a wider range of collectibles and artwork investors. Through its subsidiaries in Hong Kong , the Company provides trading facilitation for individual and institutional customers of all kinds of collectibles, artworks and certain commodities on its online platforms, as well as online and offline integrated marketing, storage and technical maintenance service to customers in China. For more information about the Company, please visit: www.ocgroup.hk.Safe Harbor StatementThis 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 following: the Company’s goals and strategies; the Company’s future business development; financial condition and results of operations; product and service demand and acceptance; reputation and brand; the impact of competition and pricing; changes in technology; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company 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@ocgroup.hk Phone: +86 (025) 85766891Investor Relations: Janice Wang EverGreen Consulting Inc. Email: IR@changqingconsulting.com Phone: +1-908-510-2351 (from U.S.) +86 13811768559 (from China)
Shares of Oriental Culture Holding Ltd. more than tripled (up 204.3%) in premarket trading Thursday, as the Hong Kong-based provider of collectibles and artwork e-commerce services heads for its third session as a public company. The stock was up 216.6% head of the open on volume of 2.0 million shares. The company's initial public offering of 5.07 million shares priced at $4 a share, and the stock closed its first day of trading on Wednesday 50% above that price at $6.00. The stock edged up 1.7% on Thursday to close at $6.10. Another IPO that is having a better second day that first day is Scopus BioPharma Inc. as the stock is also set to more-than triple Thursday (up 218.9% premarket). The New York-based biotechnology company, which engages in the development of therapeutics targeting the endocannabinoid system, had its 500,000-share IPO price at $5.50, and the stock closed its first-day of trading on Wednesday7.6% above that price at $5.92. The company's went public at a time that the Renaissance IPO ETF has rallied 32.4% over the past three months while the S&P 500 has gained 10.3%.