leadf
logo-loader
viewHonye Financial

Honye Financial Services eyes potential UK tech targets for Asian expansion

Snapshot

  • Honye Financial is a cash shell
  • The aim is to invest in European fintech companies and help them expand in Asia
  • Backers include a numbers of high net worth individuals
Honye Financial -

Quick facts: Honye Financial

Price: 45 GBX

LSE:HOYE
Market: LSE
Market Cap: £11.1 m
Follow

Honye Financial Services Ltd (LON:HOYE) was formed as a cash shell company to acquire or invest in technology companies. 

It floated on the London Stock Exchange with a standard listing in December 2018.

The aim has been to find UK or European fintech companies specialising in mobile apps in areas such as robot-advisory or retail offerings of share issues.

“In China in particular there is a huge market for retail investors in the stock market. And its things around that area that are particularly interesting,” said chairman Gareth Edwards in June.

While the original aim at flotation was to target one single reverse acquisition, the idea now was to take minority stakes in several companies where Honye can assist them developing a market in Asia.

April’s interim results showed that Honye had net cash of £1.7mln at the end of January after half-year losses of £161,000.

Potential targets

Edwards said Honye has carried out due diligence on some potential targets but none have yet come to fruition. 

Terry Liu, who was appointed as a director in April after his L&S Group financial consultancy took a stake along with some other high net worth individuals and entrepreneurs based in China, said in July that talks were ongoing with other companies.

“We’re currently carrying out discussions with a number of decent projects — they all tick quite a lot of our boxes and hopefully we can formally proceed with one or two of them hopefully this year,” Liu said.

Video

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Honye Financial named herein, including the promotion by the Company of Honye Financial in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Honye Financial Services backed by high net worths and narrowing in on a...

Honye Financial Services Ltd (LON:HOYE) director Terry Liu tells Proactive London's Andrew Scott the company is backed by a number of high net worth individuals and entrepreneurs based in China. He says there are a number of potential acquisitions and investments they're looking at across UK and...

on 1/7/20

2 min read