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Hywin Holdings Ltd., one of China’s largest wealth management services, has gone public on the Nasdaq Global Select Market. Learn more about the Hywin Holdings IPO, and find out if investors in Canada can buy in.
You’ll need a brokerage account to buy and sell shares. Here’s how it works:
Note: all dollar amounts on this page are in US dollars unless otherwise stated.
On Friday March 26, 2021, Chinese independent wealth management company, Hywin Holdings Ltd., began publicly trading on the Nasdaq Global Select Market under the ticker symbol “HYW.”
The opening price per share was $11.25, which was a little higher than the anticipated share price of $10. With 3 million American Depository Shares (ADSs) up for grabs, the total amount raised from the IPO was around $30 million.
The sole underwriter of the deal was Network 1 Financial Securities, Inc. Hywin Holdings Ltd. originally filed a draft registration with the US Securities and Exchange Commission on February 26, 2021. You can view the prospectus here.
Agreements between Canada and the US require Canadians holding US stock investments to pay the US Internal Revenue Service (IRS) a 15% withholding tax on any dividends earned on their US stocks. Interest earned from bonds or other interest-yielding US investments are similarly taxed at a rate of 10%.
An exception is made for stock investments held in trust exclusively designed to provide retirement income. Such trusts include RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs are also exempt from US withholding tax if you own US investments in the form of US stocks, bonds or ETFs.
All income from investments, including foreign investments, must be declared as part of your income on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you’ll be double taxed on those earnings — first by the IRS, then by the CRA. However, the CRA may allow you to claim foreign tax credits for any taxes you’ve already paid to the IRS.
Speak with a tax professional to find out what rules and exceptions apply to your circumstances.
You can compare features of stock trading platforms in the table below. Once you’ve decided on the right fit for your needs, click the “Go to site” button to get started.
Hywin Holdings is one of China’s largest wealth management firms, with a 7.5% market share as of 2019. If you’re looking to gain more exposure to investments that track this industry, consider investing in other leading wealth management firms listed on Canadian and US stock exchanges.
|Company||Market Capitalization||Stock info|
|Credit Suisse Group AG||$25 billion||NYSE: CS|
|The Goldman Sachs Group, Inc.||$118 billion||NYSE: GS|
|The Charles Schwab Corporation||$132 billion||NYSE: SCHW|
|Julius Bär Gruppe AG||$14 billion||OTC Markets: JBAXY|
|UBS Group AG||$52 billion||NYSE: UBS|
|State Street Corporation||$29 billion||NYSE: STT|
|Sun Life Financial Inc.||$39 billion||TSX: SLF.TO|
|Manulife Financial Corporation||$52 billion||TSX: MFC.TO|
|Power Corporation of Canada||$24 billion||TSX: POW.TO|
|Brookfield Asset Management Inc.||$71 billion||NYSE: BAM|
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