New York, NY, August 21, 2013 --(PR.com
)-- China Commercial Credit, Inc., a micro credit company providing loans and loan guarantees to small-to-medium sized enterprises, farmers and individuals, closed its initial public offering last week of 1,370,000 shares of common stock at a price of $6.50 per share for gross proceeds of $8,905,000.
The common stock began trading on the NASDAQ Capital Market on August 13, 2013.
Burnham Securities Inc. acted as sole book running manager and representative of the underwriters in the offering. Axiom Capital Management, Inc. and ViewTrade Securities, Inc. acted as co-managers. Ellenoff Grossman & Schole LLP acted as counsel to the Company and Blank Rome LLP acted as legal counsel to the underwriters.
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About China Commercial Credit
China Commercial Credit (http://www.chinacommercialcredit.com) was founded in 2008 and provides business loans and loan guarantee services to more than 360 small-to-medium enterprises (SMEs), farmers and individuals in China's Jiangsu Province. Due to recent legislation and banking reform in China, these SMEs, farmers and individuals -- which historically had been excluded from borrowing funds from State-owned and commercial banks -- are now able to borrow money at competitive rates from micro finance lenders.