Wenbin Chen, co-founder, Chairman of the Board and Chief Executive Officer, Ming Yan, co-founder and director of Yintech and Ningfeng Chen, co-founder and director of Yintech made a  preliminary non-binding proposal letter to acquire remaining 31.5% stake in Yintech Investment Holdings Limited (NasdaqGS:YIN) for approximately $160 million on June 22, 2020. Under the terms of the transaction, the buyers will acquire the shares for a purchase price of $6.80 per American Depositary Share, or $0.34 per ordinary share. The transaction consideration will be paid in cash. Prior to the transaction, Wenbin Chen holds 27.74% stake while Ming Yan and Ningfen Chen holds 20.54% stake each. The transaction will be financed from a combination of equity and debt capital. Upon completion of the transaction, Yintech will become a privately-held company owned by the buyers, and the ordinary shares would be delisted from the NASDAQ Capital Market. The transaction is subject to the completion of due diligence investigation as well as the execution of the Definitive Agreements. Yintech Investment has formed a special committee of the Board, composed of Ms. Jue Yao, Mr. Yonghong Fan and Mr. Feng Li each an independent and disinterest Director, to consider the proposal. Duff & Phelps, LLC acted as financial advisor and Kirkland & Ellis acted as U.S. legal counsel for Yintech Investment’s board of directors.