Ayondo ceases European social trading business
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Vivienne Tay
CATALIST-LISTED Ayondo said its German subsidiary Ayondo GmbH has been liquidated and is no longer a subsidiary of the group, the fintech firm said in a regulatory update on Thursday.
Ayondo GmbH was deconsolidated from the group since its third-quarter financial results for fiscal 2019.
Ayondo said on Aug 14, 2019 that the insolvency of Ayondo GmbH would "effectively cease the group's business-to-consumer European social trading business".
It also noted that the unit's business had been declining since the second quarter of 2018, given deteriorating conditions of Europe's contract for difference trading market, and the inability to start marketing efforts to grow its European social trading business.
Shares of Ayondo have been suspended from trading since Feb 1, 2019.
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