Hang Feng Technology Innovation Co., Ltd. Announces Closing of Full Exercise of Underwriters’ Over-Allotment Option
Rhea-AI Summary
Hang Feng Technology Innovation (NASDAQ:FOFO), a Hong Kong-based corporate management consulting and asset management services provider, announced the full exercise of the underwriters' over-allotment option in its IPO. The underwriters purchased an additional 206,250 ordinary shares at $4.00 per share.
The total gross proceeds from the IPO, including the over-allotment, amounted to $6,325,000. Trading of FOFO shares began on the Nasdaq Capital Market on September 12, 2025. The company plans to use the proceeds for strengthening its consulting business, developing asset management operations, driving business expansion, and supporting working capital needs.
Positive
- Successfully completed IPO with full exercise of over-allotment option
- Secured listing on Nasdaq Capital Market
- Total gross proceeds of $6.325 million to fund growth initiatives
Negative
- Relatively small IPO size may limit growth potential
- Faces competitive pressure in management consulting and asset management sectors
News Market Reaction
On the day this news was published, FOFO declined 4.63%, reflecting a moderate negative market reaction. Argus tracked a peak move of +14.8% during that session. Argus tracked a trough of -2.0% from its starting point during tracking. Our momentum scanner triggered 8 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $4M from the company's valuation, bringing the market cap to $86M at that time.
Data tracked by StockTitan Argus on the day of publication.
Hong Kong, Sept. 16, 2025 (GLOBE NEWSWIRE) -- Hang Feng Technology Innovation Co., Ltd. (Nasdaq: FOFO) (the “Company” or “Hang Feng”), a Hong Kong-based company providing comprehensive corporate management consulting and asset management services, today announced the underwriters of its initial public offering (the “Offering”) have exercised in full their option to purchase an additional 206,250 ordinary shares at a public offering price of
Proceeds from the Offering will be used for: strengthening corporate management consulting business, developing asset management business, driving business expansion and strategic partnerships, and supporting general working capital and operations.
The Offering was conducted on a firm commitment basis. Kingswood Capital Partners, LLC ("Kingswood") acted as the underwriter for the Offering. Hunter Taubman Fischer & Li LLC acted as U.S. counsel to the Company, and VCL Law LLP acted as U.S. counsel to Kingswood in connection with the Offering.
A registration statement on Form F-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission (the “SEC”) (File Number: 333-287284), as amended, and was declared effective by the SEC on September 12, 2025. The Offering was made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering may be obtained from Kingswood by email at lciervo@kingswoodus.com, by standard mail to Kingswood, 7280 W. Palmetto Park Rd., Suite 301, Boca Raton, FL 33433, or by telephone at +1-561-961-0505. In addition, copies of the final prospectus relating to the Offering may be obtained via the SEC's website at www.sec.gov.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About Hang Feng Technology Innovation Co., Ltd.
Hang Feng Technology Innovation Co., Ltd. is a Hong Kong-based company providing comprehensive corporate management consulting solutions alongside specialized asset management services tailored to diverse client needs. Since 2023, Hang Feng has been offering consulting services and identifying market opportunities through Starchain Investment Trading Limited (“Starchain”), one of the Company’s subsidiaries, to a growing network of clients. Starchain delivers tailored management consulting, including strategic growth insights, performance management reporting, key performance indicator (KPI) advisory, and support in regulatory compliance, risk management, and corporate governance practices. Recognizing client demand for sophisticated asset management solutions, the Company launched asset management services in 2024, introducing structured solutions designed to manage and grow both corporate and individual capital portfolios. For more information, please visit the Company’s website: https://ir.hfintech.io
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or other similar expressions in this prospectus. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.
For more information, please contact:
Hang Feng Technology Innovation Co., Ltd.
Investor Relations Department
Email: ir@hfintech.io
Ascent Investors Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
FAQ
What is the IPO price of Hang Feng Technology (NASDAQ:FOFO) shares?
How much did Hang Feng Technology (FOFO) raise in its IPO including over-allotment?
When did FOFO stock begin trading on Nasdaq?
How will Hang Feng Technology use its IPO proceeds?
How many additional shares were sold through the over-allotment option for FOFO?
