Hang Feng Technology Innovation Co., Ltd. Announces Closing of Initial Public Offering

Rhea-AI Summary

Hang Feng Technology Innovation (NASDAQ:FOFO), a Hong Kong-based corporate management consulting and asset management services provider, has successfully completed its Initial Public Offering (IPO). The company offered 1,375,000 ordinary shares at $4.00 per share, raising gross proceeds of $5.5 million.

Trading commenced on the Nasdaq Capital Market on September 12, 2025 under the symbol "FOFO". The underwriters have a 45-day option to purchase an additional 206,250 shares. The proceeds will fund the strengthening of their consulting business, asset management development, business expansion, and working capital.

Positive

• Successfully raised $5.5 million through IPO
• Listed on Nasdaq Capital Market, providing access to U.S. capital markets
• Underwriters granted 45-day option for additional shares, showing confidence
• Clear allocation of proceeds for business expansion and development

Negative

• Relatively small IPO size of $5.5 million may limit growth potential
• Additional share option could lead to potential dilution if exercised

Insights

IPO and Investment Banking Specialist

Hang Feng's modest $5.5M IPO provides Nasdaq entry with a small float, signaling early-stage growth aspirations despite limited initial capital raise.

Hang Feng Technology has completed a relatively small IPO, raising just $5.5 million by offering 1.375 million shares at $4.00 each. The Hong Kong-based consulting and asset management firm has begun trading on the Nasdaq Capital Market under ticker FOFO, marking its entry into the U.S. public markets.

This offering's size is notably small by Nasdaq standards, placing it among the more modest IPOs of recent years. The company's market capitalization at the offering price would be approximately $5.5 million, which positions it as a micro-cap stock. The 45-day option granted to underwriters for an additional 206,250 shares could potentially increase proceeds by $825,000 if fully exercised.

The company has outlined four primary uses for the capital: strengthening its corporate management consulting business, developing asset management services, driving business expansion through strategic partnerships, and supporting general working capital. This distribution suggests a balanced approach between consolidating existing operations and pursuing growth initiatives.

Kingswood Capital Partners served as the sole underwriter on a firm commitment basis, meaning they purchased all shares from Hang Feng before selling to the public, reducing the company's offering risk. The small size and single underwriter suggest limited institutional interest during the pre-IPO road show. The trading debut on September 12th and closing three days later indicates a standard timeline for IPO completion.

Hong Kong, Sept. 15, 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 closing of its initial public offering (the “Offering”) of 1,375,000 ordinary shares, par value $0.0001 per share, at a public offering price of US$4.0 per share. The ordinary shares began trading on the Nasdaq Capital Market on September 12, 2025, under the ticker symbol “FOFO.”

The Company received aggregate gross proceeds of US$5.5 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 206,250 ordinary shares at the public offering price, less underwriting discounts.

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

How much did Hang Feng Technology (FOFO) raise in its IPO?

Hang Feng Technology raised $5.5 million in gross proceeds through its IPO, offering 1,375,000 ordinary shares at $4.00 per share.

When did FOFO stock begin trading on Nasdaq?

FOFO stock began trading on the Nasdaq Capital Market on September 12, 2025.

What is the IPO underwriter option for FOFO stock?

The underwriters have a 45-day option to purchase up to 206,250 additional ordinary shares at the public offering price, less underwriting discounts.

How will Hang Feng Technology use its IPO proceeds?

The proceeds will be used for strengthening corporate management consulting business, developing asset management business, driving business expansion and strategic partnerships, and supporting general working capital.

What is Hang Feng Technology's main business?

Hang Feng Technology is a Hong Kong-based company providing comprehensive corporate management consulting and asset management services.