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HONG KONG - Hang Feng Technology Innovation Co., Ltd. (NASDAQ:FOFO) and Animoca Brands have signed a non-binding memorandum of understanding to develop a real-world asset (RWA) tokenization ecosystem, according to a press release statement issued Friday. The $75 million market cap company has seen its shares drop 6.43% over the past week, currently trading at $10.92, significantly above the InvestingPro Fair Value estimate.
The proposed partnership aims to combine Hang Feng’s asset management expertise with Animoca’s blockchain capabilities and its NUVA on-chain vault marketplace to distribute tokenized real-world assets.
Under the agreement, the companies plan to create a dedicated vault backed by Hang Feng’s RWAs on the NUVA platform. The collaboration will focus on institutional adoption of RWAs by exploring opportunities to tokenize assets managed by Hang Feng.
"Following our listing on Nasdaq and the strategic launch of our new RWA business initiative, this proposed partnership with Animoca will be a key step in our strategy," said Leo Xu, Chief Executive Officer of Hang Feng.
Evan Auyang, Group President of Animoca Brands, stated that the proposed partnership "will connect deep institutional assets with scalable on-chain distribution."
The strategic partnership follows Animoca Brands’ recent collaboration with ProvLabs to launch NUVA, which is designed to offer vaults from leading asset issuers.
Hang Feng, a Cayman Islands holding company based in Hong Kong, provides corporate management consulting and asset management services. Animoca Brands is a digital assets company focused on blockchain and Web3 innovation.
The companies noted that the memorandum is non-binding, with no assurance that a definitive agreement will be reached. Investors considering this high-multiple stock (P/E of 35.26) can access additional insights and 10+ more ProTips on InvestingPro to make more informed decisions.
In other recent news, Hang Feng Technology Innovation Co., Ltd. completed its initial public offering (IPO) on the Nasdaq Capital Market. The company successfully raised $5.5 million through the sale of 1,375,000 ordinary shares priced at $4.0 each. This marks a significant milestone for Hang Feng as it begins trading under the Nasdaq symbol. The funds raised are gross proceeds, before accounting for underwriting discounts and related expenses. This development is part of Hang Feng’s strategic efforts to expand its market presence and financial capabilities. The IPO signifies a new phase of growth for the Hong Kong-based company. Investors may watch how Hang Feng utilizes the capital raised through this public offering.
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