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HONG KONG - Hang Feng Technology Innovation Co., Ltd. (NASDAQ:FOFO) announced Monday the closing of its initial public offering of 1,375,000 ordinary shares at $4.0 per share, raising $5.5 million in gross proceeds before deducting underwriting discounts and related expenses.
The Hong Kong-based provider of corporate management consulting and asset management services began trading on the Nasdaq Capital Market on September 12 under the ticker symbol "FOFO."
The company has granted 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 allocated to strengthening the company’s corporate management consulting business, developing its asset management operations, driving business expansion and strategic partnerships, and supporting general working capital needs.
Kingswood Capital Partners, LLC served as the underwriter for the offering, which was conducted on a firm commitment basis. Hunter Taubman Fischer & Li LLC acted as U.S. counsel to Hang Feng, while VCL Law LLP represented Kingswood.
Hang Feng, which began offering consulting services in 2023 through its subsidiary Starchain Investment Trading Limited, expanded into asset management services in 2024. The company provides management consulting solutions including strategic growth insights, performance management reporting, and advisory services on regulatory compliance, risk management, and corporate governance practices.
The information in this article is based on a company press release statement.
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