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(Updated - July 8, 2025 1:11 PM EDT)
Hengguang Holding (HGIA) has filed for a proposed IPO.
The company describes itself as: "Heng Guang Cayman is a holding company incorporated in the Cayman Islands with no material operations. As a holding company with no material operations of its own, Heng Guang Cayman conducts substantially all of the operations through Heng Guang Insurance or the VIE, the operating entity established in the People’s Republic of China, which has entered into a series of the VIE Agreements with WFOE, an indirect subsidiary of Heng Guang Cayman. For accounting purposes, Heng Guang Cayman is the primary beneficiary of Heng Guang Insurance’s business operations through the VIE Agreements, which enables Heng Guang Cayman to consolidate the financial results of the VIE in our consolidated financial statements under U.S. GAAP. We have evaluated the guidance in Financial Accounting Standards Board Accounting Standards Codification 810 and determined that we are regarded as the primary beneficiary of the VIE for accounting purposes, as a result of our direct ownership in WFOE and the provisions of the VIE Agreements. “Prospectus Summary - Contractual Arrangements Between Heng Guang Insurance And WFOE.” Our Class A Ordinary Shares offered in this prospectus are shares of Heng Guang Cayman, our holding company incorporated in the Cayman Islands, not the shares of Heng Guang Insurance, the operating entity."
D. Boral (OTC:BOALY) Capital will serve as sole underwriter.