Hang Feng Technology (FOFO) Rockets 208% on Nasdaq Debut After $4 IPO Pricing

Hang Feng Technology Innovation Co., Ltd. (FOFO) made a striking entrance to the Nasdaq Capital Market, with shares surging 208% on its first trading day. The stock opened at $4 per share, peaked at $14.96 intraday, and closed at $12.78—a seismic MOVE for the asset consulting firm.

The IPO offered 1.375 million ordinary shares, raising $5.5 million before underwriting fees. Kingswood Capital Partners led the firm-commitment underwriting, retaining a 45-day option to purchase an additional 206,250 shares at the IPO price. Trading commenced on September 12, 2025, with settlement expected by September 15.

Proceeds will fuel strategic expansion in niche asset management—a sector gaining traction as emerging market firms attract capital. The explosive debut underscores investor appetite for differentiated financial services plays.