New buyers took control of this Hong Kong corporate-finance listing in a secondary transfer that put no cash on the company balance sheet, then rebuilt the capital structure for large discounted issuance. The operating franchise is a Type Six advisory shop whose IPO sponsorship line has already gone silent. The live debate is whether the remaining cash and the Nasdaq quote still back a going advisory firm, or whether they now serve as raw material for a financing vehicle.
The founders exited through a mid-June share sale that handed five new purchasers both the equity majority and nearly all of the vote. The company was not a party and collected nothing. Within weeks the new board asked holders to lift authorized stock to five billion shares, raise Class B voting power, and grant reverse-split authority of up to two thousand-for-one. Two private placements then priced new Class A stock at $0.25 and later at $0.168, and both contracts allow settlement in stablecoins or bitcoin.
The last audited year already showed the advisory engine running below its cost base, with payroll larger than fee income and operating cash still flowing out. Year-end cash still sat near HK$121 million, far above the quoted capitalization on the old share count. The next test is whether the mid-year operating print and the two placements leave a still-recognizable advisory firm, or a listing whose residual claim is being rewritten by issuance.