Hang Feng Technology Innovation Co., Ltd. (NASDAQ: FOFO) saw its stock price soar by 31.25% in intraday trading following its initial public offering (IPO) on the Nasdaq Capital Market. The Hong Kong-based company, which provides corporate management consulting and asset management services, priced its IPO at $4.00 per share, raising $5.5 million in gross proceeds.

The company offered 1,375,000 ordinary shares to the public, with trading commencing under the ticker symbol "FOFO". Additionally, Hang Feng granted the underwriters a 45-day option to purchase up to an additional 206,250 shares at the IPO price. The offering is expected to close around September 15, 2025, subject to customary closing conditions.

Hang Feng plans to use the proceeds from the IPO to strengthen its corporate management consulting business, develop its asset management services, drive business expansion and strategic partnerships, and support general working capital and operations. The strong market debut suggests investor confidence in the company's business model and growth prospects in the corporate consulting and asset management sectors.