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ChainOn Group Ltd
CHONFiledChainOn Group Ltd · Nasdaq Capital Market · latest filing 2026-06-25
One-minute decisionBASIC RESEARCHSource completeness · 92%
IPO research
ChainOn is a profitable but short-history Hong Kong IT-services company with rapid Web3-led growth. The proposed $31.25 million base IPO at the $5 midpoint carries 83.8% tangible-book dilution, two customers representing 70% of latest-period revenue, material control weaknesses and 91.37% post-offering voting control by Wai Lun Lau.
The June 25, 2026 F-1 proposes 6,250,000 Class A ordinary shares at $4-$6 on a firm-commitment basis, with CHON reserved for Nasdaq and a 937,500-share over-allotment option.
Capital destination
Awaiting verificationF-1 · 2026-06-25
Share-type percentages are not net-proceeds percentages. Amounts retain their stated gross/net basis; do not add unlike bases.
Check the source · F-1 ↗Capital destination
Awaiting verificationF-1 · 2026-06-25
Share-type percentages are not net-proceeds percentages. Amounts retain their stated gross/net basis; do not add unlike bases.
Check the source · F-1 ↗BOOKRUNNERS / LEAD UNDERWRITERSBookrunners / lead underwriters
NOT YET DISCLOSEDNames not yet published
Fully diluted valuation bridge
| Status | Reference |
|---|---|
| Awaiting verification | Source ↗ |
Basic-price scenario
A verified single offer price and basic post-offer share count are required. This is a data gap, not a paid lock.
Check the source · F-1 ↗Holder data awaits verification
Wai Lun Lau retains overwhelming control through 17.28 million Class A and all 6 million twenty-vote Class B shares, producing 91.37% post-offering voting power. · 2026-06-25
Wai Lun Lau retains overwhelming control through 17.28 million Class A and all 6 million twenty-vote Class B shares, producing 91.37% post-offering voting power.
One disclosed holder; not a complete ownership distribution.Check the source · F-1 ↗Conditional lock-up timeline
| Status | Reference |
|---|---|
| Awaiting verification | Source ↗ |
Financial quality and runway
| Status | Reference |
|---|---|
| Awaiting verification | Source ↗ |
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Two customers accounted for 36% and 34% of latest six-month revenue, creating 70% combined concentration.
- Potential impact
- Awaiting verification
- Monitor
- Current research checkpoint: verify whether a post-June 25 amendment, SEC effectiveness notice or Nasdaq decision has since changed the preliminary $4-$6 terms; otherwise await pricing and a final prospectus.