A small Hong Kong technology firm specializing in blockchain and Web3 services is making a bold bid for American capital markets. ChainOn Group Limited has filed an F-1 registration statement with the SEC to raise approximately $31.25 million through an initial public offering on the Nasdaq Capital Market.

The company plans to sell 6,250,000 Class A ordinary shares priced between $4 and $6 each under the proposed ticker CHON. Univest Securities is serving as the underwriter.

A micro-cap with macro ambitions

ChainOn pulled in $2,209,079 in revenue during FY2025. A firm with roughly $2.2 million in annual revenue is seeking to raise more than 14 times that amount in a single public offering.

ChainOn’s FY2025 top line represented a 68.3% increase year-over-year, paired with gross margins of 55%.

The company’s core business revolves around custom software development, with a particular focus on Web3 applications and blockchain-enabled solutions. It also provides cloud infrastructure, advisory services, and ongoing maintenance. The client roster stood at 30 customers in FY2025, primarily small and medium-sized enterprises in Hong Kong.

Thirty customers means ChainOn’s average revenue per customer was roughly $73,600 last year.

Where the money would go

ChainOn has laid out a relatively detailed allocation plan for its IPO proceeds. Approximately 40% would flow into R&D and technology infrastructure. Another 20% is earmarked for sales and marketing, with an additional 20% designated for hiring and training. The remaining funds would be split evenly: 10% for strategic investments and 10% for working capital.

ChainOn wants to expand its proprietary offerings, including Enterprise Resource Planning systems, and push into new geographic markets across the Asia-Pacific region and the United States. The company formed a new U.S. subsidiary in April 2026.

The leadership team includes CEO and Chairman Lok Him Kelvin Yan and CFO Leo Leong, alongside three independent directors. The filing date was June 25, 2026, and the entire offering hinges on receiving Nasdaq approval.

What this means for investors

If ChainOn prices at the midpoint of its range, $5 per share, the company would be raising $31.25 million against $2.2 million in trailing revenue. ChainOn operates with a lean team of only eight employees and generates revenue entirely from local Hong Kong clients.

The 55% gross margin suggests that ChainOn’s Web3 development work commands premium pricing. The concentrated customer base of only 30 clients means customer churn risk is elevated.

The $6.25 million earmarked for sales and marketing (20% of proceeds) is intended to support expansion into the APAC region and the United States. Hong Kong’s technology services sector has doubled in size from $227.5 million in 2020 to an estimated $457.9 million in 2025, and is projected to reach $587.2 million by 2030.