Chinese Logistics Network Plans Us Fundraise Via Tokenized Offerings

HGC Data Tech (HGC) introduced Tuesday that it’ll begin providing its securities tokens at U.S. digital asset trade INX, as Chinese language corporations face delisting dangers within the states on account of regulatory variations.

See associated article: SEC locations Chinese language crypto mining rig maker Canaan on pre-delisting checklist

Quick details

  • Xiamen-based HGC gives order matching and freight cost providers to the logistics trade within the mainland.
  • The Chinese language logistics community firm registered within the British Virgin Islands mentioned it hopes to lift US$20 million by the Trucpal securities tokens beginning July 25, in keeping with a press launch. 
  • All publicly traded corporations within the U.S. should permit entry to audit papers, whereas China has banned the exporting of audit papers with out permission since 2009.
  • The International Company Accountability Act (HFCAA) stipulates that corporations that refuse to present entry to audit working papers be flagged by the U.S. Securities and Trade Fee (SEC), and will probably be topic to delisting if paperwork aren’t made out there inside three years. 
  • In 2022, 150 Chinese language corporations have been confirmed to be delisted as of July. 
  • Each international locations have reportedly been in discussions to ease delisting dangers on account of regulatory variations, with Beijing hoping to finalize an settlement this 12 months. 

See associated article: Fusang receives inexperienced gentle for US$10M equity-token IPO

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