Happy City Holdings Limited closed its IPO, raising $5.5 million, and shares began trading on Nasdaq.
Quiver AI Summary
Happy City Holdings Limited, a Hong Kong-based all-you-can-eat hotpot restaurant operator, announced the completion of its initial public offering of 1,100,000 Class A ordinary shares at $5.00 each, raising gross proceeds of $5.5 million. The shares began trading on the Nasdaq Capital Market under the symbol "HCHL" on June 24, 2025. The company has also given underwriters a 45-day option to purchase up to an additional 165,000 shares. Proceeds from the offering will be used for business expansion in Hong Kong and Southeast Asia, as well as for working capital and general corporate purposes. The offering was conducted by Dominari Securities LLC, with additional underwriters involved. Legal and accounting advisors have been appointed for due diligence and compliance. Investors are encouraged to review the prospectus filed with the SEC for more information.
Potential Positives
- Happy City Holdings Limited successfully closed its initial public offering, raising aggregate gross proceeds of US$5.5 million, enhancing its financial position.
- The Class A Ordinary Shares commenced trading on the Nasdaq Capital Market, which elevates the company's visibility and profile in the marketplace.
- The company plans to use the proceeds for business expansion in Hong Kong and Southeast Asia, indicating growth potential and strategic direction.
- The offering included an over-allotment option for underwriters, which may lead to additional capital if exercised, further supporting the company's expansion efforts.
Potential Negatives
- The amount raised from the initial public offering (US$5.5 million) may be seen as insufficient for significant business expansion, raising concerns about the company's ability to effectively penetrate markets in Hong Kong and Southeast Asia.
- The company's reliance on additional financing (the 45-day option granted to underwriters for further shares) could indicate uncertainty about achieving its business expansion goals.
- The inclusion of extensive forward-looking statements may suggest that the company is trying to manage investor expectations, which could raise red flags about the reliability of its projections.
FAQ
What is Happy City Holdings Limited?
Happy City Holdings Limited is an established all-you-can-eat hotpot restaurant operator based in Hong Kong.
When did Happy City Holdings close its initial public offering?
The company closed its initial public offering on June 25, 2025.
How much did the IPO generate in gross proceeds?
The initial public offering generated aggregate gross proceeds of US$5.5 million.
What will the proceeds from the IPO be used for?
The proceeds will be used for business expansion in Hong Kong and Southeast Asia, as well as general working capital.
Where can I find the prospectus for the Offering?
The prospectus can be found on the SEC's EDGAR website or obtained from the underwriters via email or mail.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
Full Release
Hong Kong, June 25, 2025 (GLOBE NEWSWIRE) -- Happy City Holdings Limited (Nasdaq: HCHL) (the “Company”), an established all-you-can-eat hotpot restaurant operator in Hong Kong , announced the closing of its initial public offering (the “Offering”) of 1,100,000 Class A ordinary shares (the “Class A Ordinary Shares”), at a price of $5.00 per Class A Ordinary Share (the “Offering Price”)
The Class A Ordinary Shares commenced trading on the Nasdaq Capital Market on June 24, 2025 under the symbol “HCHL.”
The Company received aggregate gross proceeds of US$5.5 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 165,000 Class A Ordinary Shares of the Company, at the Offering Price, representing 15% of the Class A Ordinary Shares sold in the Offering (the “Over-allotment Options”).
The Company intends to use the net proceeds from the Offering for its business expansion in Hong Kong and Southeast Asia region and working capital and general corporate purposes.
The Offering was conducted on a firm commitment basis. Dominari Securities LLC acts as the representative of the underwriters, with Revere Securities LLC and Pacific Century Securities LLC acting as the co-underwriters (collectively, the “Underwriters”) for the Offering. Ortoli Rosenstadt LLP, Ogier, David Fong & Co. and China Commercial Law Firm act as United States, British Virgin Islands, Hong Kong and People’s Republic of China legal counsels to the Company, respectively. AOGB CPA LIMITED acts as the reporting accountants of the Company. VCL Law LLP acts as legal counsel to the Underwriters for the Offering.
A registration statement on Form F-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission (the “SEC”) (File Number: 333- 285856), as amended, and was declared effective by the SEC on May 30, 2025. The Offering was made by means of a prospectus, forming a part of the registration statement. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov . Alternatively, copies of the prospectus relating to the Offering may be obtained, when available, from Dominari Securities LLC by email at [email protected] , by standard mail to Dominari Securities LLC, 725 Fifth Avenue, 23rd Floor New York, NY 10022, or by telephone at (212) 393-4500; or from Revere Securities LLC by email at [email protected] , by standard mail to Revere Securities LLC, 560 Lexington Avenue, 16th Floor, New York, NY 10022, or by telephone at +1 (212) 688-2350; or from Pacific Century Securities LLC by email at [email protected] , by standard mail to Pacific Century Securities, LLC, 60-20 Woodside Avenue Ste 211 Queens, NY 11377, or by telephone at 212-970-8868.
Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, and no sale of these securities may be made in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About Happy City Holdings Limited
Headquartered in Hong Kong, we are a restaurant operator that operates three all-you-can-eat hotpot restaurants in Hong Kong serving mixed style, Shabu Shabu-style and Thai-style specialty hotpot. Through our restaurants that are located in various prime locations in Hong Kong, our unique brand image, and our strong commitment to food quality, we offer an immersive dining experience to our customers.
FORWARD-LOOKING STATEMENTS
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations, including the trading of its Class A Ordinary Shares or the closing of the Offering. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to read the risk factors contained in the Company’s final prospectus and other reports it files with the SEC before making any investment decisions regarding the Company’s securities. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.
Contacts
Happy City Holdings Limited
Investor Relations
Email:
[email protected]