ChainOn Group Files for $31M IPO on Nasdaq as Web3 Services Firm Expands Ambitions

ChainOn Group Limited, a Hong Kong-based technology firm specializing in blockchain and Web3 services, 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.

ChainOn's FY2025 top line represented a 68.3% increase year-over-year, paired with gross margins of 55%. The company has laid out a relatively detailed allocation plan for its IPO proceeds, with approximately 40% going into R&D and technology infrastructure.

The leadership team includes CEO and Chairman Lok Him Kelvin Yan and CFO Leo Leong, alongside three independent directors. 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.