The IPO price of $1.00/share is fixed for 270 days with no minimum — if investor demand is weak, the company may raise minimal or no capital. Monitor OTCQB approval status; if denied, the offering terminates and shareholders will have no public market. The 84.6% of pre-offering shares held by insiders with super-voting Class B shares means public holders will have negligible governance influence.
Executive Summary
GreenVector Holdings Ltd priced its IPO of 2,000,000 Class A Ordinary Shares at $1.00 per share on a self-underwritten, best-efforts basis with no minimum, targeting a listing on the OTCQB Market. The offering is fixed at $1.00/share for up to 270 days, with maximum gross proceeds of $2,000,000 and estimated net proceeds of only $647,951. The company also registered 1,018,469 shares for resale by selling shareholders. This heavily downscaled IPO raises minimal capital relative to the company's fundamentals — revenue for the six months ended September 30, 2025 declined 16.4% YoY to $2.1 million from $2.5 million — and the offering faces execution risk as it is conditional upon OTCQB approval.
Key Financial Metrics
Key Facts
- Maximum gross proceeds to the company: $2,000,000; estimated net proceeds: $647,951 after expenses of $1,352,049.
- Total offering: 3,018,469 shares (2,000,000 primary + 1,018,469 selling shareholder resale) at $1.00/share fixed price.
- Self-underwritten, best-efforts, no minimum; offering period not to exceed 270 days (extendable by 90 days).
- Listing on OTCQB is conditional — if not approved, the offering will not close.
- Revenue for H1 FY2026 (six months ended September 30, 2025) declined 16.4% YoY to $2,102,130 from $2,513,258 in H1 FY2025.
- Net income for H1 FY2026 fell to $371,946 from $566,228 in H1 FY2025, a 34.3% decline.
- CEO and Chair Dixon Chan and CTO Terence Wong collectively control ~81.8% of voting power pre-offering; Class B shares carry 20 votes per share.
- Selling shareholders acquired shares at an average of HK$2.66 per share (Aug 2025), while one shareholder paid HK$1.93 per share (Sept 2010).
- New investors face immediate dilution of $0.62 per share based on $1.00 offer price vs. $0.38 pro forma net tangible book value per share.
Financial Impact
Maximum gross proceeds of $2,000,000 with net proceeds of only $647,951 after $1,352,049 in offering expenses (67.6% expense ratio). Revenue declined 16.4% YoY to $2.1 million in H1 FY2026.
Risk Factors
- Offering may raise zero dollars — no minimum subscription requirement; if OTCQB listing is denied, the offering terminates.
- 67.6% of gross proceeds consumed by estimated offering expenses ($1,352,049 on $2,000,000 gross).
- Dual-class structure gives CEO/CTO ~77% voting power post-offering; minority public shareholders have no control.
- Revenue and net income both declining YoY — 16.4% and 34.3% declines respectively in H1 FY2026.
- Affiliate TioStone Environmental accounted for 48.3% of H1 FY2026 revenue; transition to direct ordering introduces execution risk.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B4 Filing (Primary) | 0001493152-26-031463 |
| Document: 0001493152-26-031463-index-headers.html | 0001493152-26-031463 |
| Document: 0001493152-26-031463-index.html | 0001493152-26-031463 |
| Document: 0001493152-26-031463.txt | 0001493152-26-031463 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 31, 2026 12w ago | 20-F | — | awaiting T+20 | — | — |
Jul 1, 2026 16w ago | 424B4 | — | awaiting T+20 | — | — |
Jul 1, 2026 16w ago | EFFECT | — | awaiting T+20 | — | — |
Jun 24, 2026 17w ago | F-1/A | — | awaiting T+20 | — | — |
Jun 16, 2026 19w ago | F-1/A | — | awaiting T+20 | — | — |
May 29, 2026 21w ago | F-1/A | — | awaiting T+20 | — | — |
Mar 3, 2026 34w ago | F-1/A | — | awaiting T+20 | — | — |
US Market Status
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