Monitor Hong Kong political developments and PRC regulatory changes closely, as they could significantly impact the company's operations and stock listing. Watch for any changes in PCAOB's ability to inspect the Hong Kong-based auditor, which could trigger delisting under the HFCA Act.
Executive Summary
Starrygazey Inc., a British Virgin Islands holding company with operations in Hong Kong, is conducting an IPO of 3.75 million Class A shares priced at $4.00-$5.00. The company provides IPO advisory services and recently expanded into ESG consulting. Revenue surged 241% to $1.95 million in FY2025, turning a $357k loss into $956k net income. However, the offering faces significant risks including political uncertainty in Hong Kong, a controlling shareholder with 97% voting power, and potential U.S. delisting if auditor inspections are blocked.
Key Financial Metrics
Key Facts
- IPO of 3.75 million Class A shares at $4.00-$5.00, raising $13.95-$16.04 million after expenses
- Revenue grew 241% from $449k in FY2024 to $1.95 million in FY2025, with net income improving from -$357k to $956k
- Controlling shareholder Mr. Ho Wai (Howard) Tang will own 97.34% of voting power post-IPO
- Operations face risks from Hong Kong's political environment and potential PRC regulatory interference
- Auditor KD & Co. is currently inspected by PCAOB, avoiding immediate HFCA Act delisting risk
Financial Impact
Revenue growth of 241% with profitability turnaround from $357k loss to $956k net income
Risk Factors
- Political and regulatory risks from Hong Kong's relationship with mainland China
- Controlling shareholder holds 97% voting power, creating governance concerns
- Potential delisting risk if PCAOB cannot inspect auditor in future
- Concentration risk with top 3 clients accounting for 75% of FY2025 revenue
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| F-1/A Filing (Primary) | 0001493152-26-009512 |
| Exhibit: ex23-1.htm | 0001493152-26-009512 |
| Document: 0001493152-26-009512-index-headers.html | 0001493152-26-009512 |
| Document: 0001493152-26-009512-index.html | 0001493152-26-009512 |
| Document: 0001493152-26-009512.txt | 0001493152-26-009512 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 26, 2026 22w ago | F-1/A | — | awaiting T+20 | — | — |
Apr 16, 2026 27w ago | F-1/A | — | awaiting T+20 | — | — |
Mar 10, 2026 33w ago | F-1/A | — | awaiting T+20 | — | — |
US Market Status
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