- Sibo Holding Ltd, via Hong Kong-licensed StormHarbour Securities (HK), filed an amended F-1 to raise US$15 million by selling 3.75 million Class A shares at US$4.00 for a Nasdaq Capital Market IPO under ticker SIBO.
- The asset-light firm earns mainly advisory, commission, and asset-management fees, with FY2024 revenue of US$6.9 million and net income of US$1.3 million after US$2.76 million revenue in 2023, but it reported a loss in the first half of 2025.
- It says it has raised over US$900 million for clients since 2022, yet it had negative net tangible book value (about –US$0.16/share) implying immediate dilution for IPO buyers.
- IPO proceeds are slated for asset-management expansion, marketing/sales hires, general corporate use, and a related-party loan repayment, while a dual-class structure with super-voting Class B shares concentrates control.
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Sibo Holding Limited is a relatively small, Hong Kong-based financial advisory and asset management firm preparing for a US IPO through a Cayman Islands parent company. The amended filing in January 2026 calls for a US$15 million gross raise via 3,750,000 Class A shares at US$4.00/share. The company will trade on Nasdaq under the symbol “SIBO.”
Financially, Sibo is showing notable top-line growth—revenue leapt about 150% in 2024, reaching US$6.9 million. However, its profitability is uneven. It posted net income in FY 2024 but had a net loss in the first half of fiscal 2025. The cash flow is modest, though improving, with positive free cash flow in 2024.
The business model is “asset-light,” focused on advisory, commissions and fees rather than underwriting or holding inventory, which reduces certain capital risks. In capital markets, it handles private equity, private debt, financial advisory across diverse sectors including renewable energy and infrastructure. On the asset management side, it operates an ESG-focused hedge fund and plans to launch alternative credit and high-yield mortgage strategies. It also relies on strategic partner networks for ESG and carbon market integration.
But there are risks and strategic red flags: the firm currently has negative net tangible book value, which means immediate dilution for IPO investors. Voting power is skewed via Class B shares with 15× voting rights. Its revenue is concentrated among few clients and is relatively small in absolute terms for its claimed market opportunity. Execution of expansion, especially in ESG, alternative credit, and fund management, will be critical.
Strategically, Sibo is positioning itself at the intersection of several high-growth financial trends: ESG, Asia-Pacific cross-border capital flows, wealth management, and private markets. The IPO could help build scale and legitimacy, especially in a competitive market like Hong Kong, but tight financial discipline, transparency in governance, and clarity in how new product offerings will scale will be key to achieving sustainable growth and avoiding the fate of many small asset managers that fail to scale. Key open questions include: what client segments contribute revenue; what is retention or renewal rate; what are the margins in newer funds; what regulatory or compliance risks exist; and how dependent is the business on a few senior execs?
Supporting Notes
- Sibo plans to issue 3,750,000 Class A ordinary shares at US$4.00 per share to raise US$15 million in a Nasdaq Capital Market IPO.
- For FY ending December 31, 2024, revenue was US$6.899 million; for 2023 it was US$2.757 million.
- Net income in 2024 was US$1.302 million; in the six months to June 30, 2025, net loss was US$0.564 million.
- StormHarbour HK has raised over US$900 million for clients since January 2022 via loans, equity sales, and advisory work.
- As of December 31, 2024, net tangible book value was approximately –US$0.16 per share; after IPO would be positive (approx US$0.34/share) but with significant dilution (US$3.60/share).
- Use of proceeds: ~40% to asset management expansion (funds, technology, hires), 23% to brand promotion & sales hiring, 30% for general corporate purposes, ~7% to repay related-party loan.
- Voting structure: Class A shares have one vote; Class B shares carry fifteen votes each, and there’s an equity incentive plan with reserved shares.