February 6, 2026 News
Hong Kong-based IT services firm BAO Holding refiles for a $17 million US IPO
BAO Holding, a Hong Kong-based provider of software development services, refiled on Friday with the SEC to raise up to $17 million in an initial public offering.
The company initially filed its F-1 and set terms in August 2025. Bao Holding withdrew its F-1 in December 2025.
BAO Holding now plans to raise $17 million by offering 3.8 million shares at a proposed range of $4 to $5. At the proposed deal size, the company would command a market cap of $91 million （+12.5% versus previous terms）。
Hong Kong-based IT services firm BAO Holding withdraws $7 million US IPO
IPO withdrawal
BAO Holding, a Hong Kong-based provider of software development services, withdrew its plans for an initial public offering on Wednesday. It had filed in August to raise $7 million by offering 1.5 million shares at a price range of $4 to $5. The company last updated its prospectus earlier this month.
BAO Holding is an IT solutions provider specializing in leveraging analytics and programming to deliver customized software development and technology solutions. The company offers deployment and integration of sensors, controls, and other hardware, such as smart displays, kiosks, lockers, and vending machines, to deliver autonomous or semi-autonomous solutions.
The Hong Kong-based company was founded in 2018 and booked $4 million in revenue for the 12 months ended March 31, 2025. It had planned to list on the Nasdaq under the symbol BAO. Pacific Century Securities and Revere Securities were set to be the joint bookrunners on the deal.
About the Company
BAO Holding is a Hong Kong-based IT solutions provider specializing in leveraging analytics and programming expertise to deliver customized software development and technology solutions. The company’s services are designed to optimize business performance, address industry-specific operational challenges, and unlock new business opportunities for our clients. Operating through its subsidiary, BoxAO, the company serves a diverse range of industries, including network services, retail chains, laundry services, pharmacy sales, building management, amusement parks, wholesale, and distribution. As the global economy emerges from the impacts of COVID-19, a new post-pandemic paradigm has taken shape. Enterprises and governmental agencies are increasingly prioritizing the understanding of user needs and leveraging technology to deliver tailored digital products and services. BAO provides customized software tailored to each client’s unique requirements, offering the capability to deploy and integrate sensors, controls, and other hardware, such as smart displays, kiosks, lockers, and vending machines, to deliver autonomous or semi-autonomous solutions. With its pluggable core modules, the company can develop software for clients across various industries.