Recently, China Renaissance, as the sole underwriter in Asia, assisted C1 Fund (CFND), the first closed-end fund in the Web3 industry focused on primary market investment, in successfully completing its listing on the New York Stock Exchange.
C1 Fund, a private investment firm focused on Web3 and digital asset services, is headquartered in Palo Alto, California. In its initial public offering (IPO), C1 Fund issued 6,000,000 shares globally at a price of $10 per share, raising approximately $60 million. The fund plans to invest at least 80% of its total assets in equity and equity-linked securities of companies primarily engaged in Web3 and digital asset services and technology. The fund intends to achieve its investment objective through investments in a portfolio of 30 top digital asset services and technology companies identified by the fund.
C1 Fund's core team is comprised of veteran industry leaders, including Michael Lempres (Chairman), former Chief Legal and Policy Officer of Coinbase; Dr. Najam Kidwai (CEO), a serial entrepreneur and veteran fintech and digital asset investment leader with early investments in Forge Global and DestinyXYZ; Michael Zhao (Vice Chairman), CEO of Klickl; and Elliot Han (Chief Investment Officer), former Head of London and Emerging Markets Operations at Goldman Sachs and former Head of Fintech and Consumer Technology Capital Markets at the NYSE. Leveraging its cutting-edge industry resources and investment experience, C1 Fund provides exclusive investment opportunities for both institutional and retail investors, focusing on equity and equity-related securities of the top 30 leading companies in the global Web3 industry, and achieving excess returns through active management.
The listing of C1 Fund marks the deep integration of the traditional financial market and the Web3 industry, efficiently linking the high-speed value growth opportunities of the Web3 industry with the liquidity supply of the mainstream US financial market; its innovative structure, through the listing of LP shares, will effectively resolve the current uncertainty of investment exit in the Web3 primary market.
As the sole Asian underwriter for C1 Fund's US IPO, Huaxing Capital leveraged its strengths in cross-border capital operations, institutional investor reach, and industry ecosystem integration. This not only helped C1 Fund efficiently connect with renowned investment institutions, including Ruixiang Capital, further solidifying its market leadership, but also provided forward-looking industry insights and expertise to build a bridge between traditional capital markets and the Web3 industry, helping C1 Fund break through industry boundaries and achieve a groundbreaking US stock listing. Going forward, we will work hand in hand with C1 Fund in the long term, deeply connecting with key decision-makers in the Web3 industry and building a mutually beneficial ecosystem under the highest compliance standards.
Wu Jiang, Head of Huaxing Capital's Hong Kong and US Equity Division and President of Huaxing International, said, "As a trusted strategic partner of C1 Fund, we are deeply proud to witness and participate in this milestone moment. As the sole Asian underwriter for C1 Fund's US stock listing, C1 Fund and Huaxing have a deep connection. From our initial contact, we shared a deep value consensus on our investment philosophy of 'focusing on the top 30 leading digital asset companies' and our strong emphasis on compliance. Throughout our subsequent collaboration, we have built deep mutual trust with core team members such as Dr. Najam Kidwai and Michael Zhao, and developed a high level of professional rapport as we progressed the project." "The strong combination of strategic vision and execution capabilities has made this listing another classic example in the new economy." "As a key partner in our mutual growth, Huaxing not only provided C1 Fund with efficient listing services, but also continuously shared our market insights at the strategic level." "This deep connection, which goes beyond typical investment banking services, stems from our shared belief in the Web3 ecosystem." "Building on this successful partnership, Huaxing will continue to work with C1 Fund in the future." We will establish long-term strategic partnerships, continue to deepen our presence in Web3 investment through the integration of primary and secondary capital markets, and the combination of tri-fi and de-fi, and are determined to support more outstanding startups, build a mutually beneficial ecosystem, and create value together.”
Since its founding, Huaxing Capital, a comprehensive financial services firm at the forefront of technology and dedicated to empowering the new economy, has been committed to identifying exceptional companies and collaborating with them to create value. Huaxing firmly believes that digital currency can effectively improve financial efficiency, asset liquidity, and global collaboration, providing safe and efficient financial tools for the real economy and industrial development. This approach holds long-term potential and aligns with the needs of the times. Since announcing its entry into the Web3 and digital asset sectors in June of this year, Huaxing has maintained its innovative spirit, continuously developing comprehensive infrastructure, staffing, and business operations, and actively advancing its business. Its role as the sole underwriter in Asia for C1 Fund's US stock listing is a landmark example of Huaxing's full embrace of the Web3 world in the "2.0 era." It not only demonstrates Huaxing's deep expertise in the Web3 space and its influential ecosystem, but also lays a solid foundation for further exploration of the Web3 era and its leadership in financial innovation in this new era. In the future, Huaxing will continue to deepen its presence in areas represented by Web3 and digital currency based on its own advantages. Under policy guidance and high-standard compliance requirements, it will actively strive to become a bridge connecting the Web2 and Web3 worlds and build a flagship comprehensive financial institution in the Web3.0 era.
