Hong Kong IT Services Company One Box Store (BAO.US) withdraws $7 million US IPO application

Zhitong Finance App learned that Hong Kong-based software development service provider BAO Holding (BAO.US) withdrew its initial public offering plan last week. The company submitted a US stock IPO application in August last year. It plans to issue 1.5 million shares at a price of 4 to 5 US dollars per share and raise 7 million US dollars. Its latest prospectus was updated in early December last year.

No.1 Box Store is an IT solution provider that focuses on using analysis and programming technology to provide customers with customized software development and technical solutions. The company provides automated or semi-automated solutions by deploying and integrating sensors, controllers, and other hardware devices such as smart displays, kiosks, lockers, and vending machines.

The Hong Kong-based company was founded in 2018 and had revenue of US$4 million in the 12 months ending March 31, 2025. It originally planned to be listed on the NASDAQ exchange under the stock code “BAO.” Pacific Century Securities and Revere Securities were previously designated as joint bookkeepers for this offering.