Fusang plans to kick off Asia’s first securities token offering with US$10 million sale in Labuan
- Fusang plans to sell 2.5 million tokens at US$4, and list them on its own digital securities exchange in early February
- Institutional and retail investors, including those in Hong Kong, will be able to access the securities token offering (STO) through the exchange’s website
Fusang Corporation is planning to list its own token on the digital securities exchange it operates on Malaysia’s Labuan offshore financial centre (OFC), in what could be the first public offering of blockchain-based equities in Asia.
The seven-year-old start-up plans to sell 2.5 million tokens at US$4 () each to raise US$10 million in early February after the Lunar New Year, according to the subscription process on its website. The tokens will be listed in the first quarter, giving investors rights to its dividends.
“We want to prove the model itself through listing our own token offering,” said Fusang’s chief executive Henry Chong. “While many crypto exchanges say they view security tokens as the future, none has come up with their own offering, but have opted to list on a traditional equity exchange.”
Institutional and retail investors, including those in Hong Kong, can subscribe to Fusang’s equity tokens through opening an account on its website, using either US dollars or cryptocurrencies.
The public offering is approved by the Labuan Financial Services Authority, located on the namesake island off the coast of Sabah state in East Malaysia. Fusang has been running a Labuan-licensed security token exchange since 2019.