Trucpal is Beyond Ventures' Securities Token Offering project
HONG KONG, July 25, 2022 /PRNewswire/ -- Hong Kong-based venture capital firm Beyond Ventures is pleased to announce that its portfolio company HGC (BVI) Info Tech Ltd. ("HGC"), owner of Trucpal, a blockchain-based SaaS platform for the Chinese freight market, has partnered with INX Limited ("INX"), owner of blockchain-based trading platforms for digital securities and cryptocurrencies, to offer the Trucpal digital security token today with a fundraising goal of US$20 million.
HGC is a leading digital SaaS service provider serving the Chinese freight market. HGC maintains its strengths and position through continuous business innovation and an open system. With an annual output value of $1.5 trillion in 2020 and an annual transportation volume of 52.1 billion tons in 2021* in the Chinese freight market, HGC believes that China is the world's most promising digital freight market.
Recognising the rapid growth and benefits of blockchain technology and security tokens, HGC has worked closely with blockchain experts and advisors to launch its own security token for Trucpal's ecosystem. After a preparatory phase, including designing the token's economic model, and in-depth compliance audit and technology development, HGC now is ready to offer and list the Trucpal security token using the INX platform.
This collaboration between HGC and INX will bring the first Security Token to the Chinese freight market, potentially allowing millions of Trucpal users to turn their contributions into financial rewards through the Trucpal digital security token in compliance with U.S. Securities laws and regulations. It is also a very positive contribution to the development of the HGC freight ecosystem. It will foster collaboration amongst each other, and encourage both INX and HGC to explore the future of digital securities together.
Lap Man, Co-founder and Managing Partner of Beyond Ventures, said, "We are excited to invest in Trucpal, our first project in the Securities Token space. With cryptocurrencies and tokens becoming increasingly regulated in global financial markets, we believe that securitized tokens represent an important legal and regulated way for China's Internet community to tap into the web 3.0 world. As Securities Token Offerings become a new way to raise funds, Beyond Ventures will actively explore how tokens can be a game changer for traditional Internet start-ups."
Wendong Zhang, Founder of HGC, said: "We are delighted to welcome Beyond Ventures as our lead investor, enabling faster growth of Trucpal and bringing in resources globally. lNX is the leader in issuance and trading services for US compliant digital securities. The cooperation with lNX will greatly help HGC to successfully issue the Trucpal token in compliance with U.S. regulatory requirements. The successful issuance of Trucpal Token can greatly promote the faster development of the HGC system, can potentially gain the support of millions of loyal users, and will likely be a long-term win-win development while creating potential rewards to Trucpal Token investors."
Shy Datika, Founder & CEO of INX, said: "We are excited to bring HGC's Trucpal capital raise to the market and encourage interested parties to onboard at INX today. Trucpal brings an innovative platform to the Chinese freight market, one that investors should learn about. Their decision to raise capital with INX, under U.S. securities laws is commendable, and working with their management team has provided much insight into the potential that such innovative Chinese companies offer."
* Source:
1. CCTV online news: Over 10 trillion! 2020 China's total logistics industry revenue on a new level url: https://bit.ly/3nSEhLI (Chinese only)
2. 2021 Transportation Industry Development Statistics Bulletin released url: http://www.gov.cn/xinwen/2022-05/26/content_5692335.htm (Chinese only)
About Beyond Ventures
Beyond Ventures, the Hong Kong-based venture capital firm, was co-founded by Lap Man and Marvin Hung in 2017 with the goal to revitalize and transform Hong Kong's innovation ecosystem by being the city's most impactful venture capital firm. The firm unites venture capital experts and local conglomerates with visionary entrepreneurs, providing start-ups with the capital and guidance they need to thrive.
The name "Beyond Ventures" originates from the popular rock-and-roll band Beyond, which emerged in early 1990s Hong Kong. Since raising its first fund in 2017, Beyond Ventures has successfully invested in and helped develop portfolio companies which include SenseTime (stock code: 20.HK), Smartsens (stock code: 688213.SH), Prenetics (Nasdaq: PRE), YOHO (stock code: 2347.HK) and HKTaxi (acquired by Uber in 2021). To date the portfolio has produced four IPOs and one trade sale.
Beyond Ventures draws on support from well-known Hong Kong conglomerates including Hop Hing Group, Far East Consortium, Chinney Alliance Group and Chinachem Group, as well as leading private equity firms Hony Capital and GAW Capital and Hong Kong VC firm, eGarden.
Please visit www.beyondventures.hk for more information.
About HGC
HGC(wehgc.com) operates a blockchain based freight service SaaS platform in China. Based on the development of e-commerce. HGC believes that China is the world's most promising digital freight market. HGC maintains its strengths and position through continuous business innovation and an open system. The HGC/Trucpal Team has been developing and operating in the field of freight and crypto for many years. Since its official launch in Feb 1st, 2021, the Trucpal App has a record of 300 million RMB on GMV, more than 7,000 cooperatives and 4.5 million Trucpoints have been mined by its users.
About INX
The Company is the holding company for the INX Group, which includes regulated trading platforms for digital securities and cryptocurrencies, combining traditional markets expertise and an innovative fintech approach. The INX Group's vision is to be the preferred global regulated hub for digital assets on the blockchain. The INX Group's overall mission is to bring communities together and empower them with financial innovation. Our journey started with our initial public token offering of the INX Token in which it raised US$83 million. The INX Group is shaping the blockchain asset industry through its willingness to work in a regulated environment with oversight from regulators like the SEC and FINRA.
In addition to operating two regulated trading platforms for blockchain assets, the Company's interdealer broker, I.L.S. Brokers, plans to offer non-deliverable cryptocurrency forwards to Tier-1 banks in the future. For more information, please visit the INX Group website at www.inx.co