HGC Info Tech (HGC) announced Tuesday that it will start offering its securities tokens at U.S. digital asset exchange INX, as Chinese firms face delisting risks in the states due to regulatory differences.

See related article: SEC places Chinese crypto mining rig maker Canaan on pre-delisting list

Fast facts

  • Xiamen-based HGC provides order matching and freight payment services to the logistics industry in the mainland.
  • The Chinese logistics network company registered in the British Virgin Islands said it hopes to raise US$20 million through the Trucpal securities tokens starting July 25, according to a press release. 
  • The Foreign Corporate Accountability Act (HFCAA) stipulates that companies that refuse to give access to audit working papers be flagged by the U.S. Securities and Exchange Commission (SEC), and will be subject to delisting if documents aren’t made available within three years. 
  • In 2022, 150 Chinese firms have been confirmed to be delisted as of July. 

See related article: Fusang receives green light for US$10M equity-token IPO