Hang Feng is a small Hong Kong-based financial services holding company operating two early-stage businesses: corporate management consulting and asset management. The consulting business, run through its subsidiary Starchain, accounts for the large majority of revenue and provides advisory services primarily to companies listed on the Hong Kong Stock Exchange and U.S. exchanges. Services include capital markets advisory (ADR listings, Stock Connect inclusion, the HKD-RMB Dual Counter Model), strategic consulting, and regulatory compliance and governance advisory. Starchain generates revenue through monthly retainer fees and one-time project fees. The business is boutique and relationship-driven, with client origination relying on the personal networks of senior management rather than a formal sales force. The asset management business is operated through three subsidiaries and runs an open-ended fund investing in public equities of global technology companies, with a focus on AI and blockchain sectors. Asset management clients are exclusively professional investors, primarily high-net-worth individuals. Revenue comes from subscription fees, annual management fees, and a flat monthly advisory fee. A notable concentration risk exists: the company's Chairman controls HF Holdings, which is Hang Feng's largest client and accounted for roughly 31% of FY25 total revenue. Looking ahead, Hang Feng is exploring tokenizing fund-of-funds interests using blockchain infrastructure, with a pilot targeted for Q2 2026, and plans to expand geographically across greater Asia over the next three to five years.