B
Bang Mai Fang
BMFFiledBANG MAI FANG HOLDINGS · Nasdaq Capital Market (proposed) · Real-estate technology and brokerage · Research source · F-1 · 2026/08/17 · SEC checked 2026-10-19
Latest filing update · F-1
BANG MAI FANG HOLDINGS is proposing a 5,000,000-share IPO at US$5.00–US$6.00 per share, subject to Nasdaq listing.
Research source · F-1 · 2026/08/17Latest analyzed filing · F-1 · 2026-08-17
Updates and this research have separate source dates; newer facts do not silently replace earlier conclusions.
SummaryWATCHReport source · F-1
Do not decide yet: terms are visible, but evidence quality and founder concentration are major concerns
The $5–$6 range and 5M-share offer imply a $137.5M post-offer value at midpoint. Founder Tingdong Zhao owns 97% before the deal and would retain about 77.6% after the base offering. The filing emphasizes management projections but the current extracted registration does not provide a sufficiently usable historical income statement for valuation verification.
- Business and development direction
A Singapore-incorporated real-estate technology platform focused on joint sales, renovation, marketing and transaction support for second-hand housing.
Current business Real-estate technology and brokerage100%
Future development Marketing70%
Working capital20%
Technology R&D10%
DECISION DRIVERS
Key risks
Very high
Risk 1
Historical financial evidence is not sufficiently complete for a reliable valuation assessment.
High
Risk 2
Founder Tingdong Zhao is expected to retain about 77.6% economic ownership after the base offer.
High
Risk 3
Management projections are ambitious and should not be treated as audited performance.
OFFERING AT A GLANCE
F-1 ↗Capital raised and seller liquidity
- Primary shares
- 100%
- Secondary shares
- 0%
- Issuer proceeds
- $23.25M scenario*
- Selling-holder proceeds
- $0 disclosed
F-1 allocation and the stated $5 scenario; audited detail requires a later amendment.
BOOKRUNNERS / LEAD UNDERWRITERSUnderwriters named in the prospectus
PRELIMINARY| # | Institution | Underwriting allocation | Ratio | Shares |
|---|---|---|---|---|
| 1 | US Securities Corp. |
Underwriting terms
| Measure | Reported value | Unit |
|---|---|---|
| Underwriting discount per share | $0.35 | $ / share |
| Total underwriting discount | $1,750,000 | $ |
Source and calculation
Base prospectus offering; cover per-share and total columns Figures retain their stated source scenario and conditions.
Underwriting discount per share
Base prospectus offering; cover per-share and total columns
SEC table 3 row 3; source 19710:22743; SHA256 eb2a2daac4ac22c86edefc3027e4b83ebc2deb67085782a8d5af57a415bb6f68 ↗Base prospectus offering; cover per-share and total columns Figures retain their stated source scenario and conditions.
Total underwriting discount
Base prospectus offering; cover per-share and total columns
SEC table 3 row 3; source 19710:22743; SHA256 eb2a2daac4ac22c86edefc3027e4b83ebc2deb67085782a8d5af57a415bb6f68 ↗IPO CAPITAL QUALITY
Issuer capital$23.25M scenario*
Selling-holder liquidity$0 disclosed
Primary shares100%
Secondary shares0%
100%
primary · SharesSecondary shares · Shares
| Calculation | Reported value |
|---|---|
| Issuer capital | $23.25M scenario* |
| Selling-holder liquidity | $0 disclosed |
| Use of proceeds | Reported value |
|---|---|
| Marketing | 70% |
| Working capital | 20% |
| Technology R&D | 10% |
Basis and evidence
F-1 allocation and the stated $5 scenario; audited detail requires a later amendment. Company: proceeds before expenses at $5 assumption
The offer is primary, but 70% of proceeds is directed to marketing while historical operating evidence remains incomplete.
Offering structure
| Measure | Reported value | Unit |
|---|---|---|
| Shares offered | 5,000,000 | Shares |
| Offering price | $5 | $ / share |
| Gross offering amount | $25,000,000 | $ |
Source and calculation
Prospectus offering table; stated base scenario and source conditions Figures retain their stated source scenario and conditions.
Shares offered
Prospectus offering table; stated base scenario and source conditions
SEC table 95 row 5; source 169338:182612; SHA256 752ddff61ea44a4f0bb7d397f7b7960acda47eb09c611b89aa512d752dbb3b84 ↗Base prospectus offering; cover per-share and total columns Figures retain their stated source scenario and conditions.
Offering price
Base prospectus offering; cover per-share and total columns
SEC table 3 row 2; source 19710:22743; SHA256 eb2a2daac4ac22c86edefc3027e4b83ebc2deb67085782a8d5af57a415bb6f68 ↗Base prospectus offering; cover per-share and total columns Figures retain their stated source scenario and conditions.
Gross offering amount
Base prospectus offering; cover per-share and total columns
SEC table 3 row 2; source 19710:22743; SHA256 eb2a2daac4ac22c86edefc3027e4b83ebc2deb67085782a8d5af57a415bb6f68 ↗Dilution and valuation
Basic post-offer25.0M
Value$137.5M
| Calculation | Shares | Value | Reference |
|---|---|---|---|
| Pre-offer | 20.0M | $110.0M | $5.50 |
| Base post-offer | 25.0M | $137.5M | +25.0% |
| Gross proceeds | 5.0M | $27.5M | 20% post |
| Calculation | Value | Reference |
|---|---|---|
| Historical earnings basis | Not verified | Await amendment |
Share-count comparison
SharesOffering cases as stated in the saved report, not funding-round history or shareholder-group ownership.
Pre-offer
Share-count change
Base post-offer
| Stage / scenario | Reported value |
|---|---|
| Pre-offer | 20.0M |
| Base post-offer | 25.0M |
Basis and evidence
Net change between the stated pre-offer and base post-offer share counts. Secondary transfers do not add shares. 25000000 - 20000000 = 5000000
Pre-offer
Share count on the saved valuation table's stated basis. Option and plan-reserve cases are conditional, not confirmed issued shares.
Capitalization / saved valuation bridge ↗Base post-offer
Share count on the saved valuation table's stated basis. Option and plan-reserve cases are conditional, not confirmed issued shares.
Capitalization / saved valuation bridge ↗SCENARIO · NOT A FORECAST
IPO valuation scenario simulator
Base post-offer · US$5.5 × 25M shares
Sources and calculation notes
Read this report’s SEC filing ↗
| View | Source basis |
|---|---|
| Ownership across stages | Comparable ownership figures across stages are unavailable in this report. See Control for holdings on their disclosed basis. Open filing ↗ |
CONTROLLING PARTYTingdong Zhao
Estimated after the base offering
- Voting
- ~77.6%*
- Economic
- ~77.6%*
- As of
- 2026/08/17
!Final ownership and complete financial evidence remain outstandingView source ↗
Relationship filters
ownership / voting rights
| Entity / holder | Economic ownership | Relationship |
|---|---|---|
| Tingdong ZhaoVoting power / rights: ~77.6%* | 77.6%* | Controlling party |
| Peiwei Cao | 2.4%* | Major ownership group |
| IPO investors | 20.0% | Public / new investors |
Select for details · Tingdong Zhao
Economic ownership100%
- Tingdong Zhao 77.6%*
- Peiwei Cao 2.4%*
- IPO investors 20.0%
Why control differs from ownership
Tingdong Zhao owns 97% of 20M pre-offer shares.
Peiwei Cao owns the remaining 3% before the offering.
The base IPO adds 5M shares, leaving the founder with about 77.6% economically.
A final ownership table and complete financial evidence remain required.
Conditional lock-up timeline
Conditional lock-up timeline
Eligibility is not a sale. Release conditions, holder groups and exceptions remain separate.
Milestones and unconfirmed releases
| Holder / event | Term / date | Conditions |
|---|---|---|
| Insider lock-up | +180 days 80.0% · 20.0M existing shares | Insider lock-up · Directors, executives and ≥5% holders · Not yet published — awaiting the effective or final prospectus. · Six months after effectiveness / closing as disclosed · Cumulative: 20.0M (100% potential base) · No trading-volume basis is available; calculate after 20 trading sessions. |
Basis and evidence
Insider lock-up
Insider lock-up · Directors, executives and ≥5% holders · Not yet published — awaiting the effective or final prospectus. · Six months after effectiveness / closing as disclosed · Cumulative: 20.0M (100% potential base) · No trading-volume basis is available; calculate after 20 trading sessions.
Lock-up / shares eligible for future sale ↗Sources and calculation notes
Read this report’s SEC filing ↗
| View | Source basis |
|---|---|
| Potential supply pressure | This saved report has no compatible source inputs for this calculation. Open filing ↗ |
Financial quality
| Calculation | Reported value | Reference |
|---|---|---|
| Historical revenue | Not verified | await audited detail |
| Historical net income | Not verified | await audited detail |
| Pre-offer shares | 20.0M | 97% founder |
| Midpoint gross proceeds | $27.5M | 5.0M shares |
| Data completeness | 52% | financial gap |
Sources and calculation notes
Read this report’s SEC filing ↗
| View | Source basis |
|---|---|
| Financial review | Reported financial figures are shown above. A cash-runway estimate needs compatible cash-flow and funding assumptions. Open filing ↗ |
LATEST COMPARISON
Open F-1 ↗Baseline filing — comparison pending
No source-comparable material changes identified in this report.
Why it mattersChanges valuation, proceeds and first-day return assumptions.
Evidence · F-1 · 2026/08/17Why it mattersUpdates operating momentum, runway and valuation multiples.
Evidence · F-1 · 2026/08/17F-1
• 5.0M shares and $5–$6 range filed
• BMF proposed; historical financial verification remains incomplete
Historical financial evidence is not sufficiently complete for a reliable valuation assessment.
- Potential impact
- Very high
- Evidence
- F-1 · 2026/08/17 ↗
Founder Tingdong Zhao is expected to retain about 77.6% economic ownership after the base offer.
- Potential impact
- High
- Evidence
- F-1 · 2026/08/17 ↗
Management projections are ambitious and should not be treated as audited performance.
- Potential impact
- High
- Evidence
- F-1 · 2026/08/17 ↗
The Singapore holding structure and cross-border real-estate expansion add execution and enforcement complexity.
- Potential impact
- High
- Evidence
- F-1 · 2026/08/17 ↗
DocumentF-1SEC registration statement
Filed2026/08/171 public filings identified
Source-bound table inputs5SEC EDGAR
Sources and calculation notes
Range, shares, ownership and proceeds allocation filed; historical financial verification remains incomplete
View the filing's actual first page ＋
