Animoca Brands Considers Hong Kong for Potential IPO, Says Chairman Yat Siu

Animoca Brands Corp., a venture investor in crypto and developer of blockchain games, is considering Hong Kong as a “strong contender” for a potential listing, according to Chairman Yat Siu. A report in June said the location would be either Hong Kong or the Middle East.

In a Bloomberg Television interview at a conference in Singapore, Siu mentioned that the company's headquarters in the city contribute to this consideration. He noted that digital-asset related activity has been growing in Hong Kong as officials aim to build a crypto hub.

The firm, known for investing in non-fungible tokens (NFTs) and crypto gaming companies, has made several investments in Web3 companies, including gaming company Axie Infinity, the TON Network and payments application hi.

Siu cautioned, however, that any plans for an initial public offering (IPO) may take “a couple more years to truly form out,” as the current priority is on expanding the business. He also highlighted that shares of Animoca, a privately held company, were recently trading on secondary markets at valuations between $1.5 billion and $3 billion, according to an interview he gave to the South China Morning Post last month. This contrasts with the Animoca’s $5.9 billion valuation during a fundraising round in 2022, as reported by the newspaper.

Siu further explained that the thin trading volumes in secondary markets distort the signals they provide about Animoca valuation. He added that Animoca is not seeking to raise new capital at this stage.

Animoca was previously listed on the Australian Securities Exchange. However, the shares were delisted by the exchange in March 2020, which cited various rule breaches.