MAS Capital

What MAS Capital does

MAS Capital Inc. is a US-headquartered financial advisory firm founded in 1995 by Aaron Tsai that specializes in helping emerging growth companies, particularly those from Greater China, access US public capital markets. The firm's core offering is multi-pathway going-public advisory, covering traditional IPOs, reverse mergers, direct public offerings, private placements, Form 10 registrations, and SPAC merger transactions, alongside capital-raising services such as pre-IPO private placements, PIPE financings, and secondary public offerings. It also provides strategic planning and cross-border M&A transaction advisory. The founder, a Chinese-American Wall Street investment banker known as the 'King of Shells' for creating 101 public shell companies in the 1990s, leads a 101–250 person team operating from New York, Taipei, and Shanghai, supported by long-standing membership in the National Investment Banking Association.

The firm generates revenue through professional advisory fees on engagement-based mandates rather than disclosed pricing tiers or recurring contracts, targeting emerging growth enterprises and Chinese-market companies as its primary client segments. Its go-to-market is relationship-driven and enterprise-focused, leveraging established ties with investment banks, securities broker-dealers, and private equity funds. Beyond core advisory, MAS Capital has built a multi-entity ecosystem that includes MAS Capital Securities (securities services subsidiary, established 1999), MAS Capital Group Inc. (Asia-based advisory), MASEx (an AI-positioned decentralized platform for security token offerings targeting unbanked and underbanked populations), MAS Fintech, MAS Capital Cayman Inc., and funded blockchain projects such as HashBrownSwap. This structure reflects a strategic pivot from traditional shell-company expertise toward decentralized finance and tokenized capital markets, though the depth of underlying technology platforms is not substantiated in the available data.

Name

MAS Capital

Legal name

MAS Capital Inc.

Website

https://mascapital.com

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

101–250 employees

Short description

MAS Capital is a US-headquartered financial advisory firm founded in 1995 that helps emerging growth companies, especially those from Greater China, access US public capital markets via IPOs, reverse mergers, SPACs, PIPEs, and cross-border M&A, with related DeFi and STO operations.

Ownership category

akta.pro rank

Headquarters

HQ city

Brooklyn

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Financial Advisory Services: MAS Capital provides advisory services including strategic planning, going public planning, and cross-border M&A transactions. Revenue is generated through professional service fees for advisory engagements helping companies navigate IPOs, reverse mergers, direct public offerings, private placements, Form 10 registrations, and SPAC merger transactions.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

MAS Capital is a financial advisory firm that assists companies in going public on US Main Board, Venture Board, and OTC markets through methods including IPO, Reverse Merger, Direct Public Offering, Private Placement, Form 10 Registration, and SPAC merger transactions. The firm provides strategic planning, going-public planning, cross-border M&A advisory, and capital raising services including pre-IPO private placement, PIPE, and Secondary Public offerings to emerging growth companies seeking US market access.

Product overview

MAS Capital operates as a financial advisory and capital markets services firm founded in 1995 by Aaron Tsai. The company offers a unified portfolio of services centered on helping companies go public through methods including IPO, Reverse Merger, Direct Public Offering, SPAC merger, and Form 10 Registration. Their capital raising services include pre-IPO private placement, PIPE, and Secondary Public offerings. The portfolio includes related entities: MASEx (an AI-powered decentralized platform for STO ecosystems targeting emerging economies), MAS Fintech, and MAS Capital Group. The company also funds blockchain projects like HashBrownSwap and has evolved from traditional shell company strategies to supporting decentralized finance and security token offerings.

Differentiator

Problem solved

Functional benefit

Brands

• MASEx: AI-powered decentralized platform for STO ecosystems enabling unbanked and underbanked populations to participate in investment opportunities
• MAS Fintech
• MAS Capital Universal Exchange

Products and services

• Going Public Advisory Services Professional advisory services including strategic planning, going public planning, and cross-border M&A transactions to help companies list on US Main Board, Venture Board, and OTC markets. For emerging growth companies and Chinese-market companies seeking US market access.
• Capital Raising Services Capital raising methods including pre-IPO private placement, private placement with reverse merger transactions, PIPE (Private Investment in Public Equity), IPO, and Secondary Public offerings for companies seeking growth capital and long-term capital raising platforms.
• MASEx (MAS Capital Universal Exchange) AI-powered decentralized platform for Security Token Offering (STO) ecosystems, enabling unbanked and underbanked populations to participate in investment opportunities, with focus on emerging economies.

Quantifiable outcome

• Using reverse merger scheme with public shell companies can save millions of dollars in underwriting and listing fees while shortening time to public listing

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• National Investment Banking Association (NIBA)coreOthersMAS Capital is a long-term Associate Member of NIBA. This membership provides access to a network of over 8,800 registered reps, $78 billion in assets under management, and relationships with investment banks, securities broker-dealers, and private equity funds. NIBA is responsible for 90% of IPOs under $20 million and has raised over $10 billion for emerging growth companies.
• MAS Capital Group Inc.coreOthersRelated entity operating as a financial advisory business under management of financial professionals based in Asia. Founded by Aaron Tsai as a new venture marking his foray into decentralized finance.
• MAS FintechminorOthersRelated entity focused on fintech services. Website at masf.io.
• MAS Capital Universal Exchange (MASEx)coreOthersAI-powered decentralized platform for STO ecosystems. Founded by Aaron Tsai to enable unbanked and underbanked populations to participate in investment opportunities. Operates as part of MAS Capital's DeFi initiatives.

Scale indicators4 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• EF Hutton: EF Hutton is a small-cap investment bank and capital markets advisory firm offering IPO, reverse merger, and capital raising services to emerging growth companies, directly comparable to MAS Capital's going-public advisory focus.
• Maxim Group: Maxim Group is a full-service small-cap investment bank with institutional sales, trading, research, and investment banking; it serves emerging growth companies through IPOs and follow-on offerings, overlapping directly with MAS Capital's client base and service lines.
• Westpark Capital: Westpark Capital is a Los Angeles-based investment bank focused on small-cap and emerging growth companies, providing IPO, follow-on offering, and PIPE advisory services — directly comparable to MAS Capital's emerging growth advisory focus.
• Benchmark Company: Benchmark Company is a boutique investment bank serving small- and mid-cap companies with capital markets advisory, including IPOs, secondaries, and PIPEs — directly comparable to MAS Capital's core service offerings.
• Ascendiant Capital Markets: Ascendiant Capital Markets is a boutique investment bank advising small- and mid-cap companies on IPOs, follow-on offerings, and capital raising — directly comparable to MAS Capital's emerging growth advisory focus.
• ThinkEquity: ThinkEquity is a boutique investment bank providing capital markets advisory to growth and emerging growth companies, including IPOs, follow-on offerings, and PIPEs — a direct comparable to MAS Capital's going-public advisory services.
• Aegis Capital Corp: Aegis Capital is a FINRA-registered broker-dealer providing investment banking services to small-cap and emerging growth companies, including IPO advisory, PIPEs, and private placements — a direct comparable to MAS Capital's advisory offerings.
• National Securities Corporation: National Securities is a full-service broker-dealer providing investment banking and capital markets services to small-cap and emerging growth companies, overlapping directly with MAS Capital's client profile and advisory offerings.

Broad incumbents

• B. Riley Financial: B. Riley Financial is a diversified financial services firm with a significant capital markets and investment banking segment serving small-cap and middle-market issuers; it competes with MAS Capital on IPO and capital raising mandates at a meaningfully larger scale.
• Roth Capital Partners: Roth Capital Partners is a larger full-service investment bank focused on small- and mid-cap companies with institutional research, sales, and trading. It serves many of the same emerging growth issuers MAS Capital targets but at greater scale.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MAS Capital