Asian Institute of International Financial Law
Faculty of Law, The University of Hong Kong
Security Token Offerings
Friday, 11 December 2020
5:00 – 6:00 PM Hong Kong Time via ZOOM
Registration is required.
Link to join the event: https://hku.zoom.us/j/95635007029
Meeting ID: 956 3500 7029
Security token offerings (STOs) are not initial coin offerings (ICOs) or a subset of it. This paper shows that distinguishing STOs from ICOs is crucial for the study of entrepreneurial finance. We first provide a working definition of a security token and uncover key facts about the primary STO market using a unique STO sample. The STO activity developed after the end of the ICO market bubble. The STO market is, however, still a nascent market. STOs are geographically dispersed but concentrated in jurisdictions with accommodating securities laws. Next, we explore STO success factors. We show that various issuer and offering characteristics, traditionally used in the ICO literature, also matter for STO success. We also find that success is associated with good governance practices, consistent with the corporate finance literature. We conclude by discussing the implications of native digital securities, the next generation of blockchain-based securities, for entrepreneurial finance. This paper is written by Thomas Lambert, Daniel Liebau, and Peter Roosenboom.
About the speaker:
Daniel Liebau (Dan) is the founder of Singapore based Lightbulb Capital. The firm was founded in 2014 in Hong Kong to help realize the potential of innovation and emerging technologies to transform financial services. Dan is appointed affiliate faculty of Singapore Management University. Dan is also a lecturer at Rotterdam School of Management’s Executive Education arm in Erasmus University. Previously, he was a visiting professor at IE business school in its top-ranked Master in Finance program, where he received the teaching excellence award for his fintech business models class. Dan teaches courses on 1) fintech & innovation in finance as well as on 2) blockchain, cryptocurrencies and digital assets. More recently, he started working and publishing on 3) data science and AI in financial markets. Also, he is a frequent speaker at seminars on blockchain and innovation in financial services.
Before starting the firm, Dan was Chief Operating Officer (COO), board member and an Executive Director of HSBC Securities (Singapore) Pte Limited, a MAS capital markets services license holder for dealing in financial products. He was previously also the IT Head of HSBC’s investment bank in Singapore and Japan. Dan has over 20 years of investment banking technology experience at UBS in both Germany and the UK, Barclays Capital in both Singapore and Tokyo, as well as Close Brothers in Frankfurt, his hometown. Dan is also working towards his PhD within the Finance department of Rotterdam School of Management, Erasmus University, where he researches blockchain and AI, and its effects on financial markets. Previously he graduated with a Master of Science in Innovation from Singapore Management University and holds a Master in Finance from IE business school in Madrid, Spain.
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