HeartCore Enterprises, Inc. (NASDAQ: HTCR)

HeartCore Enterprises, Inc. is a consulting firm that helps Japanese private companies pursue initial public offerings on U. S. exchanges such as the Nasdaq and the New York Stock Exchange. The firm also provides digital securities consulting through its subsidiary Higgs Field Co., Ltd. Prior to 2025 the company operated a software business that offered customer experience management and digital transformation tools but it sold those assets to focus on its current consulting lines.

Revenue is generated primarily through fees paid by clients for GO IPO consulting services. These fees consist of cash installment payments and warrants or stock acquisition rights that give the company the right to purchase a small percentage of the client’s post IPO equity. Additionally the company earns revenue from digital securities consulting engagements with Higgs Field which advises clients on self offered corporate bonds and related instruments.

The company operates through the following segments.

• The GO IPO Consulting segment assists Japanese companies with the full process of listing on U. S. exchanges by providing introductions to law firms underwriters and auditors preparing documentation for internal controls translating materials converting accounting data from Japanese standards to U. S. GAAP supporting S 1 or F 1 filings and creating investor presentations.

• The Digital Securities Consulting segment conducted through Higgs Field Co., Ltd. advises clients on self offered corporate bonds and similar digital securities and seeks to obtain the licenses required to operate as a registered securities firm in Japan.

HeartCore Enterprises occupies a niche position in the market for cross border IPO advisory services focusing on Japanese issuers seeking access to U. S. capital markets. Its competitors include large global consulting and accounting firms specialized boutique investor relations firms and the advisory arms of major investment banks. The company’s competitive advantages stem from its deep expertise in converting Japanese GAAP to U. S. GAAP its integrated service bundle that combines technical accounting process mining translation and investor deck preparation its compensation model that aligns fees with client success through warrants and its independent stance that avoids conflicts of interest when introducing clients to third party advisors.

The company’s customers are primarily Japanese private enterprises that intend to list their shares on U. S. exchanges such as the Nasdaq or the New York Stock Exchange. Additionally it serves Japanese firms interested in issuing self offered corporate bonds and other digital securities through its Higgs Field subsidiary.