The 'China's Nasdaq' is gaining momentum: another two tech companies have announced their listing details.
Shortly after HYC Technology fixed its IPO price at CNY 24.26 (USD 3.54) apiece, two more firms reportedly completed the listing procedures: Raytron’s and TZTEK’s stocks will kick off trading on the new Shanghai venue in less than two weeks. They will launch transactions at CNY 20 (USD 2.92) and CNY 25.5 (USD 3.73), with the amount of 60 million and 48.4 million shares respectively.
Raytron (睿创微纳) represents the second batch of companies that filed for the SSE STAR Market IPO. It was among the nine firstcomers that got their applications validated by the market regulator on March 22, the day when the nascent sci-tech board disclosed the first group of listing applications. The Shandong-based company possesses a significant presence in six industry verticals: security surveillance, industrial temperature measurement, driver assistance systems, forest fire prevention, building energy efficiency assessment as well as consumer electronic products. Raytron is a mid-sized firm with 591 employees (the number increased threefold since 2016), over 37% of which are involved in R&D activity as of 2018.
Another manufacturer in the clique – TZTEK (天准科技), a Suzhou-based company from the first batch that was earlier approved for a listing on the Shanghai Stock Exchange. The firm’s four core product lines are precision measurement instrument, intelligent detecting and measuring equipment, intelligent manufacturing system and unmanned vehicles. Holding over 60 patents in these and the adjacent fields, TZTEK is committed to promoting industrial transformation and progress by leveraging various technologies such as AI. It has spent around 20% of the combined operating income on R&D over the last three years.