Telecom Gear Maker CICT Mobile Passes Pre-Listing Review of STAR Market

Technology Author: Boying Ji Editor: Tao Ni May 11, 2022 06:56 PM (GMT+8)

Shanghai Stock Exchange showed that CICT Mobile Communication Technology passed the pre-listing review of the Sci-Tech Innovation Board, and the firm planned to raise CNY 4 billion (USD 595.114 million), the cumulative loss of the company from 2019 to 2021 exceeds CNY 4.5 billion.

5G

The announcement of the results of the 38th review meeting of the STAR Market Listing Committee in 2022 showed that CICT Mobile Communication Technology (CICT Mobile, Chinese: 信科移动), a developer of 5G technologies in China, meets the requirements of issuance, listing, and information disclosure, according to the official website of Shanghai Stock Exchange. 

CICT Mobile’s initial public offering (IPO) planned to raise CNY 4billion (USD 595.114 million) to be used mainly on its 5G wireless system product upgrade and technology evolution R&D project, 5G industry private network and intelligent application R&D project, 5G fusion antenna and new room equipment R&D project, and CNY 1billion of which will be used to supplement of working capital, news portal Lanjinger.com claimed. 

The company promotes the industrial applications of 5G technologies, committing to forming the next generation wireless communication in China. Its top five clients include China Mobile, China Tower, China Telecom, and China Unicom. 

The operating income of CICT Mobile was CNY 4.488 billion, CNY 4.527 billion, and CNY 5.666 billion, respectively, from 2019 to 2021, and the net income was CNY -1.637 billion, CNY -1.752 billion, and CNY -1.184 billion, respectively, according to its 2021 annual report. 

CICT Mobile’s revenue from the top five clients accounted for 86.09%, 83.17%, and 85.22% of the total revenue respectively. The 2021 annual report showed that China Mobile was the biggest client of CICT Mobile whose sales income from China Mobile accounted for 51.81%, 47.19%, and 46.63% of total revenue.