Technology Author: Niko Yang Editor: Luke Sheehan Oct 30, 2020 03:40 PM (GMT+8)

The company has announced its equity compensation plan covering 15.5% of its employees with 2% of its total shares.

Image credit: Markus Spiske/Unsplash

Chinese cybersecurity giant (688688:SH) Qi An Xin released its third-quarter results with revenue expanded by approximately 90% annually to CNY 862.93 million. Net profit attributable to the parent company narrowed by 25.64% to CNY -315.05 million.

The company attributed the increased topline to its business expansion, wherein revenue of cloud security, zero-trust, big data security increased by 70%, 373% and 43.36%, respectively, over the same period.

Benefitting from the news, the stock rose as much as 8.2%, then narrowed to 1.8% on Friday. In the meaning time, the Star Market 50 index decreased by 1.29%.

Founded in 2014, the company specializes in next-generation IT infrastructure protection, big data detection and management, cybersecurity services and hardware and other services. Its clients cover central government bodies, state-owned enterprises and banks.

Qi An Xin went public on the Shanghai Star Market in late July at CNY 56.01 per share. The share peaked at CNY 142.66 apiece after the first trading session, and then the price began to correct. Nevertheless, it still up 67.86% year to date.

According to IDC, the Chinese cybersecurity market size is expected to grow at 20.65% CAGR in the next four years, reaching USD 16.7 billion in 2024.