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Hikvision – Pandaily spins off Shenzhen IPO subsidiary Hikrobot

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Hangzhou-based Hikvision announced on Friday plans to spin off its subsidiary Hikrobot for an IPO on the Shenzhen Stock Exchange’s Growth Enterprise Market.

After the transfer is complete, the company’s share structure will not change. It retains control of Hikrobot.

Since 2016, Hikvision has been exploring a variety of applications to meet the diverse demand scenarios of its users, based on its traditional security business. According to the introduction, the company has eight innovative businesses: smart homes, mobile robots and machine vision, infrared thermal imaging, automotive electronics, smart storage, smart fire protection, smart safety inspections, and smart medical care.

Hikrobot is the second subsidiary the company plans to spin off for an IPO. Earlier last year, the company announced plans to list Ezviz Network, a global smart home security brand focused on smart home products and services. On June 6th of this year, Ezviz successfully launched at the Shanghai Sci-Tech Innovation Board (STAR ​​Market).

Hikrobot is a Chinese provider of hardware products and algorithm software platforms for machine vision and mobile robots, relying primarily on the technological accumulation of companies in relevant areas. The company is engaged in product design, research and development, manufacturing, sales, and value-added services.

From 2019 to 2021, Hikrobot generated revenues of 852 million yuan ($ 126.43 million), 1.552 billion yuan and 2.74 billion yuan, respectively. The net profit was 30 million yuan, 80 million yuan and 485 million yuan, respectively.

Related Item: Chinese Ministry of Foreign Affairs Responds to Possibility of US Hikvision Ban

Through this move, Hikvision said the company will further focus on key businesses such as IoT perception, artificial intelligence and innovation in the areas of big data. In addition, Hikrobot will be incorporated into an independent listing platform as a subsidiary of the company engaged in the machine vision and mobile robot businesses. In addition, we will make the best use of the capital market, further expand R & D investment in the business field of Hikurobot, and enhance profitability and overall competitiveness.

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1/ https://Google.com/

2/ https://pandaily.com/hikvision-to-spin-off-subsidiary-hikrobot-for-shenzhen-ipo/

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