IoT solutions developer RocKontrol eyes $141m in Shanghai IPO

A person using computer keyboard near green circuit board. Source: Zan/Unsplash

Beijing-headquartered internet of things (IoT) technology innovator RocKontrol Technology Group Co., Ltd is targeting to raise 982 million yuan ($141 million) in its initial public offering (IPO) on China’s Nasdaq-like STAR Market. 

RocKontrol intends to sell up to 19.33 million shares at 50.81 yuan ($7.3) apiece. The company has sold 8.3 million shares ahead of its IPO, per a company filing with the board on Wednesday. 

RocKontrol solutions operate in the space of green ecosystems, smart cities, intelligent architecture, and smart security. It has set up four subsidiaries and an international IoT big data centre to spruce up the industrial supply chain. 

Since 2019, RocKontrol has collaborated with Chinese tech giant Huawei on IoT and big data solutions. Based on the face recognition algorithm, it has launched AI monitoring & analysis services amid the Covid-19 outbreak, according to its recent press release. 

The company’s top clients that include government administrations and state-owned enterprises contribute to 85.20 per cent of its revenue for three years in a row.   

As of December 2019, RocKontrol has 908 million yuan ($131) in assets under management, up 8.20 per cent over the previous year. 

It will use the IPO proceeds to finance the AI big data-focused projects. Besides, it aims to fuel the smart platforms about sensor, cloud database and software. 

HK-listed Everbright Securities is the lead underwriter of the deal.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.