Hangzhou-based Hikvision announced on Friday that it plans to spin off subsidiary Hikrobot for an IPO on the Growth Enterprise Market of the Shenzhen Stock Exchange.
After the completion of the move, the company’s shareholding structure will not change. It will maintain its controlling stake of Hikrobot.
Since 2016, Hikvision has further explored various applications for users’ diversified demand scenarios based on the traditional security business. According to an introduction, the company has eight innovative businesses, namely smart homes, mobile robots and machine vision, infrared thermal imaging, automotive electronics, smart storage, smart fire protection, smart safety inspection and smart medical care.
Hikrobot is the second subsidiary the company plans to spin off for an IPO. At the beginning of last year, the firm announced plans for the listing of Ezviz Network, a global smart home security brand, which focuses on smart home products and services. On June 6 this year, Ezviz successfully launched on the Shanghai Sci-Tech Innovation Board (STAR Market).
Hikrobot is a Chinese provider of hardware products and algorithm software platforms regarding machine vision and mobile robots, which mainly relies on the technological accumulation of enterprises in related fields. The firm is engaged in the design, R&D, production, sales and value-added services of its products.
From 2019 to 2021, Hikrobot respectively achieved revenues of 852 million yuan ($126.436 million), 1.552 billion yuan and 2.74 billion yuan. Its net profit was respectively 30 million, 80 million and 485 million yuan.
Hikvision said that through this move, the company will further focus on its main businesses such as the technological innovation in the fields of IoT perception, artificial intelligence and big data. Besides, Hikrobot will be built into an independent listing platform as the company’s subsidiary engaged in machine vision and mobile robot businesses. In addition, the capital market will be fully leveraged to further increase the R&D investment of Hikrobot’s business field, so as to enhance profitability and comprehensive competitiveness.