Hangzhou-based Hikvision announced on Friday that it plans to spin off its subsidiary Hikrobot for an IPO on the Shenzhen Stock Exchange’s Growth Enterprise Market.
Once the move is complete, the company’s shareholder structure will not change. It will retain its majority stake in Hikrobot.
Since 2016, Hikvision has continued to explore various applications for users’ diversified need scenarios based on the traditional security business. According to an introduction, the company has eight innovative business segments, 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. 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 this year, Ezviz was successfully launched on the Shanghai Sci-Tech Innovation Board (STAR Market).
Hikrobot is a China-based machine vision and mobile robot hardware product and algorithm software platform provider, which mainly relies on the technology accumulation of companies in related fields. The company is engaged in the design, R&D, production, sales and value-added services of its products.
From 2019 to 2021, Hikrobot achieved sales of 852 million yuan (US$126.436 million), 1.552 billion yuan and 2.74 billion yuan, respectively. Net profit was 30 million, 80 million and 485 million yuan, respectively.
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Hikvision said the move will allow the company to further focus on its core business areas such as technological innovation in IoT perception, artificial intelligence and big data. Also, Hikrobot will be integrated into an independent listing platform as the Company’s subsidiary active in the fields of computer vision and mobile robots. In addition, the capital market will be fully utilized to further increase the R&D investment of Hikrobot’s business field to improve profitability and overall competitiveness.
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