Hitek Global (HKIT) to Raise $20 Million in IPO

Hitek Global (HKIT) plans to raise $20 million in an initial public offering on Tuesday, August 25th, IPO Scoop reports. The company will be issuing 4,000,000 shares at a price of $5.00 per share.

In the last twelve months, Hitek Global generated $6.4 million in revenue and $1.8 million in net income. Hitek Global has a market cap of $75 million.

Newbridge Securities Corporation and WestPark Capital acted as the underwriters for the IPO.

Hitek Global provided the following description of their company for its IPO: ”  We are an information technology (“IT”) consulting and solutions service provider focusing on delivering services to business in various industry sectors in China. As of the date of prospectus, we have two lines of businesses— 1) services to small and medium businesses (“SMEs”), which consists of Anti-Counterfeiting Tax Control System (“ACTCS”) tax devices, ACTCS services, and IT services, and 2) services to large businesses, which consists of hardware sales and software sales. We expect to actively develop our system integration services and online service platform in the near future. Our vision is to become a one-stop consulting destination for holistic IT and other business consulting services in China. “.

Hitek Global was founded in 2017 and has 76 employees. The company is located at Unit 304, No. 30 Guanri Road, Siming District, Xiamen City, Fujian Province, People’s Republic of China and can be reached via phone at + 86 0592-5080796 or on the web at http://www.xmhitek.com.

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