Defiant Technology still faces additional inquiries from the Hong Kong Stock Exchange.
On April 22, the “South China Morning Post” reported that the face recognition technology company Defiant Technology may be preparing to list on the Science and Technology Board. 36 Krypton sought confirmation from the official ignorant technology, and the other party responded that it would not comment.
Kuangshi Technology submitted its prospectus to the Hong Kong Stock Exchange on August 25, 2019, but on February 25 this year, the status of the process was shown as “invalid”. Defiant Technology once responded that the listing process is still advancing normally and materials are being updated.
If the news is true, then the disregard may become the first company to apply for listing in both A and H shares.
The prospectus shows that in the first half of 2019, ignoring technology revenue was RMB 949 million, a year-on-year increase of 210.3%, adjusted net profit of RMB 32.7 million, and adjusted net loss of RMB 136.9 million in the same period of 2018.
Bloomberg reported on April 7th that the company’s revenue for the second half of 2019 was 1.15 billion yuan, a year-on-year increase of only 2.7%. In addition, quoting people familiar with the matter, said that throughout 2019, the company has failed to achieve the sales target of 2.9 billion yuan.
At the same time, the news said that before the formal IPO, the scorn technology still faced additional inquiries from the Hong Kong Stock Exchange.
The listing will provide ignoring shareholders, including Alibaba Group Holdings, with the opportunity to exit or partially sell their shares. Its other shareholders include Ant Financial, Lenovo, Foxconn and Abu Dhabi Investment Authority. “South China Morning Post” quoted a source as saying that neither Contempt nor its shareholders are in a hurry to list the company.
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