China-based IT Services Provider HiTek Global Seeks Nasdaq Listing
The company reported revenue last year of $6.9 million, about level from the year before, and $3.5 million for the first six months of this year.
HiTek Global Inc., an IT consulting and service provider, filed today for an initial public offering on the Nasdaq Capital Market seeking to raise as much as $23 million.
In its initial filing with the U.S. Securities and Exchange Commission, the company did not specify the number of shares or the anticipated price range for the shares. The company said it is seeking to trade under the symbol "HKIT."
Based in Xiamen City, HiTek said it is currently focused on two lines of business, providing information technology (IT) services to small- and medium-sized businesses, and providing hardware and software sales to large corporations.
The company reported revenue last year of $6.9 million, about level from the year before, and $3.5 million for the first six months of this year. Thanks to substantially lower operating expenses, HiTek said it earned $2.1 million last year compared with just $380,021 the year before. The company reported net income of $1.3 million in this year's first half through June.
In the SEC filing, the company said it was aiming to "become a one-stop consulting destination for holistic IT and other business consulting services in China." It plans to use the proceeds from the IPO to help fund research and development, recruit additional employees, enhance its IT system, and for general working capital.
The company does not appear to be connected with a separate Hitek Global, also in the IT business, with offices in Hyderabad, India, and Fort Wayne, Indiana, among other places.
Boustead Securities is listed as underwriter for the deal.