Hitek Global, which provides IT consulting and solutions services in China, raised $16 million by offering 3.2 million shares at $5, as expected. The company offered 0.8 million fewer shares than anticipated.
Hitek Global originally filed with the SEC in November 2018, and its F-1 prospectus was declared effective in March 2020. The company continued to provide updates via post-effective amendments (POS AM), with the most recent filing in January 2023.
Hitek Global has two lines of business: services to SMEs, which consist of Anti-Counterfeiting Tax Control System tax devices and services and IT services, and services to large businesses, which consist of hardware and software sales. The company serves customers across various industries in China's Xiamen metropolitan area. It generated $6.3 million in revenue in the 12 months ended June 30, 2022.
Hitek Global plans to list on the Nasdaq under the symbol HKIT. Pacific Century Securities and R.F. Lafferty & Co. acted as joint bookrunners on the deal.
