Hong Kong game developer Shield Technology (PYRO.US) applies for listing in the United States, planning to raise $10 million.

Mobile and online game developer Pyro AI, based in Hong Kong, submitted its initial public offering (IPO) application to the U.S. Securities and Exchange Commission on Wednesday. The company plans to issue 2.3 million shares at a price of $4 to $5 per share, raising $10 million. Based on the midpoint of the proposed price range, Pyro AI's market value will reach $110 million. Pyro AI is known as a mobile and online game developer. The company started as a third-party game licensing operator and now develops and owns its own games, planning to expand its business to proprietary mobile and online platforms, which are expected to be launched in the first half of 2025. Currently, its core products include in-house game development, third-party game licensing, and software game development services. Established in 2020, Pyro AI generated $6 million in revenue in the 12 months ending on December 31, 2023. The company plans to list on Nasdaq with the ticker symbol "PYRO." The company submitted the application in secret on January 17, 2024. Guotai Junan Securities is the sole bookrunner for this transaction.