Chinese parking solution provider HoCheng Technology (HCAI.US) prices IPO at $4-6 per share, aiming to raise $25 million.

Chinese smart parking solutions and equipment provider Huachan Technology (HCAI.US) submitted an initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC) on Wednesday, planning to raise up to $25 million. The company, headquartered in Pinghu City, China, plans to issue 5 million shares at a price range of $4 to $6 per share, raising $25 million. At the midpoint of the proposed range, Huachan Technology's market value will reach $175 million. Huachan Technology focuses on smart parking solutions and equipment components. Their main products include a range of automatic parking systems such as PSH (lift and horizontal sliding), PJSA (convenient lift), and PCS vertical lift systems, all designed to optimize the efficiency of urban space utilization. In addition, Huachan Technology also provides equipment components like conveyor components, feeding system parts, and railway fittings, as well as offering product design consultation and maintenance services to their parking system clients. Founded in 2004, Huachan Technology is headquartered in Pinghu City, China. According to the 2023 performance report, the company achieved $34 million in revenue. The company plans to list on the Nasdaq under the stock symbol HCAI. Previously, Huachan Technology had secretly submitted the application on December 19, 2023. EF Hutton is the sole bookrunner for the transaction.