Hong Kong security service company Rongzhi Group (SUGP.US) has applied for listing in the United States and plans to raise $6 million in funds.

The SU Group Holdings, which provides security-related engineering services in Hong Kong, China, submitted an initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC) on Wednesday. The company plans to issue 1.3 million shares of stock at a price of $4 to $5 per share, raising $6 million in capital. Based on the midpoint of the proposed offering price range, the market value of SU Group Holdings will reach $60 million. Through its subsidiary Shine Union, SU Group Holdings provides security-related engineering services, and through its subsidiary Fortune Jet, it offers security and inspection services, as well as related vocational training services. In terms of security-related engineering services, the company has established business relationships with over 300 clients, some of which have been ongoing for over 10 years. Founded in 1998, SU Group Holdings generated revenue of $21 million for the 12 months ending on March 31, 2023. The company plans to list on NASDAQ with the stock symbol SUGP. The application was submitted confidentially on May 16, 2023. The Benchmark Company is the sole book-running manager for this transaction.