According to a statement on Wednesday by the Hong Kong Stock Exchange (HKEx), In-Tech Holdings has submitted another application for a public listing, with Dongxing Securities (Hong Kong) as its sole sponsor. The company’s previous application document, filed on September 27 of last year, showed a lapsed status.
HKEx filings reveal that the company, founded in 1997, is a provider of electronics manufacturing services. It operates production plants in two locations: one in Dongguan, China and two in Penang, Malaysia.
In-Tech Holdings focuses on providing customized IoT and joint development products for global customers, especially customers in specialized and highly regulated industries such as automotive, aerospace, medical, maritime, banking, security and wireless communication network industries.
Examples of products made by the company in the past few years include business-used aircraft power management systems, maritime navigation systems, intelligent pilot monitoring systems, ultra-low power IoT utility instrumentation, IoT equipment and monitoring systems for the elderly.
Financially, the company’s revenues in fiscal years 2020, 2021 and 2022 were HK$1,395.1 million ($177.8 million), HK$1,801.7 million and HK$2,089 million respectively. Net profits in the above-mentioned fiscal years were HK$32.59 million, HK$89.64 million and HK$94.78 million respectively.
However, the majority of the company’s revenue comes from existing customers, of which 83.3% of the total revenue comes from customers who have been working together for more than 10 years. Additionally, the top five customers contributed more than 60% of the total revenue during the reporting period.