On May 10, STAR Market IPO Committee announced that, CICT Mobile successfully passed the review for IPO. This will be the 7th listed company of China Information Communication Technologies (CICT) Group.
For this IPO, CICT Mobile is to offer no more than 684 million shares publicly, raising 4 billion yuan to be used mainly for 5G wireless system product upgrading, technical evolution, research and development of 5G dedicated industry network and intelligent applications, research and development of 5G fusion antenna and indoor distribution equipment, etc.
CICT Mobile, formerly known as Hongxin Communication, was established in 1998. It is a company controlled by the Wuhan Research Institute of Posts and Telecommunications. In 2018, the Wuhan Research Institute of Posts and Telecommunications and Research Institute of Telecommunications established CICT through reorganization. To this day, CICT still holds a 51.27% stake in CICT Mobile.