In this Research Note, we examine Technovator, a key player in the Chinese building automation market, based on their 2021 annual report, financial results and investor presentations. Technovator International Ltd designs, manufactures and distributes integrated building automation and energy management systems, including hardware, software & total solutions to system integrators and distributors. The group positions itself as a leading smart energy saving services provider in the Chinese market.   Founded in Singapore in 2005, Technovator was listed on the Main Board of the Hong Kong Stock Exchange on 27 Oct 2011. Inheriting technology and experience in the energy saving industry from its parent company Tsinghua Tongfang Co., Ltd. and Tsinghua University, Technovator has developed strong R&D capabilities and technology competencies. In 2021, the Group continued to be challenged by the COVID-19 pandemic and the market environment. Affected by the post-pandemic impact, the Group’s existing orders decreased, project construction periods were extended, and revenue settlement slowed. At the same time, […]