Chinese video surveillance Giant Hikvision (Hangzhou Hikvision Digital Technology Co., Ltd.) will spin-off Smart Home business Ezviz (Hangzhou EZVIZ Network Co., Ltd.), details of which were announced in the IPO prospectus they published in December. It states that they aim to raise RMB 3.739 billion (USD 588.3 million) by listing Ezviz on the Science and Technology Innovation Board of the Shanghai Stock Exchange. Hikvision has now also authorized the spin-off of its robotics unit, in what looks like a clear strategy of divestment, but no timetable for this IPO has been released yet. The new entity will list in mainland China, according to mainstream Chinese media, but it has not yet been revealed whether it will be the Shenzhen Stock Exchange or the Shanghai Stock Exchange. According to online corporate records, Ezviz is currently 60% owned by Hikvision and 40% owned by Hangzhou Qianmo Qinghe Equity Investment Partnership L.P. (Qinghe LP), which in turn is 99.9% owned by […]

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Hikvision has now also authorized the spin-off of its robotics unit, in what looks like a clear strategy of divestment, but no timetable for this IPO has been released yet. The new entity will list in mainland China, according to mainstream Chinese media, but it has not yet been revealed whether it will be the Shenzhen Stock Exchange or the Shanghai Stock Exchange.

According to online corporate records, Ezviz is currently 60% owned by Hikvision and 40% owned by Hangzhou Qianmo Qinghe Equity Investment Partnership L.P. (Qinghe LP), which in turn is 99.9% owned by Jiaying Equity Investment Management (Shanghai) Co., Ltd., and ultimately controlled by China’s State Council. According to the IPO prospectus, Ezviz currently has 450 million shares and plans to issue no more than 50 million shares.

Hikvision Robotics currently has a similar ownership structure and Hikvision will retain majority ownership of the Robotics business after its IPO, according to Chinese media.

Ezviz's revenue for the first half of 2021 was RMB 2 billion (USD 314.7 million) and net profit was RMB 200 million (USD 31.5 million), according to the IPO prospectus. 2020 full-year revenue was RMB 3.079 billion (USD 484.5 million) and net profit was RMB 326 million (USD 51.3 million).

Hikvision Robotics’ revenue for the first half of 2021 was RMB 1.22 billion (USD 191.9 million), a year-on-year increase of 124.83%. From the beginning of 2019, when Hikvision started to independently disclose the performance of Hikvision Robotics, revenue has grown rapidly.

Ezviz will face competition from intelligent home appliance companies including Xiaomi Corporation, 360 Security Technology Inc., and Shenzhen Kaadas Intelligent Technology Co., Ltd. Along with IoT majors like Alibaba Group Holding Limited and Tuya Smart Inc., both of which are listed in the US.

Hikvision Robotics’ competitors include Zhejiang Dahua Technology Co., Ltd., Zhejiang GZ Robot Technology Co., Ltd., Zhejiang Uniview Technology Co., Ltd., Tiandy Technology Co., Ltd., Beijing Geek Plus Technology Co., Ltd. and Standard Robots Co., Ltd.

This article was written by James McHale, CEO at Memoori.