Quectel Wireless Solutions Co., Ltd. announced that the Company has listed its initial public offering of 22,300,000 shares of common stock at RMB 43.93 per share on the main board of Shanghai Stock Exchange today.
Proceeds of the IPO will be mainly used to expand the Company’s 5G, high-speed LTE and LPWA product portfolio, and build R&D and technical support centers, which will greatly enhance its competitiveness to secure continuous and stable growth.
A group of four people including Patrick Qian, Quectel Chairman and CEO, Wang Hongwei, Deputy Governor of Shanghai’s Xuhui District, Doron Zhang, Quectel Board Member and SVP, and Norbert Muhrer, Quectel SVP of Global Sales jointly rang the opening bell at Shanghai Stock Exchange on Tuesday morning, marking a major milestone in the journey of “Building a Smarter World” that started when the Company was founded in 2010.
Patrick Qian, Chairman and CEO, Quectel, said:
“Going public indicates a new start for Quectel and will bring great opportunities which allow us to improve our core competitiveness and accelerate global expansion.”
“In the future, we will innovate further, be on the forefront of technologies and build Quectel into the greatest module supplier in the world so that we can provide the best products and services to customers, push IoT industry development forward, create a first-rate working platform for employees and increase value for shareholders.”
Quectel has been focusing on cellular and GNSS modules and already built up the industry’s broadest product portfolio covering 5G, LTE/LTE-A, NB-IoT/LTE-M, C-V2X, Android Smart, 3G, 2G and GNSS modules. These products have enabled IoT connections for over 5,000 enterprise customers in more than 150 countries and regions in the fields such as wireless payment, telematics and transportation, smart energy, smart city, security, wireless gateway, industry, life & healthcare, and agriculture & environment monitoring.