Hongli Group, a holding company of Chinese cold formed steel manufacturing assets, filed on Thursday with the SEC to raise up to $29 million in an initial public offering.
Hongli Group is an offshore holding company conducting its operations in China through Hongli Shandong, a variable interest entity, and its subsidiaries. Hongli Shandong is a leading cold roll formed steel profile manufacturer in China with respect to function innovation, performance improvement, and customized manufacturing of its products. The entity's main business operation focuses on the design, production, deep processing, and sales of custom-made profile for machinery and equipment in a variety of sectors including but not limited in mining and excavation, construction, agriculture, and transportation industries.
The Shandong, China-based company was founded in 1999 and booked $17 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol HLP. Hongli Group filed confidentially on April 16, 2021. EF Hutton is the sole bookrunner on the deal. No pricing terms were disclosed.
