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Chinese IoT solutions provider Wuxin Technology files for a $41 million US IPO

March 29, 2022

Wuxin Technology Holdings, which develops and sells IoT connectivity components in China, filed on Tuesday with the SEC to raise up to $41 million in an initial public offering.

The company states that it develops products using its proprietary ant delete center ("ADC") protocol, a wireless protocol that allows an IoT network of numerous nodes to efficiently detect the shortest path of data transmission and decentralize the control. The company believes its products offer advantages of lower cost, higher reliability, longer transmission distance, and faster deployment than traditional protocol architecture of centralized control. Wuxin Technology currently sells ADC chips, modules, antennas, controllers, smart hardware, smart household devices, and other smart products. 

The Shenzhen, China-based company was founded in 2005 and booked $47 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol WXT. Wuxin Technology Holdings filed confidentially on January 31, 2022. Prime Number Capital is the sole bookrunner on the deal. No pricing terms were disclosed.