branch, expand global sales and distribution teams, increase promotions, launch 4G feature phones and develop Bluetooth glasses, according to the prospectus. The company plans to use the IPO capital to grow its U.S. The company also provides manufacturing services to other makers of electronics. It has subsidiaries operating in Hong Kong and India. The company also turned up profit in the six months, posting nearly 7 million yuan ($1 million) in income in contrast to losses of 9.8 million yuan.īased in Shenzhen, UTime sells cost-effective mobile devices to consumers globally, including the United States, India, Brazil, and some countries in South Asia, Africa, and Europe. In the six months through September, UTime booked $26.3 million in revenue, nearly doubled from the same period of 2019. A year later, however, its updated financial data shows an upturn. listing in March 2020, showing declining sales. The company first publicly filed for a U.S. investors' interest toward small-cap Chinese companies. Today, however, UTime celebrates with fanfare, enjoying U.S. (Nasdaq: EM) was among those that experienced the IPO troubles first-hand as it debuted on Friday.
Bloomberg interpreted the numerous delays early this quarter as a sign of market weakness, citing the postponements and size reductions across global exchanges.
UTime appeared on Nasdaq's schedule for planned lift-off on April 1, but was taken off the IPO list by midday. Earlier today, UTME stock surged over 1000% on heavy volume and has halted a number of times.īoustead Securities, Brilliant Norton Securities, and Fosun Hani Securities are underwriting the deal. The company sold 3.8 million shares and raised $15.2 million for purposes including expanding in the U.S. UTime priced its offering at $4 per share, the low end of the expected range of $4 to $5.
News compares companies to their industry peers based on a variety of company fundamentals. In the afternoon, shares in the Chinese budget phone maker traded 602% above issue price, at $28.07 apiece. See charts, data and financials for UTime Ltd UTME. (Nasdaq: UTME) has enjoyed a striking good debut Tuesday after last week's postponement. The company was founded by Minfei Bao, Junlin Zhou and Bo Tang in June 2008 and is headquartered in Shenzhen, China.UTime Ltd. It operates through two in-house brands, “UTime,” which is known as middle-to-high end label and targets middle class consumers from emerging markets and “Do”, as low-to mid-end brand, is positioned to the majority of grassroots consumers and price-sensitive consumers in emerging markets. The company operations are based in China whereas most of the products are sold globally, including India, Brazil, the United States, and other emerging markets in South Asia and Africa as well as Europe. The firm also provides Electronics Manufacturing Services, including Original Equipment Manufacturer and Original Design Manufacturer services, for well-known brands, such as TCL Communication Technology Holdings, Ltd., a subsidiary of TCL Corp., Haier Electronics Group Co., Ltd., a subsidiary of Haier Group Corp., and Quality One Wireless LLC, based in Orlando, Florida. engages in the design, development, production, sales and brand operation of mobile phones, accessories and related consumer electronics.