On August 29, the LED display industry marked a new milestone as Chengdu UESTCOC Technology Co., Ltd. officially listed on the Beijing Stock Exchange, advancing various research and development projects including COB technology.

In this public offering, UESTCOC issued 9.2 million shares, bringing its total share capital to 62.37 million shares. The shares were priced at $1.43 each, raising a total of $1.3 million. The successful public offering attracted seven strategic investors, with GF Securities Co., Ltd. serving as the sponsor (lead underwriter).

UESTCOC specializes in the research, production, and sales of network bus products and specialized display products, primarily serving the defense and military sectors. Notably, its specialized LED display products, represented by the LED dome visualization system, accounted for over 50% of revenue in 2023.

In 2023, UESTCOC achieved revenue of $3.1 million and a net profit of $646,000. In the first half of 2024, the company’s total revenue surged by 89.86% year-on-year to $2.0 million, with a net profit of $391,000. The significant increase in dome products delivered and accepted by UESTCOC drove a remarkable 190.26% growth in revenue from specialized display products.

With this IPO, UESTCOC aims to raise $2.1 million to invest in the “FC Network Bus and LED Dome Industrialization Project,” the “Headquarters Building and R&D Center Project,” and to supplement working capital.
Additionally, the company is engaged in multiple technological innovations, including COB display development, the LED dome visualization system for motion platforms, and TSN network product development, aimed at enhancing product performance and positioning for next-generation technologies.
From a customer perspective, UESTCOC sells its products and services primarily through direct sales, resulting in a high concentration of clients. The main methods for acquiring orders include continuous procurement, bidding negotiations, and sole-source procurement, with major clients such as Aviation Industry Corporation of China, China Shipbuilding Industry Corporation, and China Electronics Technology Group Corporation. Since 2020, sales revenue from the top five clients has consistently accounted for over 95% of total revenue, with Aviation Industry Corporation being the largest client, contributing approximately 80% of sales.
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