LZ Technology Holdings, a Chinese holding company for its operating subsidiary Lianzhang Portal, recently submitted a filing with the U.S. Securities and Exchange Commission to conduct an initial public offering (IPO). The subsidiary specializes in providing cutting-edge technology solutions for managing building access in residential communities, as well as offers advertising services.
The company seeks to list its class B shares on the Nasdaq Capital Market, utilizing the ticker symbol LZMH. Notably, each class A share has ten votes, while each class B share holds one vote.
While LZ Technology did not disclose the number of shares to be offered or an anticipated price range at this time, the proceeds from the IPO are planned to be directed towards various areas such as research and development, international expansion, strategic acquisitions, marketing efforts, and working capital.
In the financial year 2022, LZ Technology reported a loss of CNY14.8 million ($2.04 million) against a revenue of CNY163 million.
Prior to the offering, Chairman Andong Zhang owned around 82% of voting shares in the company, while finance chief Weihua Chen controlled 11% of voting shares.
EF Hutton has been appointed as the underwriter for the IPO.