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Key Takeaways:
Tiandi Hexing has applied to list in Hong Kong, reporting 20% revenue growth and continued losses in the first nine months of last year
The industrial cybersecurity firm's shareholders include leading miner Zijin and financial and medical conglomerate Fosun
Nobody wants to have their systems hacked, even as such attacks pose a growing menace by robbing companies of personal data and even crippling corporate computer systems and entire markets. But Beijing Tiandi Hexing Technology Co. Ltd. has found a comfortable place in just that space, positioned as an expert on industrial cybersecurity. Now, the company is taking its crime-busting expertise to the capital markets, with its submission for a Hong Kong IPO last week.
Tiandi Hexing was established in August 2007 by current Chairman Wang Xiaodong, whose cybersecurity expertise comes through two decades of work in power automation and telecommunications, two areas where security is of particular importance. The company's backers over several funding rounds come from a variety of backgrounds, including leading gold and copper producer Zijin Miningand financial and medical conglomerate Fosun. As is often the case with private Chinese companies, Wang Xiaodong is Tiandi Hexing's largest shareholder, with nearly 22% of its stock before the listing.
The company's services are in growing demand lately, as major security incidents caused by hackers have become increasingly common across a range of industrial sectors worldwide. Some of those include a recent worm attack on a U.S. nuclear power plant and a cyberattack on another U.S. nuclear facility, just to name a few. Such incidents expose vulnerabilities in companies' industrial systems, worrying governments that fear attacks on such critical infrastructure could endanger national security. That's been a boon for a rising group of security specialists whose job is to protect companies and fix their vulnerabilities before attacks occur.
Industrial cybersecurity refers to the application of systematic risk management methodologies, technical control measures, and layered defense strategies to combat cyberattacks. Its core objective is preventing threats ...
