Chinese cybersecurity start-up Qi An Xin raises USD 210 mln in latest financing round
Sep 27, 2019 (China Knowledge) - In the latest pre-IPO financing round, Chinese cybersecurity start-up Qi An Xin Group raised RMB 1.5 bln (USD 210.46 mln), with the company planning to be listed on the Sci-Tech Innovation Board, also known as STAR Market, in Shanghai.
Founded in 2014, Qi An Xin Group is a leading cybersecurity provider in many areas such as government, finance, energy and telecommunications. The company uses big data analysis and artificial intelligence (AI) to help its clients better respond to cybersecurity threats.
With the latest financing, Qi An Xin has reached a total valuation of RMB 23 bln (USD 3.22 bln). The start-up is planning to float its shares on the STAR Market, having signed a pre-listing agreement since June 2019. The company is also aiming to IPO in the near future.
In recent years, many cybersecurity companies are drawing up listing plans given the increasing digitalization of China’s economy. There are increasing demand for cybersecurity services from both the government and enterprises within China. According to the International Data Corporation (IDC), China is set to have the world’s fastest growing cybersecurity market in the next five years, and the total market size is expected to reach USD 17.9 bln in 2023.
The CAGR of cybersecurity expenses in China will be 25.1% from 2019 to 2023, which is much higher than the global average of 9.44%. Around 60% of the total cybersecurity expenses in the country will come from the government, communications and financial industries.
The leading investors of the latest financing round include IDG Capital, Xicheng Jinrui and 10 Fund, among many others.
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