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Oct. 14 (NBD) -- Hangzhou-based Mijia Technologies (Mijia) is prepping for its listing on the Shenzhen Stock Exchange, according to files revealed on Saturday by the Zhejiang Securities Regulatory Bureau that showed the tech firm is accepting pre-listing tutoring from Minsheng Securities.

But no further information about the company's planned IPO and profits in previous years is available at present. 

National Business Daily (NBD) noticed that Mijia is the parent of Sky-mobi, the first Chinese mobile Internet company listed in the U.S., and primarily engages in businesses covering IT consulting, technical services, and computer software and hardware development. 

According to one of China's data technology service companies, Sky-mobi once operated under the name of Mijia Technologies and its business scope is similar to today's Mijia.  

Founded in 2005, Sky-mobi operated Maopao which is claimed to be Chinese version of APP store and the leading mobile application store as measured by revenue in 2009. 

On December 10, 2010, Sky-mobi rang the opening bell of the Nasdaq Stock Market under the symbol of MOBI. It issued a total of 7.25 million American depositary shares (ADS) at the price of 8 U.S. dollars per share in the initial public offering (IPO), having raised 58 million U.S. dollars. 

However, on the first day of its trading on Nasdaq, its shares opened lower at 6 U.S. dollars per share, down 25 percent from its issue price, the biggest first-day decline since 2007 in the U.S. according to a Bloomberg report of the time. In the spring of 2011, Sky-mobi's shares soared to over 23 U.S. dollars, pushing the company's market valuation to stand at over 600 million U.S. dollars.

NBD noticed that Sky-mobi boasted an revenue of 544 million yuan in fiscal 2010, the year when the company went public in the U.S. exchange market, and the metric further grew to 686 million yuan in fiscal 2012. However, its revenue sloped down by 12 percent year over year to 601 million yuan in fiscal 2013. 

In 2016, Sky-mobi was quietly taken private by Amber Shining Investment Limited and Power Rich Limited and delisted from the Nasdaq bourse at a price of 2.2 U.S. dollars per share.

Email: lansuying@nbd.com.cn