The company responsible for China’s first OTC stock offered in the 3D digitizing and 3D printing industries, Shining 3D Tech, says they plan to spend some $2.4 million to set up a wholly-owned US subsidiary of the company, while looking to raise $70 million in additional funding. The funding will be used to expand on the company’s M&A action, they tell us.
Headquartered in Hangzhou, Shining 3D currently has branch offices in Shanghai, Beijing, Nanjing, Guangzhou, and Chengdu, among other Chinese cities.
Shining 3D launched the latest iteration of their desktop 3D scanner line, the EinScan-S, at CES this year. The EinScan-S 3D scanner uses “structured light phase shifting technology” to project structured patterns of light on the target object for scanning, and the device boasts a 3 minute cycle to complete a scan with detail accuracy of less than 0.1mm.
Shining 3D Tech says they also plan to raise funds to be used for mergers and acquisitions.
The company provides 3D printer, 3D scanner, and 3D engraving machinery and services for manufacturers, bio-medical applications, and educational users.
Founded in 2004, the company says their latest focus will be to speed up their development of 3D digitizing and 3D printing technologies, recruit talent and resources, and improve their product lines to “build up an ecosystem of 3D digitizing and 3D printing which will help enhance market competitiveness.”
The company adds that this new US wing will be largely focused on R&D, sales of 3D scanners and printers, and seeking international advanced technology partners. It will also act as an international sales platform for Shining 3D products and a sourcing platform for the company’s key core components.
The most recent earnings data available shows Shining 3D Tech had revenues of $20 million, representing an increase of just over 25 percent. Net profits were $1 million, and that figure represents an increase of 2.5 percent.
Since the company was listed in August of last year, they say they’ve seen a cumulative growth of more than 400 percent and a total turnover of more than $200 million.
As the cost of scanning technology for 3D printing applications is dropping rapidly, the latest scanner offerings from Shining 3D Tech like the EinScan-S, which fall in the $500 to $700 range, put them firmly in the consumer market price range.
If you’ve used any of the EinScan line of scanners, we’d like to hear about your experience in the Shining 3D forum thread on 3DPB.com.
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