On July 22, 2019, the Science and Technology Innovation Board (STIB) hosted the IPO ceremony for its first 25 listed companies at Shanghai Stock Exchange. Beijing PIESAT Information Technology Co. Ltd. ("PIESAT", 688066) was one of them and the only one from the satellite application industry. DeHeng acted as the issuer's attorney in the PIESAT IPO.
Established in 2008, PIESAT is a leading service provider for remote sensing and Beidou navigation satellite application, dedicated to the localization of satellite processing software and the innovation in satellite processing technology. So far it has developed a completely proprietary basic satellite application software platform PIE (Pixel Information Expert) for remote sensing image processing, and based on that provides system design and development, and data analysis and application services for the government, the military and enterprises. Of the 30 civil remote sensing satellites China launched from 2008 to 2018, PIESAT helped design the ground system or application system for 23 of them, accounting for 76.67% of the total. In addition, PIESAT has successively undertaken several national research projects and strategic projects, and has made breakthroughs in such key technologies in the spatial information field as the rapid processing of massive remote sensing image data and the combined adjustment of multi-source heterogeneous remote sensing data in super-large area.
Through the IPO, PIESAT issued 41.5 million shares at RMB17.25 per share, and raised a total of RMB715.875 million. The funds raised will be used to upgrade the PIE platform, and to build the Beidou comprehensive application platform as well as the atmospheric and oceanic application service platform.
As the legal counsel for the IPO, the DeHeng team was led by partners Sun Yanli, Chen Hongyan and Yang Xinghui, with primary support from Xie Jinpeng, Zhang Xiaotong, Zhao Mingbao and Di Shuang. They offered professional and efficient legal services for the issuer.