Huachen AI Parking Management Technology, a Chinese developer of automated parking garages and related equipment, raised $6 million by offering 1.5 million shares at $4, the low end of the range of $4 to $6.
Huachen Technology specializes in smart parking solutions and equipment structural parts. Their main offerings include a range of automated parking systems such as PSH (lifting and horizontal sliding), PJSA (convenient lifting), and PCS Vertical Lifting, designed to maximize space in urban environments. The company also provides equipment structural parts like conveyor belt components, feeder system parts, and railroad accessories, along with product design consultation and maintenance services for its parking systems.
Huachen AI Parking Management Technology plans to list on the Nasdaq under the symbol HCAI. Benjamin Securities and D. Boral Capital acted as joint bookrunners on the deal.