Touchscreen manufacturer WeTouch has become the second Chinese tech company to move into the Australian market.
The company, which is based in China’s southwest province Sichuan, has been listed on the Australian Stock Exchange (ASX) to raise up to $24 million, according to a report in the AFR.
It creates commercial-grade touch screens for a variety of applications, including connected cars and industrial equipment in sectors such as mining, construction, health and gaming.
“The ASX makes sense because WeTouch has established relationships here and it’s nearby,” said the company’s chairman Peter French.
“The first thing we’ll be doing post-listing is expanding the facilities, acquiring extra land and equipment.
“We’re also setting up an Australian-based team, particularly in sales and marketing, because we want to enter this market.
“We’re also looking to expand to Europe, the US and we’ve had discussions about Russia, as well as Korea and Japan.”
Founded in 2011, WeTouch’s customers are predominantly based in China and include Canon, Siemens, Japanese company Omron and Schneider Electric.
Corporate training systems start-up ReTech is already raising $22.5 million on the ASX.