(Yicai Global) March 29 -- Appotronics, a Chinese laser display technology developer, plans to raise CNY1 billion (USD149 million) through an initial public offering on Shanghai's much-anticipated science and technology innovation board.

The Shenzhen-based company, which is a leading supplier of laser projectors used for films, televisions and in the field of education, will use the funds mainly to develop and commercialize new-generation products, according to its prospectus. The Shanghai Stock Exchange has accepted its application to list on the new board.

CNY333 million of the funds raised will go to supplement liquidity, CNY313 million for research, development and commercialization of new laser displays, while the remainder will be used for an R&D center and an informatization system.

Appotronics owns core patents and is involved in research, development and manufacturing. Its products can be divided into two categories: laser optical engines and complete machines. The former includes laser light sources and laser TV light machines, while the latter involves laser projectors for films, business, education and engineering, as well as laser TVs.

About 14,018 of its laser film projector light sources were being used across China last year. The company has a market share of about 60 percent. Its share of laser TVs was over 30 percent. The firm shipped 50,335 business and education projectors in 2018.

Appotronics' partners include China's Xiaomi, with which it has set up a joint venture to make laser TVs, South Korea's LG Electronics and other well-known brands. Xiaomi is also the firm's largest customer, buying CNY247 million (USD36.7 million) worth of products last year, and contributing 17.9 percent to revenue.

Revenue from laser optical engines accounted for 21.5 percent of the total last year, and that from complete machines, rental services and other businesses accounted for 51 percent, 22 percent and 1.6 percent, respectively.