Hitek Global Inc. Announces Pricing of Initial Public Offering

Xiamen, China, March 31, 2023 (GLOBE NEWSWIRE) — Hitek Global Inc. (the “Company”), a China-based information technology consulting and solutions service provider, today announced the pricing of its initial public offering (the “Offering“) of 3,200,000 ordinary shares at a price of US$5.00 per ordinary share. The ordinary shares of the Company are expected to commence trading on the Nasdaq Capital Market March 31, 2023 under the ticker symbol “HKIT.”

The Company expects to receive aggregate gross proceeds of US$16 million from this Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters an option to purchase up to an additional 480,000 ordinary shares at the public offering price, less the underwriting discounts, within 45 days after the closing of the Offering. The Offering is expected to close on or about April 4, 2023, subject to satisfaction of customary closing conditions.

Proceeds from the Offering will be used for investment in research and development, additional employees’ recruitment, enhancement of information technology systems and general working capital.

The Offering is being conducted on a firm commitment basis. Pacific Century Securities, LLC is acting as the lead underwriter of the Offering, R.F. Lafferty & Co., Inc. is acting as the co-underwriter of the Offering, and Spartan Capital LLC is acting as the co-manager of the Offering. Hunter Taubman Fischer & Li LLC is acting as counsel to the Company, and VCL Law LLP is acting as counsel to the underwriters in connection with the Offering.

A post-effective amendment to the registration statement on Form F-1 (No. 333-228498) relating to the securities being sold in the Offering was filed with the U.S. Securities and Exchange Commission (the “SEC”) and was declared effective by the SEC on March 30, 2023. The Offering is being made only by means of a prospectus, forming a part of the post-effective amendment to the registration statement. Copies of the final prospectus relating to the Offering may be obtained, when available, from R.F. Lafferty & Co., Inc. by email at info@rflafferty.com, from Pacific Century Securities, LLC by email at ecm@pcsecurities.us, and from Spartan Capital LLC by email at info@spartancapital.com. In addition, a copy of the prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.

Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offers, solicitations or sales would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Hitek Global Inc.

Hitek Global Inc., headquartered in Xiamen, China, is an information technology (“IT”) consulting and solutions service provider in China. The Company has two lines of business: 1) services to small and medium businesses, which consists of Anti-Counterfeiting Tax Control System (“ACTCS”) tax devices, ACTCS services, and IT services, and 2) services to large businesses, which consists of hardware sales and software sales. The Company’s vision is to become a one-stop consulting destination for holistic IT and other business consulting services in China. For more information, visit the Company’s website at http://ir.xmhitek.com/.

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company’s proposed Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.

For investor and media inquiries please contact:

Ascent Investor Relations LLC
Tina Xiao
Phone: +1 917-609-0333
Email: tina.xiao@ascent-ir.com