Welcome to our dedicated page for Recon Technology, Ltd. news (Ticker: RCON), a resource for investors and traders seeking the latest updates and insights on Recon Technology, Ltd. stock.
Recon Technology, Ltd. (NASDAQ: RCON) is a prominent oilfield service company based in China, providing advanced hardware, software, and on-site services for the petroleum mining and extraction industry. As the first non-state owned Chinese company listed on NASDAQ, Recon supplies leading oil exploration companies like Sinopec and The China National Petroleum Corporation (CNPC) with cutting-edge automated technologies, efficient gathering and transportation equipment, and reservoir stimulation measures. These services aim to enhance petroleum extraction levels, reduce impurities, and lower production costs.
Recon operates in four primary segments: Automation Product and Software, Equipment and Accessories, Platform Outsourcing Services, and Oilfield Environmental Protection. The Automation Product and Software segment remains the largest contributor to the company’s revenue.
The company’s product offerings include equipment for oil and gas production and transportation, such as heating furnaces, burners, and a variety of packers for fracturing and sand prevention. Their automation systems, like the pumping unit controller and remote terminal units (RTUs), monitor natural gas wells and collect vital data, ensuring efficient operations and resource management.
Recon is also committed to sustainability and innovation. Recently, Recon signed a strategic partnership with Changxia Digital Energy Technology to develop intelligent energy solutions, including distributed photovoltaics, solar storage systems, and PV-to-electric vehicle charging stations. This collaboration aims to promote sustainable development within the petroleum and petrochemical sectors.
Financially, Recon faced challenges during fiscal year 2023, experiencing a decline in revenue due to industry changes and external impacts. However, the company remains optimistic about future growth, particularly within the oilfield services segment and broader energy sectors, including carbon-zero opportunities and alternative materials for petroleum products.
Recon’s commitment to innovation is further exemplified by their participation in the 2024 Plastics Recycling Conference in Grapevine, Texas. Here, they will present their solutions for low-value plastic chemical recycling, showcasing their dedication to providing green and low-carbon solutions for the energy industry.
In terms of recent developments, Recon received a letter from NASDAQ confirming their compliance with minimum bid price requirements, ensuring the continuity of their listing and trading on the NASDAQ Capital Market. Recon's ongoing efforts to maintain compliance and strategic partnerships highlight their resilience and forward-looking approach in a dynamic industry landscape.
Recon Technology Limited (NASDAQ: RCON) announced a RMB 4.08 million maintenance contract with CNPC Yunnan Petrochemical for a combustible toxic gas alarm system. The contract, valued at approximately US$ 637,500, spans four years and involves inspection, maintenance, and troubleshooting of over 3,000 instruments to ensure safe and stable operations. This recognition reflects Recon's expertise in automation instrumentation for the petroleum sector. The CEO expressed commitment to leveraging their experience for wider safety assurance in the oil and refining industry.
Recon Technology, Ltd (NASDAQ: RCON) announced a three-year partnership between its subsidiary Future Gas Station (FGS) and Hui Tong Tian Xia Petrochemical Co. Ltd. This agreement aims to develop an electronic fuel consumption management platform for logistics companies, primarily focused on enhancing refueling efficiency and data management. Initial operations will commence in eight provinces, with an expected monthly fuel flow of RMB 66 million. FGS will earn service fees based on the volume of fuel managed through the platform, marking a strategic shift into the logistics sector.
Recon Technology, Ltd (NASDAQ: RCON) announced a strategic cooperation agreement between its subsidiary Future Gas Station (FGS) and An Hui Gao Deng Wei Xing Technology Ltd. This partnership focuses on enhancing refueling services, electronic fuel coupon sales, and developing electronic fuel cards, utilizing FGS's online refueling channel for improving customer experience at CNPC gas stations. Gao Deng's ETC Assistant App, which supports millions of users, will be a key element in this initiative. The collaboration aims to optimize operational efficiency and enhance the smart travel business in China.
Recon Technology, Ltd. (NASDAQ: RCON) has announced a securities purchase agreement on June 14, 2021, to raise $55 million through a registered direct offering of 8,814,102 Class A ordinary shares and corresponding warrants. The offering price is set at $6.24 per share. These pre-funded warrants will allow certain investors to maintain ownership below 9.99%. The transaction, expected to close on June 16, 2021, is managed by Maxim Group LLC. This initiative aims to bolster Recon's financial position and further its operational capabilities.
Recon Technology, Ltd (NASDAQ: RCON) announced two contracts worth RMB 3,277,000 (approximately $0.51 million) with Sinopec's North China Branch. These contracts involve technical services for ultra-deep electric submersible progressing cavity pumps at gas wells in the Dongsheng Field. CEO Guangqiang Chen reported total contracts with the North China Branch have reached RMB 5.077 million (about $0.8 million) for three wells, with expectations of generating $5 million in total income from services for 15 additional wells.
Recon Technology, Ltd. (NASDAQ: RCON) announced a share exchange agreement with Starry Blockchain Energy Pte. Ltd. on June 3, 2021. This agreement will allow Recon to acquire 30% of Starry in exchange for unregistered Class A shares. By leveraging blockchain technology, Recon aims to enhance sustainable energy solutions in China. CEO Shenping Yin emphasized that this investment will enable the company to modernize traditional gas stations and oil fields through improved energy management. Starry focuses on building a blockchain platform for distributed energy trading, aligning with global carbon neutrality efforts.
On May 25, 2021, Recon Technology, Ltd (NASDAQ: RCON) announced a partnership between its subsidiary Future Gas Station (FGS), Ping An's Wanlitong, and PetroChina. This collaboration aims to enhance fuel sales at PetroChina gas stations in Zhejiang, China, by enabling 600 million Ping An loyalty members to redeem points for fuel purchases. FGS will provide technical support to connect the loyalty program with PetroChina's systems, fostering cross-platform transactions. Previous collaborations have already facilitated over RMB 616 million in refueling services.
On May 18, 2021, Recon Technology, Ltd (NASDAQ: RCON) announced its strategic shift into the renewable energy sector. The company's board plans to explore technologies such as energy storage, micro-grid, and blockchain-based energy trading to meet global climate goals. Anticipating a multi-trillion dollar investment in emission reductions, RCON aims to acquire relevant technology firms and enhance its existing FGS platform. This move is part of RCON's strategy to expand its services and become an integrated energy supplier, responding to anticipated demand in the renewable energy market.
Recon Technology, Ltd (NASDAQ: RCON) announced a three-year renewal of its cooperation agreement with Banma Network Technology Co., Ltd., effective May 1, 2021. The partnership focuses on integrating FGS's DT Refuel function with Banma's Smart Refuel application, allowing users to refuel at Petro China's gas stations through their vehicle's dashboard. This extension aims to enhance the refueling experience and is expected to facilitate FGS's service adoption across 800 new gas stations and reach 1.6 million new vehicle owners within two years.
Recon Technology announced a cooperation agreement involving its subsidiary, Future Gas Station (FGS), with Henan CNPC and Alipay to develop a mini-program titled 'Hao Ke Le Jia' on the Alipay platform. This program aims to create a joint membership initiative allowing car owners in Henan province to access discounts on fuel and other benefits. Notably, Henan CNPC operates over 800 gas stations in the region, serving more than 20 million registered drivers. FGS has a proven track record, having served over 5.35 million car owners in Zhejiang since late 2017.
FAQ
What is the current stock price of Recon Technology, Ltd. (RCON)?
What is the market cap of Recon Technology, Ltd. (RCON)?
What services does Recon Technology, Ltd. provide?
Who are Recon's major clients?
What are the main segments Recon operates in?
What recent partnerships has Recon Technology announced?
What is the significance of Recon’s strategic partnerships?
What were the financial results for Recon in fiscal year 2023?
How does Recon contribute to sustainable energy solutions?
What steps has Recon taken to maintain NASDAQ compliance?
What is Recon's approach to innovation in the oil and gas industry?
Where can more information about Recon be found?
