(Yicai Global) Dec. 31 -- Hikvision Digital Technology said the Chinese security products and solutions provider has authorized the spin-off of its robot unit for an independent listing in the Chinese mainland.

Hikrobot Technology, a supplier of mobile robots and machine vision products, will improve the efficiency of resource allocation and further promote the development of the robotics business in an effort to maximize the long-term value of shareholders, the Hangzhou-based parent firm said late yesterday.

After the listing, Hikvision will remain Hikrobot’s controller but no shareholding ratio has been unveiled yet. It now holds a 60 percent stake.

Hikvision has authorized the management team to begin the preparatory work for the mainland listing, which still does not have a detailed schedule, it added.

Shares of Hikvision [SHE: 002415] were trading down 0.8 percent at CNY50.98 (USD7.99) as of 10.20 a.m. today, after opening 1 percent up.

Hikvision announced in April last year it was planning to spin off its Internet of Thing unit Ezviz Network for a listing on Shanghai’s Nasdaq-like Star Market after group profit growth slowed in 2019 due to China-US trade tensions.

Editor: Futura Costaglione