Recon Technology Ltd. (China)

The Company provides specialized oilfield equipment, automation systems, tools, chemicals and field services to petroleum companies mainly in the People's Republic of China.
The Company offers equipment, tools, and other components and parts related to oilfield production and other energy industries; and develops and sells industrial automation control and information solutions. It also provides equipment for oil and gas production and transportation, including heating furnaces and burner, as well as improvement techniques comprising packers of fracturing; production packers; sand prevention in oil and water wells; water locating and plugging techniques; fissure shaper; fracture acidizing techniques; and electronic broken-down services to resolve block-up and freezing problems. In addition, the company offers automation systems and services, including pumping unit controller that monitors the pumping units and collects data; RTU to monitor natural gas wells and collect gas well pressure data; wireless dynamometers and wireless pressure gauges; electric multi-way valves for oilfield metering station flow control; and natural gas flow computer systems. Further, it provides Recon SCADA oilfield monitor and data acquisition system for supervision and data collection; EPC service of pipeline SCADA system for pipeline monitoring and data acquisition; EPC service of oil and gas wells SCADA system for monitoring and data acquisition of oil wells and natural gas wells; EPC service of oilfield video surveillance and control system to control the oil and gas wellhead and measurement station areas; and technique service for digital oilfield transformation. Additionally, the Company offers oilfield waste water treatment solutions and related chemicals; oily sludge disposal solutions; and gas station operation and management solution.
The Company is a provider of hardware, software, and on-site services to companies primarily in the petroleum mining and extraction industry in China. The Company provide services designed to automate and enhance the extraction of petroleum. To date, it control by contract the PRC companies of Beijing BHD Petroleum Technology Co., Ltd. (“BHD”) and Nanjing Recon Technology Co., Ltd.
The Company has historically provided products and services mainly to oil and gas field companies, which focus on the development and production of oil and natural gas.
The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company's chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company's reportable segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different products. Based on management's assessment, the Company has determined that it has four operating segments: automation product and software, equipment and accessories, oilfield environmental protection and platform outsourcing services.
The Company conducts its business through the following PRC legal entities that operate in the Chinese oilfield equipment service industry: Beijing BHD Petroleum Technology Co., Ltd. and Nanjing Recon Technology Co., Ltd.
HISTORY
2007 The Company was incorporated under the laws of the Cayman Islands on August 21, 2007 as a limited liability company.
The Company's wholly owned subsidiary, Recon Technology Co., Limited was incorporated on September 6, 2007 in Hong Kong. On November 15, 2007 Recon-HK established one wholly owned subsidiary, Jining Recon Technology Ltd. under the laws of the PRC.
2009 The Company completed its initial public offering on July 29, 2009. Its Class A Ordinary Shares trade under the trading symbol “RCON” on the NASDAQ Capital Market.
2010 On November 19, 2010, the Company established another wholly owned subsidiary, Recon Investment Ltd. under the laws of HK.
2014 On December 18, 2014, Recon-IN established one wholly owned subsidiary, Recon Hengda Technology (Beijing) Co., Ltd. under the laws of the PRC. Other than the equity interest in Recon-BJ, Recon-IN does not own any assets or conduct any operations.
2019 later dissolved on April 10, 2019 as part of our previously disclosed organizational restructuring.
2020 Recon-HK did not own any assets or conduct any operations and was dissolved on May 15, 2020.
2021 Class A ordinary shares began to trade on the NASDAQ Capital Market on April 12, 2021 under the same symbol, “RCON.”
2023 On October 10, 2023, the Company established wholly owned subsidiary, Shandong Recon Renewable Resources Technology Co., Ltd. under the laws of HK.
2024 On February 22, 2024, Guangxi Recon Renewable Resources Technology Co., Ltd. was also established under the laws of HK. Recon-SD and Recon-GX will carry out wasted plastic chemical recycling business to serve customers located in different areas.