RaySharp Revealed - Major China OEM For Western Consumer Video Surveillance

******** ** ****** *******, even ***** ****** ** the ***** ************ ********, though ** ** * major ******** ** *** surveillance ********* **** ** the ******/******** **** **** in *** *** ********* like ******. *** ******* does **** ** ****** for ***** ************ **** Swann, ******, *** *****, benefiting *************/*****'* **** ** **** under ***** *** *****.

*******, *** **** ** known ***** ********. *** thanks ** * *********** *** ***********,** *** **** ** unprecedented ***** ** ***********. In **** ****, ** take * ******** **** at **** *** *******, examining *** ** *********, partial ******* ********** *********, legal ********, **********, ***** strategy, ******** ******** ** IPO ** *****, *** more:

• **********
• ********* *********
• ***** *** ********** ***** Revealed
• **********: *** *******, **** 2018 ******* ******
• ********'* *** ******: ***** America
• *** *********: *****, *****, Hanwha
• *** *********
• ***** ********: ****** *** Box
• ***** ******* **** ***** Owl ******** ********
• ****** ***** ****
• *** ********** ***********' ******* RaySharp
• ******* ***** *********** ******** Sales ********
• ****** ******** ***
• ************* ******
• ****** ******** ** *** Cybersecurity *****
• ******* *****/*********

[***************]

*******

******** *** ********** ** 2007 *** ** ***** in******, * ******* **** city **** *****. ** is ******* ** *******: only * ***** ********** (1-3%) ** *** ***** are **** ************, *** latest *** ****** ******.

Ownership / ******* ********** *****

******** *** * ******* ownership *********, *** ********* reveal. ***** **'* * private *******, **** ** RaySharp's *** ***** ************ are ********** *****-********** ** have * ***** *****-***** component:

• ******* ********* ********* *************** **% ** ******** and ** **** *** largest *** *********** ***********. In ****, **% ** Lianzhong ********* ** ********** owned ** *** *****-***** Assets *********** *** ************** Commission (*****) ** ***** Province, * ******** *****-***** company.
• ********'* ****** *** ****** largest ************,********* ********** ******* *******(**** **.**% *********)****** **(*.**% *********) *** **** state-owned ********** ******** ********** the ********* ********** ******’* Government.
• ********'* *******-******* ***********, ****** VC, ** **** ********** as *****-***** *** **** 4.6% ** ********.
• *** **** ** ******** is ***** ** * mixture ** ******* *********: VCs, *** **********, ***** investment ********, ***.

***********, **** ***** ***** 41% ** ********'* ****** are ********** ***** ** the ******* **********. **************, that ** ****** ******* the **** ********** ** Hikvision **** ******* ** *** ******* government.******** *** ********* **** have * ***** ****** in ******,*****, *** ********* *** state ****** **** **** about **% ** ********* and (*** ********* *********) about **% ** ********.

*******, *** ********* ***** the "****** **********" ** RaySharp ** * ******* PRC ******* ***** ** Lin (徐进), *** ** RaySharp's ******** *** ***** representative. ********'* *** ****** states ****, ******** *** indirectly, ** *** *********** controls ***** **% ** RaySharp's ******. **** ** mainly ******* *** *********** 55% ***** ** ********* Yongsheng, ** ***** ** is *** ********* ********. Xu *** **** ******** owns ***** *.*% ** RaySharp's ******.

RaySharp **********: *** *******, ******* ******

• **** ******* *** *****$140 *******; profit of about $8.7 *******
• **** ******* *** *****$136 *******; profit about $11 *******
• **** ******* *** *****$80 *******; profit about $5 *******
• **** ******* *** *****$62 *******; profit of about $3 *******
• **** ******* *** *****$47 *******; profit of about$1.5 *******

** *** ** ****, revenue ****** ********* **** 2017-2018 ***** ******* ********, leading ** * ***** profit ******. ********'* ****** margins, ** **** ***** 6% **** ****, *** much ***** **** ****** like*********,***** *** * **% margin, ********(***** **%). ********** ********* ********'* *** ********* * ******* (*** 'Failed ***' ******* ***** in **** ****.)

******** ********* **** ***** 2016 ** ***** ** this ***** ***** ** RaySharp's ****** *** *********** (which ** ** ***** of **,*** ***):

****-**** **** *** ***** on ********'********* *** ***********:

RaySharp **** *******

***** ******* ** ** far ********'* ******* ******. In ****, ** **** up **** **% ** RaySharp's *****, ** **** $105 *******, ********* ** its ****** *** ******:

*** **** ** ********'* sales *** ****** ******* split ******* **** *** Europe, **** ***** **% each. ********'* ******** ***** are **** ***, ******** around *-*% **** *** past *** *****.

RaySharp **** *********: ***** *********

********'* *** ********* ** 2018 ****:

• *****:$53 *******
• ****** *******:$22.9 *******
• *****:$17.3 *******
• ****** ******* *****:$5.3 *******
• ** ******: (* ***** ****** distributor):$3.8 *******

*** ******* *** *** conversions ** *** ******** chart *****, ** **,*** RMB **********:

*** *** ***** ****** shows **** ***** ** RaySharp's ***** ****** **** company's ****** *********. **** means ***** ** ** far ********'* **** ********* customer, ************ ****** **% of ***** *****.

RaySharp ******* ********

********'* ******* ****** ****** ******* ** low-end** *******/****, ** **** ******************/****, ******* ** ****, * ******* ******* mix *** ************ **** in *** *** ******. They ***** **** ********* varifocal ****** *** ****, though *** **** ** the ******* **** ** fixed ****. ************, **** claim ********* *** **** "**** ********" ** **** ******, though **** ** * distinct ********.

RaySharp *** *********

** ****, ********'* *** two ********* **** ***** HK, * ********** ** Swann ** **** **** drives ****, *** ****** HiSilicon, *****'* ******* *** producer. ***** *** ********* made ** ****** **% of ********'* ***** ********* purchases, ** ***** $** million, **** **** ****** about ** ***** *****.

** *****, ******** ***** its * *** *********, but ** ****. *** other ***** ********* **** smaller *** *********** *************. Those **** ********* **** up ***** **% ** RaySharp's ***** *********.

RaySharp *****: *** *** *******

******** ****** **** ***** 80% ** *** ******* comes **** ******* ******* and ********* ********* ** large ************ ************ *** re-brand *** ******** *** sell *** ***** ***** to ****** **** ******, Sam’s ****, **** ***, Fry's ***********, **** *****, Lowe's, *** ****** ******* Tools - ** *** end **** *** ****** physically ***** ** ***** stores ** ******** ****** kits. *** **** ** RaySharp's ***** ** ******** to *********** **********.

Night *** ***** *******

******** ** ******** ** an ***** ******* **** a ******* ***** *****,***** ***********, **** * ******** intended ******** *** ********, * **** *****, FL ***********, ** ****** in *** ****** *** filing.

******** ****** **** ***** sued **** ** ******* 2019 ** ******** ***** over * ******** **** shipment ** ***** ***-******* cameras. *****, * ******** Night *** *****, **** the ****** ** ***** Owl's ********* **** ** China *** ******* ******** was ******** *** *********. RaySharp ****** ****; *** case ** *******.

***** *** ******** ********'* version ** ******. ** February, ***** ******** * ********* *** ****** ******** of ******* ******* ***** over *** ********, ***** caused *********** ******, ******* it ***** ********** ***** to **** *** *** 'Night ***' ********* ** China. **** **** ** ongoing ** ****, *** RaySharp ** *** * party ** **.

Failed ****

******** *** ********* ******* times ** **** ** the ******** ***** ********'*************. ******* *** ****** reporting/revenue ************ **** ********'* main ***** ********, ** it ** ***** ** attract *******, **-****** **** companies.

*******, ******** *** ****** twice, ***** ** **** when ************* ***********, **** **** year **** ********'* *** application *** ******** ** regulators, ************** *********** ******:

*** ********** *** ***** volume ** **** ** significantly ****** **** **** in ****, [***] *** materials [***********] *** *** inventory ** *** ************, and *** ******* ********* balance ** ********* *** same

****** *** ********* ******, the ******'* ***** ** major ********* **** ** Hanwha ******* ********** *************

********** ********-********* ********* ** the **** ******** **** higher ***** ****** *******

[***** ** *] ***** difference ******* ******** ***** revenue *** ******* **** during *** ********* ******

**'* ***** ****** ****, separately,******** *** ***** $*** for *** **********,*** ******* ** *** customs ** ****.

Chinese ***** *********** ***** ********

***** *** **********'* *********,************* * ******* ************************* ********* ***** ********'* sales ********, *********** **** sales ****** ** **** to ******* *********.

*** ******** ******** *** unit **** *** **** price *** ********'* ******** and ***** *** ******** had ******* ****** **** while ***** *********. *** articles ********* **** ******** used **** ******** ** boost *** ******* ** it ***** **** **** for *** ***. ***, inevitably, **** **** ** one ** *** ***** gross ****** ******* ** the ********, ******* ********* from **********.

** *** *** ******* Raysharp *** ******* *** margins ******** *** *** to ********* ********** *****, but *** ******** ****** that *** *** **** to ** *** **** because ********'* ********** ***** were ******* *** ** the ****** ** *** industry.

New ***: ***** **** *****?

*** *****, ******** ** attempting ** ***,****** *** * ***** time ** **** **. *** ********** **** not ********* ***. ** the **** ******* ** any *****, ** **** take **** ******, ******** over * ****, ** know ******* **** ******* is **********. **** ****, RaySharp ***** *** ** IPO ** **** **** and *** ******** ******** in ********* ****.

Cybersecurity ******

** ******** ****, ******** researchers ***** **** ** to **,*** ******** **** had * ******** *************: "a ****-*****, ************ ******** for *** *******-********** **** in ***** ******** -- the **** *******",******* ********** *** ****. (**** discussed *** ************.)

*** ************* *** ** bad** *** ****** "**" - *** worst ******** ***** - by**-****, **** ** *** US **********'* ************* ********.

Hanwha ********: ** **** *** ******** *** ******** ****

**** ******* *** ** Hanwha ******* ***** ***** use ** ******** *** products, ****** ***** *** cybersecurity ***** - **** was ***** ******** *********:

****** ******* ******** ******** as ** *** ******** for *** ***/*** ******** products ****. ***** ** releasing ******** *** ******** to *** ******, ****** Techwin ******** ******** ******** verification ********** ** ****** the **** ** ********* security ********* **** ******** products ** ******** ********. This ******** ************ ******* a ******** ********* *** vulnerability ****** ***** ****** coding *****.

**** **** ******* ***** assurances, ***** *** ****** code ***** **** ********, some **** ***** *******. Generally ********, *************** *** also ****** *** ******** - *** ************ ** ***** ************ Cybersecurity *************** *** ********.

*********

******** *** ****** ************ popular ** *** **** as ****** *** ********* Hikvision *** ***** **** marketed **** *** **** of ***** ******* ********.

************, ***** *** ** current ***** ************ ** RaySharp, ****** ******* ******* ************* ** *********/***** *********.

***** *** **** *********** ** ***** ****** sanctions** *** **** **************** ***** ** ********. **** ******** *** any ***** ******** ******** projects, ** **** *********** China ****** ********, *** couldn't **** ***, ********* a ******** *********** ****** ********** **** ************ ** China.

*****

** *** ***********, ******** stated **** *********** ***** to *** ******** ******* the **-***** ***** ***, the **** ************* ** its *** * ******* (who *********** ****** ***** quarters ** ***** ******* in ****), *** ********* profit *******.

** ********, ******** ********'* IPO **** *** ******* this, *** *******'* ***** use ** ****** ********* equipment *** ****** ** to ***** *********** ********* on *** *** ** government ********** *** ******** of *** **** ***. As *****, ********* ** RaySharp's ****** ******* ********. (For ****, ********* ********* ******* ******** Tens ** ******** ** Western *** ************* ******** *** ***** House ******** ***** ** Hikvision / ***** ******* Blacklist).

False **** ******

** ********,******** ******* ******* "**** *************" for *** "***** ********" that ** ****** **** German ********* ********** *********. ** **** *** reported,** ******* *** ** GDPR ************ *** **** ****** states **** **** ******* do *** ****** *********.

******** ******* ** *** the "***** *** ** south *****" ** ******* the ************* *** *** surveillance ********, ***** *** be **** *** ** not ************ ******** ***** most *****'* ***** ************ manufacturers *** ** *******/******** China.******************* ****** ********* *** Rheinland's '*************' ****** ********.

** ** ****, ******* GDPR ************ *** ****** in ***** ************ *** other *******, **** ********* firms **** *** ********* capitalizing ** *********' ***** of *** **** ***********.