By LAN Liqi

Lockin, a Beijing-based smart-lock company,?is targeting government-backed affordable housing in Chongqing.

Founded in 2014, Lockin has received substantial funding from Baidu which holds the largest stake in the company with 15 percent. Founder CHEN?Bin holds 12 percent.

Lockin provides hi-tech home security through smart door locks and IoT devices, using AI-powered facial recognition to facilitate access between enterprises, communities and residences.

Affordable housing caters to low- and middle-income families. Public leasing housing is particularly popular in cities like Chongqing.

In the long-term rental apartment market, Lockin has secured more than half the market.

The company has already received extensive financing, but specific IPO plans are yet to be disclosed.