Recon Technology, Ltd. is screened out under 2 exclusion reasons spanning 1 issue category.
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. It is a statement of values.
Recon Technology, Ltd. is a holding company that provides hardware, software, and on-site services specifically to automate and enhance petroleum extraction in China. The company is the country's first NASDAQ-listed non-state-owned oil and gas field service company, deriving its core revenue from supplying China's largest oil exploration and production companies. Its services include well servicing, production data acquisition, and equipment upgrades for oilfield operations.
In August 2025, the company announced it was awarded a contract worth approximately $5.85 million to provide upgrades for oilfield production equipment. This contract exemplifies its ongoing role in servicing and maintaining fossil fuel extraction infrastructure. The company's business model is intrinsically linked to the upstream oil and gas sector, providing the specialized technology and services that enable continued petroleum production.
Recon Technology is an oil and gas field service company specializing in automation systems, software, and equipment for the exploration and production sector. The company describes itself as China's first NASDAQ-listed non-state-owned oil and gas field service provider and its primary clients are China's largest state-owned oil exploration companies, including China National Petroleum Corporation (CNPC). Its core business is providing the technological infrastructure for fossil fuel extraction.
In May 2024, ReconAfrica, a company with which Recon Technology shares significant executive leadership and was historically a major shareholder, agreed to a nearly CAD$10.6 million settlement in a class-action lawsuit. The suit alleged the company made misleading statements about the oil potential and regulatory approvals for its exploration activities in the environmentally sensitive Kavango Basin, near the Okavango Delta wilderness. A 2021 whistleblower complaint to the U.S. Securities and Exchange Commission had previously cited “egregious” violations by ReconAfrica and its executives related to this project.
The company's service contracts are directly tied to expanding fossil fuel production. In August 2025, Recon Technology secured a contract worth $5.85 million to upgrade and retrofit automation systems at a large gas field in Mid-Asia. Historically, the company has also invested in extending its “industry chain from upstream oil exploitation to downstream” retail, including smart gas station technology.
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