Group 1 - The core viewpoint of the news is that Zhaoyi Innovation (兆易创新) has successfully completed its IPO process, raising significant capital with a high level of oversubscription [1][2] - Zhaoyi Innovation plans to issue 28.916 million H-shares, with a public offering price range between HKD 132 and HKD 162, aiming to raise up to HKD 4.68 billion [1][2] - The company has attracted cornerstone investors including Yuanfeng Capital and CPE, with subscription amounts nearing USD 300 million at the highest offering price [1][2] Group 2 - Zhaoyi Innovation is a diversified integrated circuit design company, providing a range of chip products including Flash, niche DRAM, microcontrollers, analog chips, and sensor chips for various applications [2][3] - The company operates on a fabless business model, focusing on design and R&D while outsourcing manufacturing to external foundries [2] - As of 2024, Zhaoyi Innovation holds significant market positions, being the second largest NOR Flash manufacturer globally and the largest in mainland China, with a market share of 18.5% [3]

Investment Rating - The report assigns an IPO-specific rating of 5.9 out of 10 for the company, based on operational performance, industry outlook, offering valuation, and market sentiment [7]. Core Insights - The company, founded in 2005, operates under a fabless model focusing on integrated circuit design, with core products including specialized memory chips, MCUs, analog chips, and sensor chips, serving various sectors such as consumer electronics, automotive, and IoT [1]. - The semiconductor industry is characterized by significant cyclicality, with a recovery expected starting in 2024 after a downturn in 2023, driven by uneven market recovery and AI applications [3]. - The company holds leading positions in several market segments, including NOR Flash and SLC NAND Flash, with a strong emphasis on R&D and strategic acquisitions to enhance its product offerings and market presence [4]. Financial Summary - Revenue projections for 2022 to 2025 show a decline from 81.30 billion CNY in 2022 to 57.61 billion CNY in 2023, followed by a recovery to 73.56 billion CNY in 2024, with net profits expected to follow a similar trend [2]. - The gross margin is anticipated to gradually recover to 36.9% by mid-2025, with net asset value increasing to 174.35 billion CNY [2]. Industry Status and Outlook - The semiconductor industry is experiencing a downturn in 2023 due to normalized demand post-pandemic, but signs of recovery are expected in 2024, particularly in AI-driven applications [3]. - The competitive landscape in the NOR Flash, SLC NAND Flash, and niche DRAM markets is concentrated, with the top three players holding significant market shares [3]. Strengths and Opportunities - The company benefits from a strong market position, diverse product matrix, and a robust R&D team, with over 15% of revenue allocated to R&D in 2023-2024 [4]. - The rise of edge AI is expected to create additional demand for the company's products, with strategic acquisitions enhancing its capabilities in the analog chip sector [4]. Weaknesses and Risks - The company faces intense market competition and reliance on third-party manufacturing, which may impact pricing and profitability [5][6]. - High supplier concentration poses risks, as the company depends heavily on a limited number of core partners for production [9].

Summary of Key Points Core Viewpoint The Hong Kong IPO market saw significant activity in the past week, with 29 companies submitting listing applications, highlighting a robust interest in public offerings despite varying performance metrics among the companies involved [3][4]. Group 1: IPO Applications and Hearings - A total of 29 companies submitted IPO applications during the week of December 29, 2025, to January 4, 2026, including notable firms like BlueFocus (蓝色光标) and Stone Technology (石头科技) [3][4]. - Only one company, Longqi Technology (龙旗科技), successfully passed the Hong Kong Stock Exchange hearing [3][4]. - Ten companies initiated their IPO processes, including Jinxun Resources (金浔资源) and Ruibo Biotechnology (瑞博生物) [3][4]. Group 2: Companies Successfully Listed - Seven companies officially listed on the Hong Kong Stock Exchange, including Woan Robotics (卧安机器人) and Linqingxuan (林清轩) [3][4]. - Linqingxuan's stock opened at HKD 85, reflecting a 9.3% increase on its first trading day [22]. - Woan Robotics opened at HKD 73.8 and closed at HKD 73.85, showing slight movement on its debut [20]. Group 3: Company Performance Metrics - Tianjiu Qifu (天九企服) reported a revenue of RMB 725 million for the first half of 2025, a decrease of 37.9% year-on-year, while net profit surged by 241.3% to RMB 2.508 billion [10]. - Stone Technology (石头科技) achieved a revenue of RMB 12.055 billion for the first nine months of 2025, marking a 72.3% increase, although net profit fell by 29.5% to RMB 1.038 billion [11]. - Longqi Technology (龙旗科技) recorded a revenue of RMB 31.332 billion for the first nine months of 2025, down 10.3%, with a net profit of RMB 507 million, up 17.7% [12]. Group 4: Upcoming IPOs and Market Activity - Red Star Cold Chain (红星冷链) initiated its IPO process on December 31, 2025, planning to issue 23.263 million shares at an expected price of HKD 12.26 per share [13][14]. - Zhaoyi Innovation (兆易创新) also started its IPO on December 31, 2025, with plans to issue 28.916 million shares at a price range of HKD 132-162 [17][18]. - A-share companies like Zhejiang Rongtai (浙江荣泰) and Juchen Co. (聚辰股份) announced preparations for their IPOs in Hong Kong [22].

Group 1 - The core viewpoint of the news is that the semiconductor sector in the Hong Kong stock market is performing exceptionally well, with companies like Zhongji Innovation planning to launch an IPO to capitalize on this trend [3][4]. - Zhongji Innovation plans to globally issue approximately 28.92 million H-shares, with 10% allocated for public offering in Hong Kong and 90% for international offering, along with a 15% overallotment option [3]. - The expected net fundraising amount is approximately HKD 4.181 billion, with 40% allocated for enhancing R&D capabilities, 35% for strategic investments and acquisitions, 9% for global expansion, 6% for improving operational efficiency, and 10% for working capital and other general corporate purposes [3][4]. Group 2 - Zhongji Innovation has attracted significant interest from institutional investors, with cornerstone investors including Jinglin Asset, Taikang Life, Yunfeng Fund, and Xinhua Asset Management, collectively planning to subscribe for approximately USD 299.7 million of the offered shares [4]. - The company is a diversified integrated circuit design firm, providing a range of chip products including Flash, niche DRAM, microcontrollers (MCUs), analog chips, and sensor chips for various applications such as consumer electronics, automotive, industrial automation, and IoT [4]. - According to Frost & Sullivan, Zhongji Innovation ranks second globally and first in mainland China in the NOR Flash segment with an 18.5% market share, seventh globally and second in mainland China in niche DRAM with a 1.7% market share, and eighth globally and first in mainland China in the MCU segment with a 1.2% market share [4]. Group 3 - The company's revenue for the years 2022 to 2024 and the first half of 2025 is reported as RMB 8.13 billion, RMB 5.76 billion, RMB 7.36 billion, and RMB 4.15 billion respectively, with adjusted net profits of RMB 2.26 billion, RMB 0.26 billion, RMB 1.26 billion, and RMB 0.67 billion [5].

全球發售 聯席保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 兆易創新科技集團股份有限公司 GigaDevice Semiconductor Inc. 股份代號 : 3986 （於中華人民共和國註冊成立的股份有限公司） 重要提示 重要提示：閣下如對本招股章程內容有任何疑問，應諮詢獨立專業意見。 GigaDevice Semiconductor Inc. 兆易創新科技集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 | 全球發售的發售股份數目 | : | 28,915,800股H股（視乎發售量調整權 | | --- | --- | --- | | | | 及超額配股權行使與否而定） | | 香港發售股份數目 | : | 2,891,600股H股（可予重新分配） | | 國際發售股份數目 | : | 26,024,200股H股（可予重新分配以及視 | | | | 乎發售量調整權及超額配股權行使與 | | | | 否而定） | | 最高發售價 | : | 每股H股162.00港元，另加1.0%經紀 | | | | 佣金、0.0027%證監會交易徵費、 | | | | 0.0 ...

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香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或 完整性亦不作任何陳述，並明確表示對因本聆訊後資料集的全部或任何部分內容而引致或因依賴本聆訊後 資料集的全部或任何部分內容而引致的任何損失不負任何責任。 GigaDevice Semiconductor Inc. 兆易創新科技集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、其聯席保薦人、整體協調人、顧問或包銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例呈交香港公司註冊處處長註冊前，本公 司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請 僅依據呈交香港公司註冊處處長註冊的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公 眾派發。 (a) 本 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Post Hearing Information Pack, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Post Hearing Information Pack. Post Hearing Information Pack of GigaDevice Semiconductor Inc. 兆易創新科技集團股份有限公司 (the "Company") (A joint stock com ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或 完整性亦不作任何陳述，並明確表示對因本聆訊後資料集的全部或任何部分內容而引致或因依賴本聆訊後 資料集的全部或任何部分內容而引致的任何損失不負任何責任。 GigaDevice Semiconductor Inc. 兆易創新科技集團股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、其聯席保薦人、整體協調人、顧問或包銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例呈交香港公司註冊處處長註冊前，本公 司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請 僅依據呈交香港公司註冊處處長註冊的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公 眾派 ...