Summary of Key Points Core Viewpoint The article provides an overview of the recent activities in the Hong Kong stock market, highlighting the number of companies that have submitted applications for listing, those that have passed the hearing, and details about their financial performance and market positions. Group 1: New Applications - A total of 19 companies submitted applications to the Hong Kong Stock Exchange from June 16 to June 22 [3] - New Hope Group (600803.SH) is the largest private natural gas company in China, with a market share of approximately 6.1% in 2024 [3] - Wolong Technology (002130.SZ) is the second-largest high-speed copper cable manufacturer globally, holding a 24.9% market share [4] - Beijing Geekplus Technology Co., Ltd. is the largest provider of AMR solutions globally, maintaining its leading position for six consecutive years [5] - Banu International Holdings is the largest hot pot brand in China by revenue, with a market share of 3.1% [6] - Hope Sea Inc. is the largest comprehensive electronic product import supply chain solution provider in China, with an import GMV of approximately RMB 34.8 billion in 2024 [7] - Guangzhou Shiyuan Electronic Technology Co., Ltd. ranks first in the Chinese market for interactive smart panels with a 25.0% market share [8] - Anmai Biotechnology Co., Ltd. ranks second globally in T-cell connector therapy, with total transaction values exceeding USD 2.1 billion [9] - Beijing Haizhi Technology Group focuses on industrial-grade AI solutions, ranking fifth in the Chinese market [10] - Suzhou Jiyi Technology Co., Ltd. ranks second in digital retail operations in China [11] - Drip Irrigation International Investment Co., Ltd. is the first global exchange group based on revenue-sharing models [12] - Zhaowei Electromechanical (003021.SZ) provides integrated micro-drive systems, with revenues projected to grow [13] - Meige Intelligent (002881.SZ) ranks fourth globally in wireless communication modules, holding a 6.4% market share [14] - Yuxin Technology (300674.SZ) is a leading fintech solution provider in China, with significant market shares in various sectors [15] - Shanghai Zhuoyue Ruixin Digital Technology Co., Ltd. ranks second in the digital education market for higher education in China [16] - Zhaoyi Innovation (603986.SH) is the second-largest NOR Flash provider globally, with an 18.5% market share [17] - Changchun Changguang Chenxin Microelectronics Co., Ltd. specializes in high-performance CMOS image sensors [18] - Weichai Lovol Smart Agriculture Technology Co., Ltd. is a leading provider of smart agricultural solutions in China [19] - PPIO is an independent distributed cloud computing service provider [20] - Xiangkang Holdings is a major technical apparel manufacturer for high-end brands [22] Group 2: Companies Passing Hearings - Four companies passed the listing hearing this week, including Fuwai Group, which is a pan-Asian life insurance company with projected insurance revenue growth [24] - Fengcai Technology focuses on chip design for BLDC motor control, ranking sixth in the Chinese market [25] - Xunzhong Communication Technology Co., Ltd. is the third-largest cloud communication service provider in China [26] - Cloudbreak Pharma Inc. is a clinical-stage ophthalmic biotech company with two core products [27] Group 3: Recent IPOs - Haitan Flavor Industry (03288.HK) raised approximately HKD 10.1 billion in its IPO, with a slight decline in stock price post-listing [28] - Sanhua Intelligent (02050.HK) had a strong subscription rate for its IPO [29] - Baize Medical (02609.HK) and other companies also reported significant subscription rates for their IPOs [30][31][32][33]

Core Viewpoint - The article highlights the growth and strategic positioning of Zhaoyi Innovation, a leading domestic storage chip company in China, as it transitions from a niche player to a comprehensive semiconductor platform through its upcoming "A+H" listing and diverse product offerings [1][11]. Group 1: Company Overview - Zhaoyi Innovation plans to list on the Hong Kong Stock Exchange, aiming for a dual capital platform strategy [1]. - The company is projected to sell 4.362 billion chips and generate revenue of 7.356 billion yuan in 2024, with a cumulative revenue exceeding 21.2 billion yuan from 2022 to 2024 [2]. Group 2: Product Segments - Zhaoyi Innovation ranks second globally and first domestically in NOR Flash, sixth globally and first domestically in SLC NAND Flash, seventh globally and second domestically in niche DRAM, and eighth globally and first domestically in MCU [4]. - The company has developed a comprehensive product matrix covering NOR Flash, SLC NAND Flash, niche DRAM, MCU, and sensor chips [1]. Group 3: Market Position and Strategy - The company has established a distribution network covering over 40 countries, with the top five customers being distributors, accounting for 33.3% of sales [7]. - Zhaoyi Innovation's supply chain strategy includes a dual cooperation model with suppliers, where the top five suppliers account for over 70% of procurement [7]. Group 4: Technological Advancements - Zhaoyi Innovation is the first global manufacturer to mass-produce RISC-V core 32-bit MCUs, with a market share of 1.2% in 2024, ranking first among domestic manufacturers [5]. - The company has a strong focus on R&D, with a total investment exceeding 3.4 billion yuan and a projected R&D expense of 1.122 billion yuan in 2024, representing 15.3% of revenue [2][10]. Group 5: Future Growth and Market Trends - The company aims to leverage the growing demand for edge computing and AI, with plans to use IPO proceeds for advanced process R&D and automotive-grade product certification [11]. - Zhaoyi Innovation's automotive electronics revenue is expected to increase from 5% in 2022 to 12% in 2024, with NOR Flash entering the supply chains of major automotive manufacturers [12].

Core Viewpoint - The company, Zhaoyi Innovation, is pursuing a listing on the Hong Kong Stock Exchange despite having substantial cash reserves, indicating a strategic move to enhance its global presence and competitiveness in the semiconductor industry [1][8][9]. Company Overview - Zhaoyi Innovation, founded in April 2005, is a leading chip design company with a market capitalization exceeding 81.8 billion RMB as of June 19, 2025 [1]. - The company specializes in various chip designs, including Flash, niche DRAM, MCU, analog chips, and sensor chips, serving multiple markets such as consumer electronics, automotive, industrial, and IoT [1]. Market Position - According to Frost & Sullivan, Zhaoyi Innovation ranks among the top ten global integrated circuit design companies in several categories, including second in NOR Flash and sixth in SLC NAND Flash [2]. - The company has notable shareholders, including Hong Kong Central Clearing Limited and various investment funds, indicating strong market confidence [2]. Financial Performance - Zhaoyi Innovation's revenue from 2022 to 2024 shows significant fluctuations, with revenues of 81.3 billion RMB in 2022, dropping to 57.61 billion RMB in 2023, and recovering to 73.56 billion RMB in 2024 [3]. - The company's reliance on specialized storage chips is evident, with these products accounting for over 70% of total revenue during the same period [3][4]. Inventory and Asset Management - The company has faced challenges with inventory management, recording impairment losses of 1.77 billion RMB in 2022, 2.37 billion RMB in 2023, and 1.72 billion RMB in 2024 due to declining product prices [5][6]. - Despite these challenges, Zhaoyi Innovation anticipates a market rebound in 2024, driven by improved demand and AI-related growth [6]. IPO Strategy - The IPO aims to support Zhaoyi Innovation's global strategy, enhance its international brand image, and facilitate entry into international supply chains [8]. - The company plans to use the raised funds for R&D, strategic investments, global expansion, and working capital [8]. Market Reactions - Following the announcement of the IPO, Zhaoyi Innovation's stock experienced volatility, reflecting market uncertainty regarding its strategic direction [8][9].

Group 1: AI and DeepSeek Innovations - DeepSeek leads the rise of domestic large models, significantly enhancing AI application deployment through technological innovations, achieving high cost-performance ratios in model training and inference [6][15][32] - The release of DeepSeek-V3, with a total parameter count of 671 billion, demonstrates competitive performance against OpenAI's GPT-4o, while maintaining a lower training cost of approximately $557.6 million [16][23][34] - The introduction of model distillation techniques in DeepSeek-R1 enhances inference capabilities, allowing smaller models to retain much of the performance of larger models, thus facilitating faster AI application deployment [19][28][32] Group 2: Semiconductor Industry Trends - The semiconductor industry is experiencing a push for domestic self-sufficiency due to increasing restrictions from the US and Japan, with a focus on accelerating domestic replacements in critical areas [9][10] - The demand for AI computing chips is expected to grow significantly, driven by the ongoing AI boom, with domestic manufacturers poised to capture market share as they enhance their capabilities [9][10] - The memory market is showing signs of recovery, with DRAM and NAND prices increasing from March to May 2025, indicating the potential for a new upward cycle in the semiconductor sector [9][10] Group 3: Investment Recommendations - Investment opportunities are identified in various sectors, including AI computing chips (e.g., Haiguang Information), AI glasses SoC (e.g., Hengxuan Technology), and smart driving technologies (e.g., OmniVision Technologies) [9][10] - The report suggests focusing on companies involved in advanced semiconductor equipment and manufacturing, such as North Huachuang and SMIC, as well as memory manufacturers like Zhaoyi Innovation, which are expected to benefit from the domestic market's growth [9][10]

Core Viewpoint - Zhaoyi Innovation Technology Group Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to expand its capital base and enhance its market presence in the semiconductor industry [1]. Financial Performance - The company reported revenues of RMB 81.3 billion, RMB 57.61 billion, and RMB 73.56 billion for the years 2022, 2023, and 2024, respectively [1][2]. - The net profit attributable to equity shareholders was RMB 20.53 billion, RMB 1.61 billion, and RMB 11.03 billion for the same years [1][2]. - Gross profit margins were 45.5%, 30.3%, and 35.7% for 2022, 2023, and 2024, respectively [2]. Business Model and Product Offering - Zhaoyi Innovation operates under a fabless business model, focusing on the design and development of integrated circuits [1]. - The company offers a diverse range of chip products, including Flash, niche DRAM, MCU, analog chips, and sensor chips, along with corresponding algorithms and software solutions [1]. Market Position and Shareholder Information - The company was founded in April 2005 by Chairman Zhu Yiming and went public on the Shanghai Stock Exchange in August 2016, with a current market capitalization of RMB 80 billion [3]. - Zhu Yiming holds a 6.89% stake in the company, while notable shareholder Ge Weidong holds 2.82% [6][9]. IPO Context and Market Reaction - Following the announcement of its IPO plan on May 20, 2023, Zhaoyi Innovation's stock price experienced a decline of 6.54% on May 21, indicating potential market volatility related to the IPO [10]. - The company acknowledged that the stock price performance may be influenced by its capital operations related to the dual listing, but emphasized that long-term performance and growth remain the focus [10].

Core Viewpoint - Zhaoyi Innovation has submitted an application for the issuance of H shares and listing on the Hong Kong Stock Exchange, highlighting its position as a leading global multi-chip design company specializing in various chip products and solutions [2] Company Overview - Zhaoyi Innovation is a global leader in multi-chip design, providing diverse chip products including Flash, niche DRAM, MCU, analog chips, and sensor chips, along with corresponding algorithms and software solutions [2] - The company operates under a fabless business model, focusing on integrated circuit design and R&D to maintain technological leadership [2] - Established in 2005, Zhaoyi Innovation has spent 20 years in the specialized storage chip industry and 14 years in the MCU field, becoming a leading enterprise in China for specialized storage chips and MCUs [2] Market Position - According to Frost & Sullivan, Zhaoyi Innovation is a market leader in multiple fields, being the only integrated circuit design company globally ranked in the top ten for NOR Flash, SLC NAND Flash, niche DRAM, and MCU [2] - Specific rankings include: - NOR Flash: Second globally, first in mainland China [3] - SLC NAND Flash: Sixth globally, first in mainland China [3] - Niche DRAM: Seventh globally, second in mainland China [3] - MCU: Eighth globally, first in mainland China [4] - Fingerprint sensor chips: Second in mainland China [5] Financial Performance - Revenue figures for Zhaoyi Innovation are as follows: - 2022: RMB 8,130 million - 2023: RMB 5,760.8 million - 2024: RMB 7,356 million [5] - Adjusted net profit (non-IFRS) for the same years: - 2022: RMB 2,256.1 million, net profit margin of 27.7% - 2023: RMB 258.3 million, net profit margin of 4.5% - 2024: RMB 1,259.9 million, net profit margin of 17.1% [5] R&D Investment - Zhaoyi Innovation emphasizes R&D to meet complex market demands, with R&D expenditures as follows: - 2022: RMB 935.6 million (11.5% of total revenue) - 2023: RMB 990.0 million (17.2% of total revenue) - 2024: RMB 1,122.4 million (15.3% of total revenue) [5] - As of December 31, 2024, the company holds 1,059 patents, 195 registered trademarks, 62 copyrights, and 3 domain names [5]

Core Viewpoint - 兆易创新科技集团股份有限公司 has submitted an application for listing on the Hong Kong Stock Exchange, with CICC and Huatai International as joint sponsors. The company holds a leading global position in the NOR Flash market, ranking second globally and first in mainland China with a market share of 18.5% based on projected 2024 revenue [1]. Group 1: Company Overview - The company is a global leader in diversified chip design, offering a range of products including Flash, niche DRAM, MCU, analog chips, and sensor chips, along with corresponding algorithms and software solutions [3]. - It operates under a fabless business model, focusing on integrated circuit design and R&D to maintain technological leadership [3]. - The company is the only integrated circuit design firm globally ranked in the top ten across NOR Flash, SLC NAND Flash, niche DRAM, and MCU sectors [3]. Group 2: Product Development - In 2019, the company launched China's first ultra-high-speed 8-channel SPI NOR Flash product, achieving data throughput rates approximately five times higher than existing products at that time [4]. - In 2020, it introduced a high-performance SPI NOR Flash product with a capacity of up to 2Gb, becoming the first in mainland China to cover a complete product line from 512Kb to 2Gb [4]. - The company plans to launch a low-power series of SPI NOR Flash in 2024, significantly enhancing battery life for small-capacity devices [4]. - By 2025, it aims to be among the first to achieve mass production of 45nm node SPI NOR Flash, improving storage density while maintaining market leadership [4]. Group 3: Financial Performance - The company reported revenues of RMB 81.3 billion, RMB 57.61 billion, and RMB 73.56 billion for the years 2022, 2023, and 2024, respectively [5]. - Adjusted net profits (non-IFRS) were RMB 22.56 billion, RMB 2.58 billion, and RMB 12.6 billion for the same years, with adjusted net profit margins of 27.7%, 4.5%, and 17.1% [5]. - The gross profit margin decreased from 45.5% in 2022 to 30.3% in 2023, before recovering to 35.7% in 2024 [6].

https://www1.hkexnews.hk/app/sehk/2025/107462/documents/sehk25061901284 _c.pdf 证券代码：603986 证券简称：兆易创新 公告编号：2025-034 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 鉴于本次发行上市的发行对象仅限于符合相关条件的境外投资者及依据中 国相关法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境内证 券交易所的网站和符合监管机构规定条件的媒体上刊登该申请资料，但为使境内 投资者及时了解该等申请资料披露的本次发行上市以及公司的其他相关信息，现 提供该申请资料在香港联交所网站的查询链接供查阅： 兆易创新科技集团股份有限公司 关于向香港联交所递交 H 股发行上市的申请 并刊发申请资料的公告 兆易创新科技集团股份有限公司（以下简称公司）已于 2025 年 6 月 19 日向 香港联合交易所有限公司（以下简称香港联交所）递交了发行境外上市外资股（H 股）股票并在香港联交所主板挂牌上市（以下简称本次发行上市）的申请，并于 同日 ...

智通财经6月19日电，兆易创新(603986.SH)公告称，公司已于6月19日向香港联合交易所有限公司递交 了发行境外上市外资股（H股）股票并在香港联交所主板挂牌上市的申请，并于同日在香港联交所网站 刊登了本次发行上市的申请资料。该申请资料为草拟版本，其所载资料可能会适时作出更新及修订。 兆易创新：向香港联交所递交H股发行上市申请并刊发申请资料 ...

智通财经6月19日电，利弗莫尔证券显示，兆易创新向港交所提交上市申请书，联席保荐人为中金公 司、华泰国际。 ...