Core Viewpoint - Jiangbolong Electronics Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange, following its previous listing on the A-share market in 2022, aiming for A+H listing to support business growth [1][5]. Company Overview - Jiangbolong, founded in 1999, is a leading independent semiconductor memory manufacturer, providing comprehensive storage solutions widely used in various electronic devices [1][5]. - As of April 23, 2025, Jiangbolong's total market capitalization is approximately 32.95 billion RMB [1]. Financial Performance - The company reported net cash outflows from operating activities of approximately 326 million RMB, 2.798 billion RMB, and 1.19 billion RMB for the years 2022, 2023, and 2024, respectively [7]. - Despite negative cash flows, Jiangbolong distributed cash dividends totaling approximately 198 million RMB and 104 million RMB in 2022 and 2023, respectively [7]. - Revenue figures for 2022, 2023, and 2024 are approximately 8.33 billion RMB, 10.13 billion RMB, and 17.46 billion RMB, with corresponding net profits of approximately 73 million RMB, -837 million RMB, and 505 million RMB [14]. Market Position and Trends - The global semiconductor market is projected to reach nearly 600 billion USD by 2024, with semiconductor memory accounting for over 30% [9]. - Jiangbolong is the second-largest independent memory manufacturer globally and the largest in China, with a market share of approximately 15% [17]. - The semiconductor memory market is expected to grow significantly, driven by the increasing data generation from AI and other technologies, with a projected CAGR of 11.6% from 2024 to 2028 [16]. Product Portfolio - Jiangbolong's product lines include NAND Flash and DRAM, with embedded storage contributing 48.3% of revenue in 2024, followed by solid-state drives (23.7%), mobile storage (18.4%), and memory modules (8.7%) [11][14]. - The company operates under three brands: FORESE for B2B, Lexar for high-end consumer products, and Zilia for enterprise solutions [14]. Supply Chain and Production - Jiangbolong operates five production bases in China and Brazil, relying on third-party manufacturers for certain production processes [19]. - The company sources a significant portion of its materials from a concentrated supplier base, with the top five suppliers accounting for 65.3% to 50% of total procurement during the reporting period [19].
半导体存储器厂商江波龙赴港IPO，2024年扭亏，供应商相对集中