JoulWatt(SH:688141) Xin Lang Cai Jing·2025-06-03 02:03Core Viewpoint - Jiewa Microelectronics Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, marking the official launch of its A+H dual listing plan, aiming to enhance its global presence and attract international investors [1][6]. Group 1: Company Overview - Jiewa was established in 2013 and is one of the first domestic companies to implement a virtual IDM model in the analog integrated circuit design sector [2]. - The company focuses on power management and signal chain chips, utilizing its proprietary BCD process technology platform for chip design and manufacturing [2][4]. - As of December 31, 2024, Jiewa has nearly 2,200 product models available, widely used in various applications including automotive electronics, communication devices, and renewable energy [2]. Group 2: Market Position - In the Chinese analog integrated circuit market, Jiewa ranks eighth globally and fourth among Chinese manufacturers in terms of power management revenue for 2024 [2]. - In the communications market, Jiewa ranks fifth globally and second domestically based on power management revenue for 2024 [3]. - In the computing and storage market, Jiewa holds the sixth position globally and second position domestically for power management revenue in 2024 [3]. Group 3: Research and Development - Jiewa has significantly increased its R&D investment, reaching 619 million yuan in 2024, a year-on-year increase of 24.02% [4]. - In the first quarter of 2025, R&D investment totaled 191 million yuan, reflecting a 36.18% year-on-year growth [4]. - The company has successfully launched products in emerging application areas, including high-voltage PMIC chips for solar applications and various PoE Ethernet power supply chips [4][5]. Group 4: Strategic Moves - Jiewa's recent acquisition of Tianyi Hexin for 319 million yuan is expected to enhance its signal chain technology and penetrate the consumer electronics market [5]. - The company's IPO in Hong Kong is part of a broader trend, with at least 24 A-share companies applying for listings on the Hong Kong Stock Exchange, indicating a growing interest in dual listings [6]. - The current market environment favors semiconductor assets, providing Jiewa with an opportunity to enhance its valuation and secure long-term funding [6].