云英谷“卖身”失败转战H股 国内半导体赴港上市潮起

Core Viewpoint - Yunyinggu Technology has submitted its IPO application to the Hong Kong Stock Exchange after its previous acquisition plan failed, aiming to raise funds for the development and optimization of AMOLED TDDI chips and other strategic investments [1][5]. Company Overview - Yunyinggu Technology, established in 2012 and headquartered in Shenzhen, has a core team from prestigious universities and has focused on display driver chips for over a decade [2]. - Initially, the company generated revenue through licensing its display technology to major panel manufacturers, later entering the AMOLED driver chip market in 2016 [2]. - By 2024, Yunyinggu's Micro-OLED display backplane held a 40.7% market share globally, making it the largest AMOLED driver chip manufacturer in mainland China and the fifth largest worldwide [2]. Financial Performance - Yunyinggu has completed twelve rounds of financing, attracting investments from notable firms, and achieved a valuation of 8.5 billion RMB in April 2024, ranking 976th on the 2024 Hurun Global Unicorn List [3]. - Despite revenue growth from 551 million RMB in 2022 to 891 million RMB in 2024, the company reported net losses of 124 million RMB, 232 million RMB, and 309 million RMB over the same period, totaling 665 million RMB in losses [3]. IPO Journey - After the A-share IPO plan was shelved due to stricter regulations, Yunyinggu shifted focus to a potential acquisition by Huida Technology, which ultimately fell through due to valuation disagreements [4]. - The recent IPO application to the Hong Kong Stock Exchange is seen as a strategic move, as the market is more accommodating to unprofitable tech companies, allowing Yunyinggu to meet the necessary criteria for listing [5]. Market Trends - The semiconductor sector is witnessing a surge in companies applying for IPOs in Hong Kong, with over 180 applications in the first half of 2025, indicating a trend towards this market for high-growth potential firms [6]. - The Hong Kong Stock Exchange's flexible listing rules and efficient processes are attracting semiconductor companies, providing them with broader financing channels and opportunities for rapid capital raising [6][7]. - Industry experts predict that the trend of semiconductor companies going public in Hong Kong will continue, driven by ongoing capital needs and the lengthy IPO queue in the A-share market [7].