闯关科创板IPO未果 长光辰芯转战港交所

Core Viewpoint - Changchun Changguang Chenchip Optoelectronics Technology Co., Ltd. (referred to as Changguang Chenchip) has submitted an IPO application to the Hong Kong Stock Exchange after terminating its IPO on the Sci-Tech Innovation Board earlier this year [1] Group 1: Company Overview - Changguang Chenchip is a domestic manufacturer of CIS (Camera Image Sensors) focusing on industrial and scientific imaging markets, unlike competitors such as OmniVision, STMicroelectronics, and Gekewei, which primarily target consumer-grade CIS [3][4] - In 2024, 66.3% of Changguang Chenchip's revenue is expected to come from industrial imaging, while 28.6% will come from scientific imaging [4] Group 2: Market Position - According to Frost & Sullivan, Changguang Chenchip ranks third globally and first in China for industrial imaging CIS revenue in 2024, holding a 15.2% global market share. For scientific imaging CIS, it also ranks third globally and first in China, with a 16.3% market share [5] - The overall CIS market is projected to reach 139.1 billion yuan in 2024, with industrial imaging CIS at 2.9 billion yuan and scientific imaging CIS at 1.2 billion yuan, indicating that industrial imaging accounts for approximately 2% and scientific imaging less than 1% of the total CIS market [5][6] Group 3: Manufacturing Model - Changguang Chenchip operates on a fabless model, relying on third-party suppliers for wafer manufacturing, specifically Tower Semiconductor and DB HiTek [7][8] - The company benefits from avoiding significant capital expenditures and operational complexities associated with owning manufacturing facilities, while also gaining access to advanced technologies and economies of scale [8] - In 2024, Supplier Group A, primarily based in Israel, accounted for 39.7% of Changguang Chenchip's total procurement, while Supplier G, based in South Korea, accounted for 7.8% [8][9] Group 4: Supply Chain and Risks - The company is exploring domestic alternatives to mitigate potential geopolitical risks associated with its reliance on overseas wafer suppliers [9]