Jing Ji Guan Cha Wang·2025-08-03 11:59Core Viewpoint - The company, Jinghe Integrated Circuit (688249), is planning to issue H-shares and list on the Hong Kong Stock Exchange to optimize its capital structure and broaden financing channels, without changing the control of its major shareholders [2] Group 1: Company Overview - Jinghe Integrated Circuit is one of China's leading semiconductor foundries, established in May 2015, and is the first 12-inch wafer foundry in Anhui Province [2] - The company officially listed on the STAR Market in May 2023 and primarily engages in 12-inch wafer foundry services, with capabilities in various technology platforms including DDIC, CIS, PMIC, MCU, and Logic [2] - The company has achieved mass production of products such as display driver chips (DDIC), CMOS image sensors (CIS), microcontrollers (MCU), power management ICs (PMIC), and logic applications, which are widely used in consumer electronics, smartphones, smart home appliances, security, industrial control, and automotive electronics [2] Group 2: Recent Developments - The company has successfully achieved mass production of its 40nm high-voltage OLED display driver chips and 55nm full-process stacked CIS chips, with 28nm OLED display driver chips and 28nm logic chips expected to enter risk mass production by the end of this year [3] - In July, Jinghe Integrated Circuit accelerated its capital market activities, with several semiconductor companies, including Chipsea Technology and Lattice Semiconductor, also disclosing plans for Hong Kong IPOs [3] Group 3: Shareholder Changes - On the same day Jinghe Integrated Circuit announced its Hong Kong IPO, Huakin Technology, the largest mobile ODM manufacturer in China, announced a cash acquisition of 120 million shares (6% of total shares) from the Taiwanese-backed investor, Liching Innovation Investment, for 2.39 billion yuan, at a price of 19.88 yuan per share, a 10% discount to the market price [3][4] - Following the transaction, Huakin Technology will become the fourth-largest shareholder of Jinghe Integrated Circuit and gain a board nomination seat, while Liching Innovation's shareholding will decrease to 13.08% [4] Group 4: Financial Performance - In 2024, Jinghe Integrated Circuit reported approximately 9.249 billion yuan in revenue, a year-on-year increase of 27.69%, attributed to the favorable semiconductor industry conditions and increased sales [5] - The net profit attributable to shareholders was approximately 533 million yuan, a significant year-on-year increase of 151.78% [5] - In Q1 2025, the company achieved approximately 2.568 billion yuan in revenue, a year-on-year increase of 15.25%, with a net profit of approximately 135 million yuan, reflecting a 70.92% year-on-year growth [6] Group 5: Market Position - As of August 1, Jinghe Integrated Circuit's stock closed at 21.57 yuan per share, with a market capitalization of 43.3 billion yuan [7]