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Core Viewpoint - Beijing Jichuang Beifang Technology Co., Ltd. (Jichuang Beifang), a leading domestic display chip company, has submitted its listing guidance for an IPO on the Sci-Tech Innovation Board, with CITIC Securities as the advisory institution, marking another high-tech enterprise aiming for the Sci-Tech Innovation Board since the recent reforms [1][2]. Company Overview - Jichuang Beifang is a "Fabless" model company specializing in a full range of display chips, including display driver chips (DDIC), OLED display driver chips, power management chips, and LED driver chips [1]. - The company has expanded its chip offerings from specialized products to integrated and modular solutions, launching various touch and display driver integrated chips (TDDI), automotive-grade display chips, and SoC chips to enhance its industry position and product pricing power [1]. Market Position - Jichuang Beifang has established strong ties with major domestic display panel manufacturers and leads in market share for several display driver chips and integrated modules [1]. - According to Omdia's 2024 statistics, Jichuang Beifang ranks first globally in the smartphone LCD DDIC market with an 18.8% market share and leads in the large-size display DDIC market in mainland China with a 17.6% share [3]. - In the LED display driver chip sector, Jichuang Beifang holds over 45% of the global market share, maintaining the top position for five consecutive years from 2019 to 2024 [3]. Product Recognition and Achievements - The company's display driver solutions have been utilized in significant national events, including the Beijing Winter Olympics and the Qatar World Cup, as well as in high-profile projects like the MSG Sphere in Las Vegas [4]. - Jichuang Beifang received the highest level ASIL-D certification for automotive functional safety management from TÜV Rheinland, indicating its capability to design compliant automotive chips [4]. - Recently, the company has achieved mass production of its self-designed automotive Mini LED direct display driver chips and TDDI display driver chips, breaking the reliance on imports for such chips [4]. Market Timing and Industry Trends - Jichuang Beifang previously applied for an IPO in June 2022 but withdrew the application in March 2023 due to a downturn in the semiconductor market. However, the market has shown signs of recovery, with a rebound in demand for display chips and an increase in domestic manufacturers' market share [6]. - The semiconductor market is experiencing a revival driven by new technologies such as AI, electric vehicles, and virtual reality, with a notable increase in panel utilization rates and a 10% to 20% rebound in DDIC prices [6]. - Industry experts highlight that Jichuang Beifang is one of the fastest-growing companies in the Chinese display driver chip sector, making the timing for its IPO particularly favorable as the industry enters a growth phase [6]. Regulatory Environment - The Sci-Tech Innovation Board has opened a "green channel" for domestic semiconductor companies, allowing unprofitable enterprises to list and prioritizing support for chip research and development [7]. - The recent reforms in the Sci-Tech Innovation Board are expected to facilitate the IPO process for leading companies like Jichuang Beifang, attracting significant investor interest [8].