又一芯片龙头，准备IPO了！

Core Viewpoint - Shenzhen Feixiang Technology has officially submitted its application for listing on the Hong Kong Stock Exchange, marking its strategic shift from a previous attempt to list on the STAR Market in China due to uncertainties in the A-share listing process [1][3]. Company Overview - Feixiang Technology specializes in the design, research, and sales of RF front-end chips, with applications in mobile smart devices, Wi-Fi products, smart homes, IoT, automotive communication, and satellite communication [3]. - The company covers multiple network standards including 5G, 4G, 3G, 2G, Wi-Fi, and NB-IoT, and is compatible with mainstream cellular baseband communication platforms and Wi-Fi platforms [3]. Market Position - According to Frost & Sullivan, Feixiang Technology ranks fifth globally in terms of revenue from PA and PA integrated transceiver modules for 2024, and first among Chinese companies. In terms of shipment volume, it ranks first globally [4]. - The Chinese RF front-end chip market is projected to grow from RMB 33.6 billion in 2024 to RMB 53 billion by 2029, with a compound annual growth rate (CAGR) of 12.1% [5]. Financial Performance - Feixiang Technology's revenue has increased from RMB 1.021 billion in 2022 to RMB 1.717 billion in 2023, and is expected to reach RMB 2.458 billion in 2024, reflecting a CAGR of 55.1% [4]. Technological Advancements - The company has developed world-class technologies in the RF sector, including ultra-wideband and high-efficiency PA architectures, multi-band PA integration technology, and low-current LNA technology, achieving excellent performance and cost-effectiveness in 5G, 6G, Wi-Fi 7/8, V2X, and satellite communication [4]. Shareholder Structure - The major shareholders include Shenzhen Xinguangrunze Investment Limited (48%), Shenzhen Kaihua Guoxin Capital Management (20%), and National Technology Co., Ltd. (12%) [8]. - The chairman and general manager, Long Hua, and the deputy general manager, Guo Jiashuai, have previous work experience at National Technology [6][8]. Investment Background - Feixiang Technology has received multiple rounds of financing from various investors, including Shenzhen State-owned Assets, with notable investments from private equity funds such as Yuhua Capital and Kunpeng Yichuang [11].