Novosense(SH:688052) Sou Hu Cai Jing·2025-11-28 03:48Core Viewpoint - Naxin Micro (02676.HK) has officially launched its global offering in Hong Kong, aiming to raise approximately HKD 2.096 billion through the issuance of 19.0684 million shares at a maximum price of HKD 116 per share [2] Group 1: Offering Details - The global offering consists of 17.1615 million shares for international placement and 1.9069 million shares for public offering in Hong Kong [2] - The public offering period is from November 28 to December 3, with the final offer price and allocation results expected to be announced on December 5 [2] - Trading on the Hong Kong Stock Exchange is set to commence on December 8, with the stock code 2676 and an entry fee of approximately HKD 11,716.99 [2] Group 2: Use of Proceeds - Approximately 18% of the raised funds will be allocated to enhancing the company's underlying technology capabilities and process platforms [2] - About 22% will be used to further enrich the product portfolio [2] - Approximately 25% will be dedicated to expanding the overseas sales network and product promotion, with another 25% earmarked for strategic investments or acquisitions [2] Group 3: Investor Participation - The offering has attracted seven cornerstone investors, including Yuanhe Naxin, BYD's Golden Link, and Xiaomi's Green Better, committing to subscribe for shares totaling approximately HKD 1.089 billion [3] Group 4: Company Background - Naxin Micro operates under a fabless model, focusing on chip research and design while outsourcing wafer manufacturing and most packaging testing to third-party suppliers [3] - The company offers a wide range of products, including sensor products, signal chain chips, and power management chips, with over 3,600 product models [3] - In the Chinese analog chip market, Naxin Micro ranks 14th with a market share of 0.9% and is the leading company in the automotive analog chip revenue sector for 2024 [3] Group 5: Financial Performance - Naxin Micro has experienced fluctuating revenue since 2022, with continuous losses starting in 2023 [4] - Revenue figures for 2022 to the first half of 2025 are projected at RMB 1.67 billion, RMB 1.311 billion, RMB 1.96 billion, and RMB 1.524 billion, respectively [4] - Gross margins have declined from 48.5% in 2022 to 28% in 2024, with net profits showing a downward trend, resulting in losses of RMB 3.05 billion in 2023 and RMB 780.1 million in the first half of 2025 [4] Group 6: Reasons for Losses - The company attributes its ongoing losses to intensified market competition, increased pricing pressure leading to lower gross margins, higher R&D and operational expenditures, and the impact of a restricted stock incentive plan following its A-share listing [5]