Core Viewpoint - Naxin Micro (02676), a leading domestic analog chip company, is conducting an IPO from November 28 to December 3, aiming to raise up to HKD 2.21 billion with a maximum offer price of HKD 116 per share [1][2] Group 1: IPO Details - The company plans to issue 19.068 million H-shares, with 10% available for public offering in Hong Kong, and has already secured HKD 34.5 billion in margin financing from brokers [1] - The IPO has been oversubscribed by 14.6 times, with an entry fee of approximately HKD 11,717 for a board lot of 100 shares [1] - Naxin Micro is expected to be listed on December 8, with CICC, CITIC Securities, and Jianyin International acting as joint sponsors [1] Group 2: Business Model and Product Offering - Naxin Micro operates on a fabless model, focusing on chip research and design while outsourcing wafer manufacturing and most packaging testing to third-party service providers [1] - The company provides a range of high-performance and reliable products and solutions in three main application areas: automotive electronics, general energy, and consumer electronics [1] - The product categories include sensors, signal chain chips, and power management chips, forming a complete system link from perception to signal processing and power supply [1] Group 3: Market Position and Financial Performance - According to Frost & Sullivan, Naxin Micro ranks 14th among all analog chip companies in China by revenue in 2024, holding a market share of 0.9%, and 5th among domestic analog chip companies [2] - Financially, the company reported revenues of approximately RMB 1.67 billion, RMB 1.31 billion, RMB 1.96 billion, and RMB 1.52 billion for the fiscal years ending June 30 for 2022, 2023, 2024, and 2025 respectively [2] - The total comprehensive income for the same periods was approximately RMB 250 million, -RMB 30.5 million, -RMB 40.4 million, and -RMB 7.56 million [2] Group 4: Strategic Investors - The IPO has attracted seven cornerstone investors, including Yuanhe Naxin, BYD's subsidiary Golden Link, and Xiaomi's subsidiary Green Better, with a total subscription amount of HKD 1.09 billion [2]