拟募资20亿！视涯科技IPO即将上会

Core Viewpoint - Visionary Technology Co., Ltd. is set to undergo an IPO review on December 24, 2025, on the Sci-Tech Innovation Board, with significant backing from various institutions [1][13]. Company Overview - Visionary Technology is a leading global provider of micro-display solutions, specializing in silicon-based OLED micro-displays and offering value-added services such as strategic product development and optical systems [3][15]. - The company is the first globally to achieve mass production of silicon-based OLED micro-displays using 12-inch wafer backplanes and possesses comprehensive self-research capabilities across display chips, micro-displays, and optical systems [3][15]. Industry Position - Visionary Technology plays a crucial role in China's silicon-based OLED industry chain and is recognized as a leading enterprise by the Ministry of Industry and Information Technology [5][16]. - The company is tasked with enhancing the resilience and security of the new display industry chain and is positioned to capitalize on the growing demand for silicon-based OLED micro-displays, which have been historically dominated by foreign manufacturers [5][17]. Financial Performance - The company has experienced continuous revenue growth from 2022 to 2024, with R&D expenses constituting a significant portion of revenue at 124%, 133%, and 96% respectively during this period [5][17]. - Despite revenue growth, the company reported net losses of CNY 247 million, CNY 304 million, and CNY 247 million over the same periods, indicating that it has not yet achieved profitability [5][17]. Shareholding Structure - The company has a special voting rights arrangement, where the controlling shareholder's A-class shares have a voting power ratio of 7:1 compared to B-class shares, allowing the actual controller to hold approximately 62% of the voting rights with a 29% indirect shareholding [6][17]. IPO Fundraising - Visionary Technology aims to raise CNY 2.015 billion through the IPO, which will be allocated to the expansion of high-resolution silicon-based OLED micro-display production lines and the establishment of a research and development center [6][18]. - The investment will help the company enhance its production capacity, optimize product variety, and strengthen its technological capabilities [6][18]. Production Capacity - The company has established a production line dedicated to 12-inch wafers, capable of producing 9,000 wafers monthly, which is more cost-effective and technologically advanced compared to traditional 8-inch wafers [8][19]. - Visionary Technology is also advancing the construction of a second production line to meet diverse customer demands, with a maximum potential capacity of 27,000 wafers per month across three lines [8][19]. Market Applications - The silicon-based OLED micro-displays are already widely used in various applications, including photography and medical devices, with plans to expand into AR glasses and other industry-specific scenarios [9][20]. - The market for silicon-based OLED micro-displays is expected to grow rapidly, driven by their compatibility with wearable devices and increasing demand across multiple sectors [9][20].