兆易创新通过港交所聆讯2日后IPO申请材料失效

Core Viewpoint - The company, Zhaoyi Innovation, has faced a setback in its IPO process on the Hong Kong Stock Exchange due to the expiration of its A1 listing application, which is valid for only six months, highlighting the urgency of its capital-raising efforts amid a booming semiconductor market driven by AI demand [1][3][4]. Group 1: IPO Process - Zhaoyi Innovation announced on December 17 that it had published its H-share hearing materials, indicating it had passed the Hong Kong Stock Exchange hearing [1][3]. - On December 19, the company's IPO application status changed from "processing" to "no progress," and the hearing materials became "invalid" due to the expiration of the A1 application form [1][3]. - The company plans to resubmit an updated A1 application form, and investors can check the relevant materials on the Hong Kong Stock Exchange's website [1][3]. Group 2: Financial Position - As of September 30, 2025, Zhaoyi Innovation held cash and cash equivalents of 10.014 billion yuan, reflecting its strong liquidity position [1][3]. Group 3: Market Context - The semiconductor industry is currently experiencing a structural opportunity, with a "super cycle" in the global memory market expected in 2025, driven by surging AI computing power demand [4]. - TrendForce predicts a 26% year-on-year increase in DRAM demand for 2026, with an anticipated 58% rise in average DRAM prices due to widening supply-demand gaps [4]. Group 4: Strategic Moves - Zhaoyi Innovation, as the third-largest NOR Flash supplier globally and a rising player in the niche DRAM market, aims to leverage the current market conditions to expand its Flash, MCU, and niche DRAM businesses through an "A+H" dual financing platform [2][4]. - On November 22, the company announced a share reduction plan by several directors and executives, including the vice chairman and general manager, indicating a potential peak in stock price driven by the upcoming Hong Kong listing and industry recovery [2][5].