深圳芯片企业“AH兼备” 去年12月5家向港交所递交招股书

Core Viewpoint - Shenzhen is becoming a hub for semiconductor companies and R&D institutions, with several chip firms planning to go public in Hong Kong to enhance financing and R&D capabilities, driven by national strategies supporting high-end chip industries [2][3]. Group 1: Market Trends - In December 2025, five Shenzhen chip companies submitted prospectuses to the Hong Kong Stock Exchange, aiming to broaden financing channels and strengthen R&D capabilities [2]. - The Hong Kong market is characterized by a diverse investor base, including sovereign funds and institutional investors, which facilitates access to global capital for mainland companies [3]. - In 2025, the Hong Kong stock market saw 117 new listings, with "A+H" companies contributing nearly half of the total fundraising amount [4]. Group 2: Company Developments - Zhongwei Semiconductor, a pioneer in microcontroller design, submitted its prospectus to the Hong Kong Stock Exchange after successfully listing on the A-share market in 2022, with a current market value of approximately 12.9 billion RMB [3]. - Yuntian Lifei Technology and Guomin Technology are also pursuing dual listings, with Guomin Technology transitioning from specialized chips to high-end products like AI computing [4]. - Shandong Semiconductor, a power semiconductor supplier, reported fluctuating revenues and profits, heavily reliant on MOSFET products, which may hinder its growth [9]. Group 3: Financial Support and Challenges - The capital market is seen as a crucial enabler for chip companies, which typically face high investment, risk, and long cycles [5][8]. - Companies like Xihua Technology and Jicheng Semiconductor are leveraging financial support to innovate and expand their product offerings, with Xihua focusing on AI chips for various industries [8]. - Huada Beidou, a provider of positioning services, faces challenges such as declining profit margins and increasing liabilities, despite plans for strategic partnerships and potential acquisitions [10][11].