Core Viewpoint - Zhaoyi Innovation (03986) has successfully listed its shares at a price of HKD 162 per share, raising approximately HKD 4.611 billion, with a significant initial increase of 45.06% to HKD 235 per share [1] Group 1: Company Overview - Zhaoyi Innovation is a diversified integrated circuit design company that offers a variety of chip products including Flash, niche DRAM, microcontrollers, analog chips, and sensor chips [1] - The company's products are applicable in various fields such as consumer electronics, automotive, industrial applications (including industrial automation, energy storage, and battery management), personal computers and servers, IoT, and network communications [1] Group 2: Market Position - According to Frost & Sullivan, Zhaoyi Innovation is the only integrated circuit design company globally ranked in the top ten across all markets in NOR Flash, SLC NAND Flash, niche DRAM, and MCU based on 2024 sales [1] - The majority of the company's revenue comes from sales of specialized storage chips and MCUs during the historical record period [1] Group 3: Business Model - The company operates on a fabless business model, focusing on the design and R&D of integrated circuits to maintain a technological advantage [1] - Zhaoyi Innovation collaborates with high-quality wafer foundries and packaging/testing partners to ensure excellence, scalability, and high-quality products [1]