GigaDevice(SH:603986) Xin Lang Cai Jing·2026-01-13 10:29Core Viewpoint - The successful IPO of Zhaoyi Innovation on the Hong Kong Stock Exchange represents a significant financing move for the semiconductor industry during a recovery phase, showcasing the company's strategic approach to capital markets rather than merely seeking an exit route [1][3][4]. Group 1: Timing and Market Conditions - Zhaoyi Innovation's decision to go public now is not a desperate measure but a strategic choice, as the company is already established in the A-share market with a clear business model and proven profitability [3][4]. - The current environment in the Hong Kong market is favorable, with increased flexibility in regulations for large, mature companies, particularly regarding public shareholding ratios and issuance structures [5][6]. - The upcoming adjustments to IPO pricing rules in 2025, which enhance institutional pricing power, make the market more attractive for companies with stable performance willing to accept institutional pricing [5][6]. Group 2: IPO Process and Pricing Power - The primary focus for companies considering a Hong Kong IPO is not merely meeting qualification criteria but securing pricing power, which is now a critical factor for successful project advancement [7][8]. - New regulations require a minimum of 40% for the book-building allocation in IPOs, emphasizing the importance of institutional investor approval for pricing [8][9]. - Zhaoyi Innovation's clear business structure and financial data provide a solid foundation for institutional pricing, but the design of the issuance structure and communication with institutions remain key variables affecting efficiency [10]. Group 3: Shareholding Structure and Public Offering - Recent regulatory changes allow for more flexibility in public shareholding ratios linked to market capitalization, impacting the design of listing plans for A+H companies [10][11]. - The requirement for clear explanations regarding public shareholding arrangements is crucial, as it must ensure market liquidity and protect minority investors [11]. - The choice between flexible mechanisms with a cap on reallocation or fixed mechanisms for public offerings reflects the issuer's strategic intent regarding shareholder structure [11][12]. Group 4: Information Disclosure and Responsibilities - Effective information disclosure is vital for the IPO process, with the Hong Kong Stock Exchange emphasizing quality over quantity in disclosures [13][14]. - Zhaoyi Innovation's established history and clear business structure necessitate a reorganization of disclosure logic under the Hong Kong system, testing the capabilities of the company's management [14][16]. - The efficiency of the IPO process largely depends on the management's ability to construct a comprehensive disclosure structure early on, rather than making adjustments in response to inquiries [16]. Conclusion - Zhaoyi Innovation's IPO highlights the importance of proactive responsibility in the Hong Kong market, where the rules provide flexibility but place the onus of judgment on the issuer [16][17]. - The role of management, particularly in strategic decision-making regarding listing paths, allocation structures, and disclosure priorities, is critical for successful IPO execution [16][17]. - The current regulatory landscape in Hong Kong is clear, and the remaining challenges stem from the execution capabilities of the management team [17].