深圳明星独角兽，要IPO了

Core Viewpoint - Feixiang Technology, a Shenzhen-based unicorn, is applying for a listing in Hong Kong, having achieved significant growth in the semiconductor industry, particularly in RF front-end chips, with a valuation of approximately 8.6 billion yuan [5][7][15]. Company Development - Feixiang Technology was founded in 2015 by Pan Qingshou and Long Hua, who acquired assets from Guomin Technology's RF power amplifier division, laying the foundation for the company's growth [9]. - The company initially struggled but saw rapid development after Long Hua took control in 2019, leading to the launch of a complete 5G RF front-end solution [11][12]. Financial Performance - From 2022 to 2025, Feixiang Technology's revenue is projected to grow from approximately 1.02 billion yuan to 7.56 billion yuan, with net profits turning from losses to a profit of 130 million yuan by 2025 [14]. - The company has invested over 500 million yuan in R&D over three years, resulting in 331 patents, which has contributed to its rapid revenue growth [14]. Market Position - Feixiang Technology has secured major clients such as Xiaomi and Honor, with total revenue exceeding 5 billion yuan over three years [12]. - The global RF front-end chip market is expected to grow significantly, with projected sales reaching 234.3 billion yuan by 2029, indicating substantial growth potential for Feixiang Technology [14]. Investment and Valuation - The company has completed over ten rounds of financing since its inception, raising approximately 2 billion yuan, leading to a valuation of about 8.6 billion yuan [15][17]. - Long Hua, holding approximately 14.88% of the company before the IPO, has a net worth exceeding 1.2 billion yuan based on the current valuation [17].