Core Viewpoint - Shenzhen Xihua Technology Co., Ltd., a national key "little giant" enterprise, has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, aiming to list on the main board with a focus on its advanced AI chip technology and rapid market growth [2]. Group 1: Company Overview - Founded in 2018, Xihua Technology specializes in edge AI chips, with two main product lines: smart display chips and smart sensing control chips [6]. - The company has developed the world's first ASIC architecture AI Scaler chip, which has gained significant market traction in visual lossless compression and high-speed interface transmission [6]. Group 2: Financial Performance - Revenue has grown rapidly from RMB 87 million in 2022 to RMB 244 million in 2024, with a compound annual growth rate (CAGR) of 67.8%. In the first nine months of 2025, revenue reached RMB 240 million, a year-on-year increase of 24.17% [12]. - The smart display chip segment has consistently contributed over 85% of total revenue, while the smart sensing control business has increased its share from 1.9% to 14.4% from 2022 to 2025 [12]. Group 3: Market Position - Xihua Technology holds an 18.8% market share in the global Scaler market, ranking second overall, and leads the ASIC Scaler segment with a 55% market share [9][11]. - The company has established itself as a leader in automotive-grade TMCU chips, achieving mass production with nine of the top ten automotive OEMs in China by 2024 [11]. Group 4: Research and Development - R&D is a core competency, with 52% of employees dedicated to this area. The company has filed 361 patents, with 85% being invention patents, supporting product iteration and market expansion [15]. - R&D expenses have been high, totaling nearly RMB 400 million from 2022 to the first nine months of 2025, with a research expense ratio decreasing from 131.9% in 2022 to 27.83% in 2025 [12][15]. Group 5: Shareholding Structure - The company is primarily controlled by its founder and chairman, Chen Xi, and his spouse, holding a combined 65.51% of shares. Chen Xi has extensive experience in the semiconductor and high-tech sectors [17][19]. Group 6: Industry Outlook - The global Scaler market is expected to grow at a CAGR of 8.7% from 2020 to 2024, accelerating to 10.3% from 2025 to 2029, driven by domestic substitution and the proliferation of AI terminals [22]. - The touch chip market is projected to increase from a 4.5% growth rate to 8.9%, with expected shipments reaching 5.6 billion units by 2029 [22]. Group 7: IPO Use of Proceeds - The funds raised from the IPO will be primarily allocated to product R&D, next-generation chip development, automotive electronic module production facilities, global market expansion, and working capital [24].

Group 1 - JD.com is recruiting talent in the field of edge AI chips, focusing on integrated storage and computing AI chips for applications in robotics and smart home devices [1] - The company is offering salaries ranging from 40,000 to 100,000 per month for positions related to integrated chip design [2] - There has been no official response from JD.com regarding this recruitment initiative [3] Group 2 - The design requirements include specialized logic for compute-in-memory (CIM), such as matrix multiplication and nonlinear activation hardware acceleration [6] - Collaboration with algorithm teams is necessary for hardware-algorithm optimization, including quantization and support for sparsity [6] - The roles will also involve supporting chip integration, timing verification, and design for testability (DFT) [6]

Core Insights - JD.com is actively recruiting talent in the field of edge AI chips, focusing on integrated storage and computing AI chip design [1] - The products developed are expected to be utilized in hardware applications such as robots and smart home appliances [1] - The company is offering competitive salaries for positions related to integrated storage and computing chip design, ranging from 40,000 to 100,000 RMB per month [1]

Core Insights - JD.com is actively recruiting talent in the field of edge AI chips, focusing on integrated storage and computing AI chip design [1] - The products developed may be utilized in robotics and smart home appliances [1] - JD.com is offering competitive salaries for positions related to integrated storage and computing chip design, ranging from $40,000 to $100,000 per year [1]

Core Viewpoint - Shenzhen CVA Innovation Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to issue H-shares with Agricultural Bank of China International as the sole sponsor [1]. Group 1: Company Overview - Founded in 2018, the company focuses on the design of edge AI chips, offering a product portfolio that includes smart display chips, smart perception and control chips, and solutions for emerging applications in consumer electronics and automotive electronics [5]. - The company ranks second globally in the scaler chip industry by shipment volume, with a market share of 18.8% in 2024, and holds the first position in the ASIC scaler sub-market with a market share of 55%, shipping approximately 37 million units [5]. Group 2: Financial Performance - The company's revenue has shown rapid growth, increasing from 87 million yuan in 2022 to 244 million yuan in 2024, representing a compound annual growth rate of approximately 67.5%. In the first nine months of 2025, revenue continued to grow by 24.2% year-on-year, driven by the ramp-up of core products like AI Scaler and STDI [5]. - Despite revenue growth, the company is still in a phase of continuous losses, with a cumulative net loss of approximately 462 million yuan and a cumulative loss rate of about 59% from 2022 to the first nine months of 2025. The overall gross margin has declined from 35.7% to 22.1% during the same period [6]. Group 3: Market Position and Future Outlook - The company has a high dependency on major customers and suppliers, indicating a concentrated customer base [6]. - With the acceleration of AI applications and increasing demand for display and control chips, the company aims to leverage its IPO to enhance capital, increase R&D investment, and optimize supply chain layout, potentially improving its market share in the edge AI chip sector [6].

Core Viewpoint - XiHua Technology, an automotive chip company, has submitted its listing application to the Hong Kong Stock Exchange, with Agricultural Bank of China International as the sole sponsor [1]. Group 1: Company Overview - XiHua Technology focuses on edge AI chips and solutions, with products applied in major automotive OEMs and globally recognized consumer electronics brands across various application scenarios, including consumer electronics and automotive [5]. - The company’s edge AI chips and solutions utilize an integrated stack of dedicated processors to execute AI inference at the sensor or display device level [5]. Group 2: Financial Performance - The company has shown a growth trend in revenue, with operating income projected to increase from 86.68 million yuan in 2022 to 244 million yuan in 2024, representing a compound annual growth rate (CAGR) of 67.8% [5]. - As of the first three quarters of 2025, the business is divided into two main segments: smart display chips and solutions, generating 206 million yuan (85.6% of total revenue), and smart cockpit and MCU solutions, generating 34.6 million yuan (14.4% of total revenue) [5]. Group 3: Market Position and Valuation - The company’s valuation has risen from 187 million yuan in 2020 to 2.84 billion yuan, following nine rounds of financing, with investors including Huiyou Capital, Hongtai Fund, and others [5]. - The Scaler chip, primarily used for image processing in smartphones and automotive cockpit displays, is expected to have a shipment volume of approximately 37 million units in 2024 [5].

Core Viewpoint - Shenzhen CVA Innovation Co., Ltd. (CVA Technology) has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to list on the main board [4]. Business Overview - Established in 2018, CVA Technology operates as a fabless AI chip and solution provider, focusing on edge AI chips based on MCU and ASIC architectures, with applications in consumer electronics, automotive, and emerging markets [5][6]. - The company has developed the world's first ASIC architecture scaler, known as AI Scaler, and ranks second globally in the scaler industry by shipment volume as of 2024, while being the leader in the ASIC scaler segment [6]. Product Lines - CVA Technology's product portfolio includes: - **Smart Display Chips and Solutions**: Comprising AI Scaler and STDI chips [6]. - **Smart Control Chips and Solutions**: Including TMCU, general-purpose MCUs, touch chips, and smart cockpit solutions [7]. - As of September 30, 2025, the company has a comprehensive product lineup with 17 chip models across two major product lines [6]. Market Position and Achievements - In 2024, CVA Technology's TMCU and general-purpose MCUs achieved mass production with nine out of ten leading automotive OEMs in China [8]. - The company is recognized as the only domestic provider to achieve mass production of HoD TMCU solutions and has received leading recognition for its TMCU technology from the Ministry of Industry and Information Technology in 2024 [8]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first nine months of 2025 were RMB 0.87 billion, RMB 1.50 billion, RMB 2.44 billion, and RMB 2.40 billion, respectively [14]. - Corresponding net losses were RMB 1.29 billion, RMB 1.53 billion, RMB 0.81 billion, and RMB 0.63 billion, with adjusted net losses of RMB 0.98 billion, RMB 1.29 billion, RMB 0.69 billion, and RMB 0.35 billion [14]. Shareholder Structure - Prior to the IPO, the major shareholders include Mr. Chen Xi and Ms. Wang Hong, who collectively hold approximately 65.51% of the shares [10][12]. Management Team - The board of directors consists of seven members, including three executive directors and three independent non-executive directors, with Mr. Chen Xi serving as the founder, chairman, and CEO [14].

Core Viewpoint - Black Sesame Intelligence (000716) announced plans to acquire Guangdong Zhuhai-based AI chip company Yizhi Electronics for an estimated total consideration of RMB 400 million to 550 million, with the transaction expected to be completed in Q1 2026 [1] Group 1: Acquisition Details - The acquisition will be executed through equity purchase and capital injection [1] - Following the completion of the acquisition, Yizhi Electronics' financial performance will be consolidated into Black Sesame's financial statements [1] - The expected completion date for the transaction is the first quarter of 2026 [1] Group 2: Yizhi Electronics Overview - Yizhi Electronics specializes in the independent research and development of edge/endpoint AI SoC chips [1] - The company has established a complete technological closed loop from underlying IP to upper-layer algorithms [1] - Yizhi Electronics has developed three major product series: SA, SH, and SV, which are applicable in various fields including smart security, intelligent automotive (such as ADAS/DMS), and consumer electronics [1]

Core Viewpoint - Black Sesame Technologies (02533) has announced plans to acquire Guangdong Zhuhai Edge AI chip company Yizhi Electronics through equity acquisition and capital injection, with an expected total cost of approximately RMB 400 million to 550 million [1] Group 1: Company Overview - Black Sesame Technologies opened over 3% higher, currently up 3.4% at HKD 20.1, with a trading volume of HKD 2.1587 million [1] - Yizhi Electronics specializes in the independent research and development of edge/terminal AI SoC chips and has established a complete technological closed loop from underlying IP to upper-layer algorithms [1] Group 2: Product and Market Focus - Yizhi Electronics has developed three major product series: SA, SH, and SV, which are applied in various fields including smart security, intelligent automotive (such as ADAS/DMS), and consumer electronics [1] - The financial performance of Yizhi Electronics will be consolidated into Black Sesame Technologies' financial statements upon completion of the acquisition, expected in the first quarter of 2026 [1]

Core Viewpoint - Xihua Technology has submitted a listing application to the Hong Kong Stock Exchange, with Agricultural Bank of China International as the sole sponsor [1] Company Overview - Xihua Technology is a provider of edge AI chips and solutions, with main products including smart display chips (such as AIScaler and STDI) and smart sensing control chips and solutions (such as TMCU, general-purpose MCU, touch chips, and smart cockpit solutions) [1] - The company's products have been adopted by several major automotive OEMs and globally recognized consumer electronics brands, addressing market demands in consumer electronics, automotive, and embodied intelligence [1] Market Position - According to a Frost & Sullivan report, Xihua Technology has developed the world's first ASIC architecture AIScaler, mastering key technologies such as visual lossless compression, image quality enhancement, and high-speed interface transmission [1] - The AIScaler has become a leading product globally, with an estimated shipment of approximately 37 million units in 2024 [1] - In 2024, Xihua Technology ranks second globally in the scaler industry and first in the ASIC scaler industry [1] - The latest generation automotive-grade TMCU maintains a leading position globally in the smart sensing control performance sector [1]