Core Viewpoint - Yunyinggu Technology has submitted its IPO application to the Hong Kong Stock Exchange after its previous acquisition plan failed, aiming to raise funds for the development and optimization of AMOLED TDDI chips and other strategic investments [1][5]. Company Overview - Yunyinggu Technology, established in 2012 and headquartered in Shenzhen, has a core team from prestigious universities and has focused on display driver chips for over a decade [2]. - Initially, the company generated revenue through licensing its display technology to major panel manufacturers, later entering the AMOLED driver chip market in 2016 [2]. - By 2024, Yunyinggu's Micro-OLED display backplane held a 40.7% market share globally, making it the largest AMOLED driver chip manufacturer in mainland China and the fifth largest worldwide [2]. Financial Performance - Yunyinggu has completed twelve rounds of financing, attracting investments from notable firms, and achieved a valuation of 8.5 billion RMB in April 2024, ranking 976th on the 2024 Hurun Global Unicorn List [3]. - Despite revenue growth from 551 million RMB in 2022 to 891 million RMB in 2024, the company reported net losses of 124 million RMB, 232 million RMB, and 309 million RMB over the same period, totaling 665 million RMB in losses [3]. IPO Journey - After the A-share IPO plan was shelved due to stricter regulations, Yunyinggu shifted focus to a potential acquisition by Huida Technology, which ultimately fell through due to valuation disagreements [4]. - The recent IPO application to the Hong Kong Stock Exchange is seen as a strategic move, as the market is more accommodating to unprofitable tech companies, allowing Yunyinggu to meet the necessary criteria for listing [5]. Market Trends - The semiconductor sector is witnessing a surge in companies applying for IPOs in Hong Kong, with over 180 applications in the first half of 2025, indicating a trend towards this market for high-growth potential firms [6]. - The Hong Kong Stock Exchange's flexible listing rules and efficient processes are attracting semiconductor companies, providing them with broader financing channels and opportunities for rapid capital raising [6][7]. - Industry experts predict that the trend of semiconductor companies going public in Hong Kong will continue, driven by ongoing capital needs and the lengthy IPO queue in the A-share market [7].

Group 1 - A wave of semiconductor companies is applying for IPOs in Hong Kong, with three companies, including Jiehuate Microelectronics, Shenzhen Huada Beidou, and Unisplendour, submitting their prospectuses on June 12 [2] - Since December 2022, a total of 10 A-share semiconductor companies have announced plans for Hong Kong IPOs, indicating a trend towards the "A+H" listing model [2][4] - The shift towards Hong Kong listings is driven by changes in the capital market and the desire of Chinese semiconductor firms to establish an international development platform after growing in A-shares [2][4] Group 2 - The recent trend of semiconductor companies seeking Hong Kong IPOs is influenced by the new listing policies in Hong Kong, which now allow "specialized and innovative" tech companies without revenue or profit to go public [4] - Many leading A-share semiconductor companies are focusing on internationalization and expanding their overseas business, with foreign revenue and gross margins exceeding domestic figures [4] - The market perception of Hong Kong as a "discount financing platform" is changing, as evidenced by companies like CATL achieving zero discount listings [4] Group 3 - The companies applying for Hong Kong IPOs are primarily leading firms in niche segments, with market capitalizations generally exceeding 10 billion yuan [4][5] - The successful listing of InnoSilicon as the first third-generation semiconductor company on the Hong Kong stock market highlights the growing interest in this sector [3][4] - The capital market is undergoing reforms and opening up, leading to a transformation of the Hong Kong market into a "value discovery hub" [4]

Core Viewpoint - The recent trend of semiconductor companies filing for IPOs in Hong Kong is expected to reshape the market, moving towards a focus on "hard technology" and international development platforms for Chinese firms [1][3][4]. Group 1: IPO Trends - Three semiconductor companies, including Jiewa Microelectronics, Shenzhen Huada Beidou, and Unisplendour, submitted their IPO applications to the Hong Kong Stock Exchange on June 12 [1]. - Since December of the previous year, ten A-share semiconductor companies have announced plans for Hong Kong IPOs, indicating a growing interest in the "A+H" listing model [1][4]. - Shenzhen Basic Semiconductor has become the first company in China's silicon carbide power device sector to apply for a Hong Kong IPO, highlighting the increasing focus on third-generation semiconductor materials [3]. Group 2: Market Dynamics - The shift towards Hong Kong IPOs is influenced by changes in listing policies, allowing specialized technology companies without revenue or profit to go public, thus attracting more semiconductor firms [3][4]. - The market is witnessing a transformation as it seeks to become a "value discovery hub," with a convergence of valuation assessment systems for domestic and international investors [4]. Group 3: Internationalization Strategy - Many leading A-share semiconductor companies are emphasizing their internationalization strategies and overseas business expansion, with foreign revenue and gross margins surpassing domestic figures [4]. - The complexity of international markets poses challenges for semiconductor companies venturing abroad, with mixed outcomes expected [4].