8月25日，希荻微电子集团股份有限公司（以下简称"希荻微"）发布公告，因公司原实际控制人之一戴 祖渝于2025年5月份逝世，长子TAO HAI（陶海）依法继承戴祖渝生前持有的全部公司股份，导致信息 披露义务人及其一致行动人拥有的公司股份的权益发生变动。 希荻微电子集团股份有限公司公告文件。 据公告，公司原实际控制人为戴祖渝、TAO HAI（陶海）、唐娅，2025年8月25日，TAO HAI（陶海） 与唐娅重新签署了《一致行动协议》，公司实际控制人变更为TAO HAI（陶海）、唐娅。 公告声明，本次重新签署《一致行动协议》，有利于维护公司实际控制权的稳定，有利于公司保持发展 战略和经营管理政策的连贯性和稳定性。 公开资料显示，陶海出生于 1971 年，本科毕业于中国科学技术大学物理系，后赴美国哥伦比亚大学深 造，先后获得物理系硕士、电子工程系硕士及电子工程系博士学位。值得一提的是，陶海曾任职于美国 仙童半导体，担任高级设计总监，2012 年 8 月离职加入戴祖渝牵头创立的希荻微并长期任职，自 2019 年 12 月起至今，一直担任公司董事长。 希荻微是国内领先的模拟芯片厂商，亦是国家专精特新"小巨人"企业，主营 ...

证监会请杰华特补充说明以下事项，请律师核查并出具明确的法律意见: 一、关于公司基本情况：(1)请说明公司前身设立至整体变更为股份有限公司期间的历史沿革，并就期 间历次股权变动是否合法合规出具明确结论性意见；(2)请对照《监管规则适用指引——境外发行上市 类第2号》有关规定，说明公司股本中国有股份相关情况。 二、关于公司境外子公司，请说明：(1)杰华特香港有限设立的具体情况和披露情况；(2)杰华特香港有 限未履行境外投资备案程序和外汇登记程序不属于重大违法违规行为的明确依据；(3)杰华特香港有限 注销进展情况。 智通财经获悉，8月22日，中国证监会公示《境外发行上市备案补充材料要求(2025年8月15日—2025年8 月21日)》，证监会国际司共对3家企业出具补充材料要求。其中要求杰华特补充说明公司基本情况、杰 华特香港有限设立的具体情况和披露情况等事项。据悉，2025年5月30日，杰华特向港交所递交上市申 请，中信证券为独家保荐人。 三、请说明公司及下属公司经营范围和实际业务经营是否涉及《外商投资准入特别管理措施(负面清单) (2024年版)》外资禁止或限制准入领域。 招股书显示，杰华特致力于成为全球模拟集成 ...

8月22日，中国证监会公示《境外发行上市备案补充材料要求(2025年8月15日—2025年8月21日)》，证 监会国际司共对3家企业出具补充材料要求。其中要求杰华特补充说明公司基本情况、杰华特香港有限 设立的具体情况和披露情况等事项。据悉，2025年5月30日，杰华特向港交所递交上市申请，中信证券 为独家保荐人。 二、关于公司境外子公司，请说明：(1)杰华特香港有限设立的具体情况和披露情况；(2)杰华特香港有 限未履行境外投资备案程序和外汇登记程序不属于重大违法违规行为的明确依据；(3)杰华特香港有限 注销进展情况。 三、请说明公司及下属公司经营范围和实际业务经营是否涉及《外商投资准入特别管理措施(负面清单) (2024年版)》外资禁止或限制准入领域。 招股书显示，杰华特致力于成为全球模拟集成电路行业领军者。公司拥有涵盖工艺、集成电路设计和系 统定义在内的完整核心技术架构。公司的产品组合主要包括电源管理集成电路及信号链集成电路。截至 2024年12月31日，公司提供约2200款可供销售的集成电路产品型号，包括超过2000款电源管理集成电路 产品型号。根据弗若斯特沙利文的资料，2024年公司在电源管理集成电路产 ...

证监会请杰华特补充说明以下事项，请律师核查并出具明确的法律意见: 一、关于公司基本情况：(1)请说明公司前身设立至整体变更为股份有限公司期间的历史沿革，并就期 间历次股权变动是否合法合规出具明确结论性意见；(2)请对照《监管规则适用指引——境外发行上市 类第2号》有关规定，说明公司股本中国有股份相关情况。 二、关于公司境外子公司，请说明：(1)杰华特香港有限设立的具体情况和披露情况；(2)杰华特香港有 限未履行境外投资备案程序和外汇登记程序不属于重大违法违规行为的明确依据；(3)杰华特香港有限 注销进展情况。 三、请说明公司及下属公司经营范围和实际业务经营是否涉及《外商投资准入特别管理措施(负面清单) (2024年版)》外资禁止或限制准入领域。 智通财经APP获悉，8月22日，中国证监会公示《境外发行上市备案补充材料要求(2025年8月15日— 2025年8月21日)》，证监会国际司共对3家企业出具补充材料要求。其中要求杰华特补充说明公司基本 情况、杰华特香港有限设立的具体情况和披露情况等事项。据悉，2025年5月30日，杰华特向港交所递 交上市申请，中信证券为独家保荐人。 招股书显示，杰华特致力于成为全球模 ...

Core Viewpoint - The company, Jiewate, has experienced revenue growth but continues to incur losses, with a total loss of 1.144 billion yuan over the past two years despite a compound annual growth rate (CAGR) of 7.69% in revenue [1][16]. Company Overview - Jiewate, established in 2013, operates as a virtual IDM (Integrated Device Manufacturer) focusing on analog integrated circuit design, providing a wide range of products for various applications [4][5]. - The company went public on December 23, 2022, with an initial share price of 38.26 yuan, reaching a market capitalization of 22.675 billion yuan on the first day of trading [4]. Financial Performance - Jiewate's revenue for the years 2022, 2023, and 2024 was 1.448 billion, 1.297 billion, and 1.679 billion yuan, respectively, while net profits were 136 million, -533 million, and -611 million yuan [16]. - The company has reported a total loss of 1.044 billion yuan over the last two years, with significant losses attributed to industry downturns and increased R&D expenditures [11][17]. Market Position - In 2024, Jiewate ranked eighth globally and fourth among Chinese companies in terms of revenue from power management integrated circuits [8]. - The company also ranked sixth globally and second in China for DC-DC integrated circuits revenue [9]. R&D Investment - Jiewate has significantly increased its R&D spending, which amounted to 305 million, 499 million, and 619 million yuan over the past three years, representing a high proportion of its revenue [18]. Shareholder Dynamics - The largest institutional shareholder, Hubble Investment, holds 3.03% of the company and has not reduced its stake since the IPO [25]. - Intel has been reducing its stake in Jiewate, having decreased its holdings by 1.76% throughout 2024 [21].

Core Viewpoint - Jiewa Microelectronics Co., Ltd. has officially commenced its IPO journey on the Hong Kong Stock Exchange, focusing on becoming a leader in the global analog integrated circuit industry through its innovative and efficient product offerings [2]. Company Overview - Jiewa operates as a virtual IDM model, specializing in the research and development of analog integrated circuits, with a comprehensive core technology architecture that includes process, integrated circuit design, and system definition [2]. - The company offers a wide range of analog integrated circuit products, with approximately 2,200 models available for sale, including over 2,000 power management integrated circuit models, achieving industry-leading status in 2024 [2][4]. Market Position - According to Frost & Sullivan, Jiewa ranks eighth globally and fourth among Chinese analog integrated circuit companies in terms of revenue from power management integrated circuits in 2024 [3]. - In the Chinese market, Jiewa ranks sixth globally and second among local companies for DC-DC integrated circuit revenue in 2024 [3]. - The company also ranks fifth globally and second in China for revenue from power management integrated circuits in the communications market, and sixth globally and second in China for the computing and storage market [3]. Financial Performance - Jiewa's revenues for the years 2022, 2023, and 2024 were RMB 1,447.7 million, RMB 1,296.7 million, and RMB 1,678.8 million, respectively, indicating strong revenue growth in 2024 due to increased demand across various sectors [4]. - The company has significantly invested in R&D, with expenditures of RMB 304.7 million, RMB 499.4 million, and RMB 619.3 million for the years 2022, 2023, and 2024, representing 21.0%, 38.5%, and 36.9% of total revenue, respectively [4]. - As of December 31, 2024, Jiewa employed 776 R&D personnel, accounting for over 62.1% of its total workforce, with approximately 62.9% holding master's degrees or higher [4].

Core Viewpoint - Jiewa Microelectronics Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor, focusing on the design and development of analog integrated circuits [1][3]. Company Overview - Jiewa operates as a virtual IDM (Integrated Device Manufacturer) specializing in analog integrated circuit design, aiming to become a leader in the global analog integrated circuit industry [1][3]. - The company has developed proprietary and internationally advanced process platforms for integrated circuit production, offering a comprehensive range of analog integrated circuit products [3]. Product Portfolio - The product lineup includes power management integrated circuits and signal chain integrated circuits, with approximately 2,200 models available for sale as of December 31, 2024, including over 2,000 power management integrated circuit models [3]. Supplier Relationships - Major suppliers consist of wafer fabs and integrated circuit packaging and testing service providers. The procurement amounts from the top five suppliers for 2022, 2023, and 2024 were approximately RMB 1.1535 billion, RMB 0.9113 billion, and RMB 1.0525 billion, accounting for 74.8%, 69.4%, and 69.0% of total procurement, respectively [3]. Financial Performance - Revenue for the fiscal years 2022, 2023, and 2024 was approximately RMB 1.448 billion, RMB 1.297 billion, and RMB 1.679 billion, respectively. The net profit/loss for the same periods was approximately RMB 136 million, -RMB 533 million, and -RMB 611 million [3][5]. - The gross profit margins for these years were 38.5%, 11.8%, and 15.1%, indicating a significant decline in profitability in 2023 [5][7]. Research and Development - R&D expenses for the fiscal years 2022, 2023, and 2024 were RMB 304.7 million, RMB 499.4 million, and RMB 619.3 million, representing 21.1%, 38.5%, and 36.9% of total revenue, respectively [5][7].

Group 1 - The company reported a total operating revenue of 1,678.75 million yuan, representing a year-on-year increase of 29.46% [53] - The company experienced a net loss attributable to shareholders of 603.37 million yuan, with a net profit excluding non-recurring gains and losses of 643.75 million yuan [53] - The company will not distribute profits for the fiscal year 2024 due to negative retained earnings [3] Group 2 - The company operates primarily in the analog integrated circuit design sector, utilizing a virtual IDM model for chip design and manufacturing [5][19] - The company focuses on power management and signal chain products, providing innovative and efficient analog semiconductor solutions [5][6] - The company has developed a comprehensive product supply system in the power management analog chip sector, covering various applications including new energy, automotive electronics, and consumer electronics [5][42] Group 3 - The global semiconductor chip market is projected to grow from 2.49 trillion yuan in 2020 to 3.61 trillion yuan in 2024, with a compound annual growth rate (CAGR) of 9.7% [34] - The Chinese semiconductor chip market is expected to grow from 0.88 trillion yuan in 2020 to 1.45 trillion yuan in 2024, with a CAGR of 13.3% [35] - The analog chip market in China is forecasted to increase from 124.9 billion yuan in 2020 to 195.3 billion yuan in 2024, with a CAGR of 11.8% [36] Group 4 - The company has established a stable supply chain and customer base, collaborating with leading wafer manufacturers and entering the supply chains of major industry players [44] - The company is positioned to benefit from the growing demand for analog chips in various sectors, including AI, automotive electronics, and communication technologies [45][48][49] - The company aims to enhance its competitive edge through continuous technological innovation and market expansion, responding to the increasing demand for high-performance analog chips [51]