Core Viewpoint - Shengbang Microelectronics (Beijing) Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Huatai International and China International Capital Corporation as joint sponsors. The company is already listed on the Shenzhen Stock Exchange [1]. Company Overview - Shengbang Microelectronics is a comprehensive analog integrated circuit (IC) company that develops and sells high-performance analog ICs and sensors, which are fundamental building blocks for all electronic systems. As of September 21, 2025, the company has approximately 6,600 types of analog ICs and sensor products across 36 product categories [3]. - The company offers a wide range of differentiated general-purpose and application-specific optimized analog products, focusing on two main pillars: signal chain and power management [3]. Product and Market Insights - Signal chain ICs are designed to electronically capture, condition, amplify, and convert real-world signals into digital signals with high fidelity, ensuring end-to-end data integrity crucial for precision-driven applications [3]. - Power management ICs are essential for regulating, converting, distributing, and protecting power flow within electronic systems, ensuring stable and efficient operation [3]. - The company's products are core components in various end markets, including industrial, networking, consumer electronics, electric vehicles (EVs), data centers, robotics, renewable energy, and next-generation consumer devices [3]. Operational Model - The company operates under a "Fabless+" model, integrating its proprietary process technology into a standard Fabless model, allowing it to focus resources on circuit design, system innovation, and differentiated analog processes while avoiding significant capital expenditures associated with semiconductor manufacturing facilities [4]. Market Competition - The analog IC industry is characterized by a fragmented market with numerous participants due to the wide range of application scenarios and diverse product categories. According to Frost & Sullivan, the Chinese analog IC market is projected to grow from RMB 121.1 billion in 2020 to RMB 195.3 billion in 2024, with a compound annual growth rate (CAGR) of 11.0% expected from 2025 to 2029, reaching RMB 334.6 billion by 2029 [4]. Financial Performance - The company reported revenues of approximately RMB 3.188 billion, RMB 2.617 billion, RMB 3.347 billion, and RMB 1.818 billion for the six months ending June 30 in 2022, 2023, 2024, and 2025, respectively. Corresponding profits for these periods were approximately RMB 858 million, RMB 270 million, RMB 491 million, and RMB 194 million [4][6].