Core Viewpoint - SIRUI has terminated its major asset restructuring plan and will resume trading on December 10, 2025, after a brief suspension [1][3]. Group 1: Termination of Restructuring - The decision to terminate the restructuring was made after careful consideration of opinions from relevant parties, indicating that the conditions for implementing the major asset restructuring were not fully mature [3]. - The company had previously announced plans to acquire shares of Ningbo Aura Semiconductor Co., Ltd. through a combination of issuing shares and/or cash payments [1][3]. Group 2: Company Background and Future Plans - SIRUI aims to become a leading platform company in analog chips with comprehensive product and market layouts, emphasizing the importance of both internal growth and external acquisition opportunities [3][4]. - Aura Semiconductor, established in 2018, specializes in the research, design, and sales of analog and mixed-signal chips, and is recognized as a key integrated circuit design enterprise in China [3][4]. - The collaboration between SIRUI and Aura Semiconductor was based on shared values and potential business synergies, with plans for future discussions on various business cooperation opportunities [4]. Group 3: Financial Overview - As of November 25, 2025, SIRUI's market capitalization was approximately 20.4 billion [4]. - The company had around 18,000 shareholders as of the end of the third quarter [4].

Group 1 - The company plans to conduct an IPO from November 28 to December 3, aiming to globally issue 19.0684 million H-shares, with 10% allocated for public offering in Hong Kong and 90% for international offering, including a 15% over-allotment option [1] - The maximum offer price is set at HKD 116.00 per share, with expected trading on the Hong Kong Stock Exchange starting December 8, 2025 [1] - The company has secured cornerstone investors, committing approximately HKD 1.0891 billion for the shares [1] Group 2 - Assuming the offer price of HKD 116.00 per share and no exercise of the over-allotment option, the net proceeds from the global offering are estimated to be around HKD 2.0964 billion [1] - The allocation of the proceeds includes approximately 18% for enhancing underlying technology capabilities and process platforms, 22% for expanding the product portfolio with a focus on automotive electronics, 25% for expanding the overseas sales network and promotion, 25% for strategic investments and/or acquisitions, and 10% for working capital and general corporate purposes [1] Group 3 - The company operates on a fabless model, focusing on chip research and design while outsourcing wafer manufacturing and most packaging testing [2] - According to Frost & Sullivan, the company ranks 14th in the Chinese analog chip market with a market share of 0.9% based on projected 2024 analog chip revenue, and it ranks 5th among Chinese analog chip companies [2]

纳芯微(02676)于2025年11月28日至2025年12月3日招股，公司拟全球发售1906.84万股H股，香港公开发 售占10%，国际发售占90%(可予重新分配)，另有15%超额配股权。发售价不会高于每股发售股份116.00 港元，每手100股，预期H股将于2025年12月8日(星期一)上午九时正开始在联交所买卖。 此外，公司已与元禾纳芯、Golden Link、好易得国际、Perseverance Asset Management、3W Fund、 Green Better及Dream'ee HK Fund订立基石投资协议，据此，基石投资者已同意遵照若干条件，按发售 价认购或促使其指定实体认购可购入的有关数目的发售股份，总金额为约10.891亿港元。Golden Link由 比亚迪（002594）间接全资拥有，好易得国际由三花控股集团有限公司全资拥有，Green Better为小米 集团的全资附属公司。 于202年-2024年，该公司分别实现收入16.7亿元、13.11亿元及19.6亿元，年内溢利分别为约2.5亿 元、-3.05亿元及-4.03亿元;2025年上半年实现收入约15.24亿元，亏损7801 ...

Core Viewpoint - Naxin Micro (SH688052), a company listed on the A-share Sci-Tech Innovation Board, has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing technology capabilities, expanding product offerings, and increasing overseas market presence [2][5][22]. Financial Performance - Naxin Micro's revenue for the reporting periods was 1.67 billion RMB, 1.31 billion RMB, 1.96 billion RMB, and 1.52 billion RMB, with net profits of approximately 250 million RMB, -310 million RMB, -400 million RMB, and -78.01 million RMB respectively [16]. - The company's overall gross margin decreased from 48.5% to 33.9%, a decline of 14.6 percentage points, primarily due to intense competition leading to price adjustments [15][16]. Product Pricing and Margins - The average selling prices of Naxin Micro's main products have shown a downward trend, with signal chain chips dropping from 0.92 RMB to 0.5 RMB (46% decrease), power management chips from 2.16 RMB to 1.47 RMB (32% decrease), and sensor chips from 2.09 RMB to 0.66 RMB (68% decrease) [12][14]. - The gross margin for signal chain chips fell from 52.9% to 35.8%, and for power management chips, the decline was 18.2 percentage points [14][15]. Market Position and Competition - Naxin Micro ranks 14th among all analog chip companies and 5th among Chinese manufacturers in the analog chip market, holding a market share of 0.9% [8]. - The company's products are primarily used in the broad energy sector, with revenue contributions of 69.3%, 58.8%, 49.8%, and 52.7% over the reporting periods [8]. Supplier and Customer Concentration - Naxin Micro operates on a Fabless model, leading to high supplier concentration, with over 60% of procurement from the top two suppliers in the first half of the year [5][18]. - The company relies heavily on distributors for revenue, with sales from distributors accounting for 83.9%, 74.5%, 71.5%, and 80.3% of total revenue during the reporting periods [15]. Strategic Intentions - The IPO aims to enhance the company's competitive edge and support its internationalization strategy, allowing for diversified financing channels [22]. - Naxin Micro has a goodwill of 504 million RMB, primarily from the acquisition of Shanghai Maigen Microelectronics [22].