近期，又有一家半导体公司向港交所发起了冲击。 格隆汇获悉，长春长光辰芯微电子股份有限公司（简称"长光辰芯"）于12月19日向港交所递交了招股书，由中信证 券、国泰海通担任保荐人。 此前公司曾于2025年6月首次递表，但因招股书满6个月失效而重新提交。 两年前，公司还曾尝试在A股上市。2023年6月，长光辰芯向上交所科创板递交了上市申请，并经历过问询，但是在 2025年1月突然宣布终止。 招股书称，主要是考虑到A股上市审核流程较长、整体市场情绪、以及全球化的战略定位调整等因素，公司自愿撤回 了A股上市申请。 01 浙江大学学霸夫妇携手闯关IPO，高瓴裕润、奥普光电参投 长光辰芯成立于2012年9月，2022年12月改制为股份有限公司，总部位于吉林省长春市经济技术开发区。 公司可提供九大产品系列及50余款标准产品，公司的产品在提高工业相机、科学相机、专业电影摄影机的性能和成像 质量方面，发挥着重要的作用。 在2022年6月10日的股权转让中，公司的估值为100亿元。此前在A股IPO阶段，监管层曾对这一估值的合理性做出过问 询。 长光辰芯是一家CMOS图像传感器(CIS)提供商，以无晶圆厂模式营运。 公司成立时，分 ...

近期，又有一家半导体公司向港交所发起了冲击。 格隆汇获悉，长春长光辰芯微电子股份有限公司（简称"长光辰芯"）于12月19日向港交所递交了招股书，由中信证 券、国泰海通担任保荐人。 公司成立时，分别由奥普光电(002338.SZ)、王欣洋博士及凌云光持股50%、30%及20%。 奥普光电仅作为投资者，自公司成立以来无意获得公司的控股权或参与日常业务营运。奥普光电至今持股25.56%，是 最大的外部股东。 截至2025年12月11日，王欣洋与张艳霞夫妇、珠海云辰、珠海旭辰、珠海鹏辰、珠海曦辰、珠海星辰及杭州祺芯共同 构成一组控股股东，合计有权行使公司49.53%的投票权。 此前公司曾于2025年6月首次递表，但因招股书满6个月失效而重新提交。 两年前，公司还曾尝试在A股上市。2023年6月，长光辰芯向上交所科创板递交了上市申请，并经历过问询，但是在 2025年1月突然宣布终止。 招股书称，主要是考虑到A股上市审核流程较长、整体市场情绪、以及全球化的战略定位调整等因素，公司自愿撤回 了A股上市申请。 01 浙江大学学霸夫妇携手闯关IPO，高瓴裕润、奥普光电参投 长光辰芯成立于2012年9月，2022年12月改制为股 ...

Core Viewpoint - Changchun Changguang Chuangxin Microelectronics Co., Ltd. (referred to as "Changguang Chuangxin") has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, focusing on high-performance CMOS image sensors (CIS) [1][3]. Company Overview - Changguang Chuangxin was established in September 2012 and is located in Changchun, Jilin Province, with a registered capital of approximately 370 million RMB [4]. - The company operates on a fabless business model, combining in-house expertise with strategic outsourcing for sensor design and production [5][6]. Financial Performance - The company's revenue for 2022, 2023, and 2024 is approximately 604 million RMB, 605 million RMB, and 673 million RMB, respectively, with net profits of -84.1 million RMB, 170 million RMB, and 197 million RMB [6][7]. - Changguang Chuangxin achieved profitability in 2023, with adjusted net profits of approximately 293 million RMB, 223 million RMB, and 249 million RMB for the respective years [7][8]. Market Position - According to Frost & Sullivan, the global CIS market is expected to grow from 139.1 billion RMB in 2024 to 210.3 billion RMB in 2029, with a compound annual growth rate (CAGR) of about 8.6% [3]. - In 2024, Changguang Chuangxin ranks third globally and first in China in terms of industrial imaging revenue, holding a market share of 15.2% [3]. Product and Revenue Breakdown - The majority of the company's revenue comes from high-performance CMOS image sensors, accounting for approximately 92.6%, 83.5%, and 75.8% of total revenue in 2022, 2023, and 2024, respectively [8]. - The company has a high customer concentration, with revenue from its top five customers representing about 47.3%, 45.8%, and 33.5% of total revenue over the same period [8]. Administrative Expenses - Changguang Chuangxin's administrative expenses were notably high in 2022 at 411.8 million RMB, which decreased significantly to 62.2 million RMB in 2023 and 64.7 million RMB in 2024 [8][9]. - A substantial portion of the administrative expenses in 2022 was attributed to share-based payment expenses, which amounted to approximately 365 million RMB [9][10]. Shareholder Structure - The company's major shareholders include Wang Xinyang and Aopu Optoelectronics, with Wang Xinyang being the actual controller and holding approximately 27.36% of the shares [4][15]. - Wang Xinyang, the founder and CEO, received a significant compensation package in 2022, which has since normalized to around 1.8 million RMB in 2023 and 2024 [14][15].