深圳集聚了众多芯片类企业和新型研发机构。图为2025湾区半导体产业生态博览会场景。 深圳新闻网2026年1月4日讯（深圳商报首席记者 王海荣 文/图）与2026年大幕一道开启的，还有中国半导体 产业的新一轮资本化浪潮。作为我国半导体产业先锋城市，深圳一批深耕芯片设计与制造的硬科技企业正密 集筹划或推进赴港上市进程。 刚刚过去的12月，就有尚鼎芯、曦华科技、基本半导体、华大北斗、国民技术等5家深圳芯片类企业向港交 所递交招股书，拟进一步拓宽融资渠道、强化研发能力，加速实现核心技术自主可控。 这一趋势的背后，是国家"新质生产力"战略对高端芯片产业的强力支撑。作为国内集成电路产业重镇，深圳 正依托其完整的产业链生态、活跃的创投氛围和政策引导机制，成为国产芯片企业走向国际资本市场的桥头 堡。 登陆H股成深圳芯片企业集体新选择 2001年成立的中微半导体（深圳）股份有限公司是国内最早自主研发设计微控制器（MCU）的企业之一，专 注于芯片设计与销售，是国内领先的智能控制解决方案供应商。 2025年9月23日，中微半导体正式向港交所递交招股书。这并非它首次启动IPO。早在2022年8月，中微半导 体就已成功在A股科创板上市 ...

Core Viewpoint - Shenzhen Huada Beidou and Fuxin Futong submitted their listing applications to the Hong Kong Stock Exchange on December 19, aiming to go public on the main board [2][4]. Group 1: Company Overview - Huada Beidou, established in December 2016 and headquartered in Shenzhen, is a provider of space positioning services, offering chips, modules, and related solutions supporting Beidou and other major GNSS [6]. - Fuxin Futong, founded in September 2010 and located in Fuzhou, Fujian, specializes in satellite time-space digital solutions, leveraging satellite communication, positioning, navigation, and timing technologies [9]. Group 2: Market Position and Performance - In 2024, Huada Beidou ranked sixth globally in GNSS chips and modules by shipment volume, holding a market share of 4.8%, and ranked eighth by revenue, with a market share of approximately 1.1% among mainland Chinese companies [6]. - Huada Beidou's revenues for 2022, 2023, and 2024 were 698 million, 645 million, and 840 million yuan, respectively, with annual losses of 93 million, 289 million, and 141 million yuan [6]. - Fuxin Futong's revenues for 2022, 2023, 2024, and the first half of 2025 were 419 million, 521 million, 597 million, and 241 million yuan, respectively, with corresponding net profits of 75 million, 92 million, 112 million, and 49 million yuan [9]. Group 3: IPO Details - Huada Beidou's updated prospectus indicates that it is seeking to become the first stock in the Hong Kong market focused on Beidou chips [4]. - Fuxin Futong is making its first attempt to list on the main board of the Hong Kong Stock Exchange [6][9].

智通财经APP获悉，据港交所12月19日披露，深圳华大北斗科技股份有限公司(简称：华大北斗)向港交所主板提交上市申请，招银国际、平安证券(香港)为 其联席保荐人。该公司曾于2025年6月11日递表港交所。 | 编纂]項下的[编纂]數目 | : | [编纂]股H股(視乎[编纂]與否而定) | | --- | --- | --- | | [编纂]數目 | : | [编纂]股H股(可予[编纂]) | | [编纂]數目 | : | [編纂]股H股(可于[編纂]及視乎[編纂]與否而定) | | 最高[编纂] | : | 每股H股[编纂]加1.0%經紀佣金、0.0027%證監會交易徵 | | | | 費、0.00565%聯交所交易費及0.00015%會財局交易徵 | | | | 費(須於申請時以港元繳足,多繳股款可予退還) | | 面值 | : | 每股H股人民幣1.00元 | | [编纂] | : | 【编纂】 | 公司简介： 招股书显示，华大北斗是中国一家知名的空间定位服务提供商，总部位于深圳，提供支持北斗及其他主要GNSS的芯片、模组及相关解决方案。公司的研发 团队专攻GNSS技术领域，专注于一体化SoC芯片设计、 ...

Core Viewpoint - Huada Beidou has submitted its IPO application to the Hong Kong Stock Exchange, facing challenges due to unstable revenue and significant losses over the past three years [1][5]. Group 1: Financial Performance - Huada Beidou's revenue over the past three years has been inconsistent, with total revenues of RMB 698 million, RMB 645 million, and RMB 840 million for 2022, 2023, and 2024 respectively [9]. - The company has incurred cumulative losses exceeding RMB 500 million over the past three years, with annual losses of RMB 93 million, RMB 289 million, and RMB 141 million for the respective years [9]. - The gross profit margin has been declining, with rates of 12%, 10.5%, and 9.8% over the same period, significantly lower than comparable companies [10][11]. Group 2: Revenue Sources - Over 70% of Huada Beidou's revenue is derived from distribution business, which has a low gross margin in the single digits, leading to a lower overall gross margin compared to industry peers [1][10]. - The revenue from GNSS chips and related solutions accounted for 27.7%, 26%, and 28.3% of total revenue in the last three years, while the comprehensive chip and module business contributed 72.3%, 74%, and 71.7% [6]. Group 3: Market Position - In 2024, Huada Beidou shipped 16.1 million GNSS chips and modules, ranking as the sixth largest GNSS service provider globally and the second largest among Chinese companies, with a market share of 4.8% [4]. - The company is the largest provider of dual-frequency high-precision GNSS chips and modules in China, with a market share of 10.5% [4]. Group 4: IPO Process and Challenges - Huada Beidou's IPO journey has faced multiple setbacks, including a terminated agreement with CITIC Securities in 2023 and a lack of progress updates on its current advisory process [4][5]. - The company has expressed intentions to explore various capital market strategies, including a potential IPO in Hong Kong [5]. Group 5: Disclosure Issues - There are significant discrepancies between the procurement data disclosed in Huada Beidou's prospectus and the sales figures reported by suppliers, raising concerns about the accuracy of financial disclosures [12][15]. - The largest supplier, Aojie Technology-U, has reported sales figures that do not align with Huada Beidou's procurement amounts, indicating potential issues with revenue recognition [14][15].

Core Viewpoint - Shenzhen Huada Beidou Technology Co., Ltd. has officially submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage its leading position in the GNSS chip design and development sector, supported by the BeiDou satellite navigation system [1] Group 1: Company Overview - Huada Beidou is a leader in the space positioning service field, focusing on the design and development of navigation positioning chips that support the BeiDou system and are compatible with major global GNSS systems [1] - The company ranks sixth among global GNSS service providers and second among domestic companies in China, with a market share of 4.8% in 2024, projected to ship 16.1 million GNSS chips and modules [1] - In the dual-frequency high-precision RF baseband integrated GNSS chip and module sector, Huada Beidou holds a fourth global market share of 10.5%, leading among domestic companies [1] Group 2: Financial Performance - The company has shown stable revenue growth, with reported revenues of RMB 698 million, RMB 645 million, and RMB 840 million for the years 2022, 2023, and 2024 respectively [2][3] - Despite fluctuations in losses, the overall trend shows a narrowing of losses, with figures of RMB 92.6 million, RMB 289.1 million, and RMB 141.3 million for the same years [2][3] - Gross profit figures for the same years are RMB 83.7 million, RMB 67.9 million, and RMB 82.0 million, indicating a consistent gross margin performance [3] Group 3: Management and Governance - The company currently has no controlling shareholder or actual controller, with a board consisting of nine directors, including two executive directors, four non-executive directors, and three independent directors [2] - Sun Zhongliang, the chairman and executive director, has been with the company since December 2016 and is responsible for the overall development strategy and major financial and human resource planning decisions [2]

Core Viewpoint - Shenzhen Huada Beidou Technology Co., Ltd. (Huada Beidou) plans to issue H-shares and list on the Hong Kong Stock Exchange, positioning itself as a leading provider of space positioning services in China, empowered by the BeiDou satellite navigation system [1] Group 1: Company Overview - Huada Beidou is a domestic leader in navigation positioning chip design, offering GNSS chips and modules that support BeiDou and major global GNSS systems [1] - The company has significant advantages in dual-frequency high-precision positioning technology, low power consumption, and highly integrated SoC design technology [1] Group 2: Market Position and Performance - In 2024, Huada Beidou's GNSS chip and module shipments reached 16.1 million units, ranking sixth globally and second among domestic companies, with a global market share of 4.8% [1] - In the dual-frequency high-precision RF baseband integrated GNSS chip and module sector, Huada Beidou ranks fourth globally and first among domestic companies, with a market share of 10.5% [1] Group 3: Financial Performance - Revenue decreased slightly from RMB 698.0 million in 2022 to RMB 645.1 million in 2023, but is projected to increase significantly to RMB 840.3 million in 2024, achieving a three-year compound annual growth rate (CAGR) of 9.7% [2] - The sales volume of GNSS chips and modules showed a remarkable upward trend, growing from 5.4 million units in 2022 to 16.1 million units in 2024, with a CAGR of 72.4% [2] - Standard precision chip and module sales increased from 3.4 million units in 2022 to 10.9 million units in 2024, with a CAGR of 78.2%, while high-precision chip and module sales rose from 2.0 million units to 5.1 million units, with a CAGR of 61.7% [2] Group 4: Product and Technology Innovation - Huada Beidou offers a comprehensive product matrix covering approximately 60 types of navigation, positioning, and monitoring products, applicable in various fields such as shared bicycles, smart driving, smartphones, and IoT [3] - The company focuses on two main business segments: GNSS chips, modules, and related solutions, and integrated chips and modules, which complement each other to meet diverse customer needs [3] - Continuous R&D investment has led to breakthroughs in GNSS technology, including integrated SoC design, dual-frequency high-precision positioning technology, and ultra-low power solutions [4] Group 5: Future Development Strategy - Huada Beidou's future strategy focuses on five key directions: integrating navigation and communication technologies, expanding downstream application scenarios, upgrading integrated GNSS chip products, exploring international markets, and seeking quality acquisition targets for vertical integration [5] - The company anticipates strong performance growth driven by the expanding application of the BeiDou system and the increasing demand for high-precision navigation and positioning [5]