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. (referred to as "Jiewa") has submitted its prospectus for listing on the Hong Kong Stock Exchange, aiming to become an "A+H" listed company after its initial public offering on the Shanghai Stock Exchange in December 2022 [1][3]. Company Overview - Jiewa is a virtual IDM model semiconductor design company focused on the research and development of analog integrated circuits, with a registered capital of approximately 447 million yuan [3]. - The company was established in March 2013 and is located in Hangzhou, Zhejiang Province [3]. Financial Performance - Jiewa's revenue for the years 2022, 2023, and 2024 was approximately 1.448 billion yuan, 1.297 billion yuan, and 1.679 billion yuan, respectively, with gross profits of 557 million yuan, 153 million yuan, and 254 million yuan [5][6]. - The company reported net losses of approximately 136 million yuan in 2022, 533 million yuan in 2023, and 611 million yuan in 2024 [5][7]. Product Portfolio - Jiewa's product offerings primarily include power management integrated circuits and signal chain integrated circuits, with around 2,200 models available for sale as of December 31, 2024 [4][8]. - Revenue from power management integrated circuits accounted for approximately 95.5%, 98.5%, and 98.0% of total revenue in 2022, 2023, and 2024, respectively [8]. Sales and Cost Analysis - The total sales volume for Jiewa was approximately 3.387 billion units in 2022, 4.275 billion units in 2023, and 5.784 billion units in 2024, indicating a significant increase in sales volume [9]. - Despite the increase in sales volume, revenue growth was limited, with a 10.4% decrease in 2023 attributed to a decline in average selling prices across all product categories [9][10]. - The company's costs increased significantly, with costs of approximately 891 million yuan, 1.144 billion yuan, and 1.425 billion yuan for the respective years, reflecting increases of 28.3% and 24.6% in 2023 and 2024 [9].

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].