Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The technology industry experienced a total of 124 financing events from March 21 to March 27, 2026, with 98 events in the domestic market and 30 in the international market, highlighting significant activity in advanced manufacturing, artificial intelligence, and enterprise services [10] - The semiconductor, automotive electronics, artificial intelligence, and metaverse indices saw declines of 2.29%, 2.17%, 2.44%, and 3.60% respectively, indicating a downward trend in these sectors [24] - Notable advancements in semiconductor technology include the development of medium-scale integrated circuits based on p-type 2D semiconductors, which could enhance the performance and integration of future electronic devices [33][34][37] Summary by Sections Financing Overview - A total of 124 financing events occurred, with advanced manufacturing leading at 53 events, followed by artificial intelligence with 32 events, and enterprise services with 8 events [10] IPO Updates - Zhejing Electronics listed on the Hong Kong main board on March 24, 2026, focusing on automotive visual interaction systems, ranking second in the Chinese HUD market by sales volume [12][13] - Guomint Technology also listed on the Hong Kong main board on March 23, 2026, specializing in integrated circuit design for smart terminals, ranking third in the global 32-bit MCU market among Chinese companies [16][17] - Star Ring Technology submitted an IPO application on March 25, 2026, aiming to become a leading provider of AI infrastructure software in China [19][20] - Extreme Fly Technology submitted an IPO application on March 26, 2026, focusing on agricultural robotics and ranking second in the global agricultural robot market [22][23] Market Performance Tracking - The overall market indices showed declines, with the Shanghai Composite Index down 1.09% and the Shenzhen Component Index down 0.76% [24] - The semiconductor index had a PE ratio of 137.13, while the automotive electronics index had a PE of 33.22, both reflecting a decrease from the previous week [28][29] Advanced Semiconductor Developments - Research from Hunan University on p-type 2D semiconductors indicates potential for medium-scale integrated circuits, addressing challenges in manufacturing scale and device performance [33][34] - Khalifa University demonstrated a microwave synthesis method for α-MoO3 crystals, which could enhance the efficiency and scalability of semiconductor production [39][40] - A study from the Netherlands on microfluidic cooling solutions for power devices suggests significant improvements in thermal management for high-density applications [45]

（於中華人民共和國註冊成立的股份有限公司） 國民技術股份有限公司 NSING TECHNOLOGIES INC. 股份代號 : 2701 全球發售 獨家保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 閣下如對本招股章程的任何內容有任何疑問，應諮詢獨立專業意見。 NSING TECHNOLOGIES INC. 國民技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 重要提示 獨家保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本招股章程全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本招股章程連同附錄八「送呈公司註冊處處長及展示文件」指明的文件，已按照香港法例第32章公司（清盤及雜項條文）條例第342C條的 規定，送呈香港公司註 ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或 完整性亦不發表任何意見，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 NSING TECHNOLOGIES INC. 國民技術股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、本公司的獨家保薦人、保薦人兼整體協調人、整體協調人、顧問或包銷 團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司註冊處處長註冊的本公 司招股章程作出投資決定；招股章程的文本將於發售期內向公眾人士提供。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本文件中 的資料作出任何投資決定； (b) 在聯交所 ...

Core Viewpoint - Shenzhen Xihua Technology Co., Ltd. (hereinafter referred to as "Xihua Technology") faces regulatory scrutiny from the China Securities Regulatory Commission (CSRC) regarding its compliance in governance and equity transactions as it seeks to list on the Hong Kong Stock Exchange, raising uncertainties in its IPO journey [1][2] Company Overview - Xihua Technology, established in 2018, specializes in edge AI chips and solutions, primarily serving the consumer electronics and automotive industries. The company has gained recognition as the "second largest" player in the global scaler industry, with its products adopted by major automotive OEMs and well-known consumer electronics brands [1][5] Financial Performance - The company has reported continuous losses, with a cumulative loss of 426 million yuan from 2022 to the first three quarters of 2025. Revenue increased from 87 million yuan in 2022 to an estimated 244 million yuan in 2024, reflecting a compound annual growth rate of over 67%. However, the company has not achieved profitability during this period, with losses of 129 million yuan, 153 million yuan, and 81 million yuan in the respective years [8][10] Cash Flow and Funding - Operating cash flow has remained negative, totaling -395 million yuan from 2022 to the first three quarters of 2025. The company plans to use the funds raised from its IPO for enhancing R&D capabilities, building automotive electronic module production facilities, expanding its international sales network, and supplementing working capital [10] Customer and Supplier Concentration - Xihua Technology's revenue is highly concentrated, with 82.2% of its income coming from its top five customers in the first three quarters of 2025. The company also relies heavily on its top five suppliers, with procurement from them accounting for over 80% of total procurement in recent years [7][8]

Core Viewpoint - Shenzhen Xihua Technology Co., Ltd. is facing regulatory scrutiny from the China Securities Regulatory Commission (CSRC) regarding its upcoming Hong Kong IPO, specifically concerning the identification of its controlling shareholder and other related issues [1] Group 1: Regulatory Requirements - The CSRC has requested the company to provide supplementary materials addressing several issues, including the reasons for inconsistencies in the identification of the controlling shareholder and the standards used for this determination [1] - The company must clarify the pricing basis and fairness of the share acquisition by new shareholders in the past 12 months, including reasons for any discrepancies in share prices and tax payment situations, and whether there are any abnormal share acquisition prices or potential benefit transfers [1] - The company is required to update on the progress of the business registration changes for its employee stock ownership platform [1] - The company must confirm whether the shares intended for "full circulation" by participating shareholders are subject to any pledges, freezes, or other rights defects [1] Group 2: Company Overview - Xihua Technology is a provider of edge AI chips and solutions, with its main products including intelligent display chips (AIScaler and STDI) and intelligent sensing control chips (TMCU, general MCU, touch chips, and intelligent cockpit solutions) [1] - The company's products have been adopted by several major automotive OEMs and globally recognized consumer electronics brands, addressing market demands in consumer electronics, automotive, and embodied intelligence sectors [1]

Group 1 - The China Securities Regulatory Commission (CSRC) issued supplementary material requirements for overseas listing applications, specifically for three companies, including Xihua Technology, which is seeking to list on the Hong Kong Stock Exchange [1] - Xihua Technology is required to clarify the reasons for inconsistencies in the identification of its controlling shareholder and provide a conclusive legal opinion on this matter [1] - The company must also explain the pricing basis and fairness of the share prices for new shareholders in the last 12 months, including any discrepancies and tax payment situations, and provide a conclusive opinion on whether there are any abnormal share prices or potential related party transactions [1] Group 2 - Xihua Technology is an AI chip and solution provider, with products including intelligent display chips (AIScaler and STDI) and smart sensing chips (TMCU, general MCU, touch chips, and intelligent cockpit solutions) [3] - The company's products have been adopted by several major automotive OEMs and globally recognized consumer electronics brands, with a chip product portfolio that meets diverse customer needs in consumer electronics, automotive, and emerging markets [3] - The company is also required to provide updates on the progress of business registration changes for its employee stock ownership platform [2]

的申請版本 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向本公司、本公司的獨家保薦人、保薦人兼整體協調人、整體協調人、顧問或包銷團成員 表示同意： 香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 NSING TECHNOLOGIES INC. 國民技術股份有限公司 本文件為草擬本。其所載資料並不完整及可作更改。閱讀本文件有關資料時，必須一併細閱本文件首頁「警告」一節。 重要提示 閣下如對本文件的任何內容有任何疑問，應諮詢獨立專業意見。 NSING TECHNOLOGIES INC. 國民技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） [編纂] 倘於適當時候向香港公眾 ...

Core Viewpoint - Shenzhen Xihua Technology Co., Ltd. has rapidly ascended to become the second-largest player in the global scaler industry and the largest in the ASIC scaler sector within just seven years, but faces significant financial pressures with cumulative losses of 426 million yuan over the past four years and a revenue structure heavily reliant on its top five clients, which contribute over 80% of its income [1][3][8]. Group 1: Company Overview - Founded in August 2018, Xihua Technology specializes in the research and supply of smart display chips and smart sensing control chips, with products penetrating key markets such as smart cars, smartphones, wearable devices, and robotics [3]. - The company has developed the world's first ASIC architecture scaler chip, establishing core competitiveness in key technology areas such as visual lossless compression and image quality enhancement [3]. - According to a report by Frost & Sullivan, Xihua Technology is projected to ship 37 million scaler chips in 2024, holding an 18.8% market share globally, and dominates the AI scaler segment with a 55% market share [3]. Group 2: Market Dynamics - The proliferation of edge AI devices is driving explosive demand for smart display and sensing control solutions, with the global scaler shipment volume expected to grow from 114.1 million units in 2020 to 159.5 million units in 2024, reflecting a compound annual growth rate (CAGR) of 8.7% [4]. - The automotive electronics sector, a key focus for Xihua Technology, has seen its TMCU and general MCU products achieve mass production with nine of the top ten domestic automotive OEMs [4]. Group 3: Financial Performance - From 2022 to the first nine months of 2025, Xihua Technology's revenue grew from 87 million yuan to 240 million yuan, achieving a CAGR of 67.8%, but the company has accumulated losses of 426 million yuan, indicating ongoing profitability challenges [6]. - The gross margin has fluctuated significantly, dropping from 35.7% in 2022 to 21.5% in 2023, with a slight recovery to 28.4% in 2024, before declining again to 22.1% in the first nine months of 2025 [6][7]. Group 4: Customer and Supplier Concentration Risks - The revenue concentration among the top five clients remains high, accounting for 89.9%, 78.6%, 88.8%, and 82.2% of revenue from 2022 to the first nine months of 2025, indicating a significant dependency on a limited customer base [8]. - The company has also faced challenges with supplier concentration, with over 80% of procurement coming from the top five suppliers, and a heavy reliance on foundries like SMIC and TSMC, which adds to cost pressures due to rising material and packaging costs [8]. Group 5: Strategic Initiatives - In response to its challenges, Xihua Technology has increased its customer base from 22 in 2022 to 93 in the first nine months of 2025 and established partnerships with seven major foundries and nine packaging suppliers to enhance supply chain stability [9]. - The company is focusing on core sectors, with 52% of its workforce in R&D and a total of 361 patent applications, 85% of which are invention patents, while also exploring new projects in AMOLED touch control chips and automotive electronic modules [9]. - The upcoming IPO fundraising will primarily support R&D upgrades, automotive electronic capacity building, and global market expansion, aiming to overcome growth bottlenecks through technological iteration and market expansion [9].

Core Viewpoint - XiHua Technology, a Shenzhen-based AI chip and solution provider, has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to enhance its R&D capabilities and expand its product offerings in the AI chip market [5]. Company Overview - Established in August 2018, XiHua Technology is a national-level key "little giant" enterprise specializing in smart display chips and smart sensing control chips, with over 100 million chips shipped [5]. - The company ranks second globally in the Scaler market with a shipment of 37 million units, holding an 18.8% market share [5][6]. Financial Performance - XiHua Technology has not yet achieved profitability, reporting cumulative losses of 426 million RMB over four years. Revenue for 2022, 2023, 2024, and the first nine months of 2025 was 87 million, 150 million, 244 million, and 240 million RMB, respectively, with a compound annual growth rate of 67.8% from 2022 to 2024 [9]. - The company's gross margin fluctuated significantly, with rates of 35.7%, 21.5%, 28.4%, and 22.1% from 2022 to the first nine months of 2025, attributed to its relatively small sales scale [11]. Product Lines and Market Position - XiHua Technology has developed two major product lines: smart display chips (including AI Scaler and STDI chips) and smart sensing control chips (including TMCU and general-purpose MCU) [16]. - The smart display segment has consistently contributed over 85% of the company's revenue from 2022 to the first nine months of 2025, while the smart sensing control segment's revenue share increased from 1.9% in 2022 to 14.4% in 2025 [16]. R&D and Innovation - The company has invested heavily in R&D, with expenditures of approximately 400 million RMB over the years, focusing on enhancing existing products and developing next-generation chips for AMOLED touch and audio driver applications [9][8]. - XiHua Technology has established a comprehensive technology solution based on MCU, perception, and display architecture, with a dedicated R&D team comprising over 50% of its workforce [25][28]. Customer and Supplier Dependency - XiHua Technology's revenue is highly concentrated, with the top five customers contributing 89.9%, 78.6%, 88.8%, and 82.2% of total revenue from 2022 to the first nine months of 2025, indicating a significant reliance on a few key clients [30]. - The company also relies heavily on a limited number of suppliers, with the top five suppliers accounting for 81.8%, 83.7%, 83.6%, and 76.6% of total procurement during the same period [34]. Ownership and Management - The company is controlled by its founder and chairman, Chen Xi, and his spouse, Wang Hong, who together hold 65.51% of the shares [37][39]. - Chen Xi has over 25 years of experience in the semiconductor and high-tech fields, with a strong educational background from Tsinghua University and UCLA [42].

Core Viewpoint - Shenzhen Xihua Technology Co., Ltd., a national key "little giant" enterprise, has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, aiming to list on the main board with a focus on its advanced AI chip technology and rapid market growth [2]. Group 1: Company Overview - Founded in 2018, Xihua Technology specializes in edge AI chips, with two main product lines: smart display chips and smart sensing control chips [6]. - The company has developed the world's first ASIC architecture AI Scaler chip, which has gained significant market traction in visual lossless compression and high-speed interface transmission [6]. Group 2: Financial Performance - Revenue has grown rapidly from RMB 87 million in 2022 to RMB 244 million in 2024, with a compound annual growth rate (CAGR) of 67.8%. In the first nine months of 2025, revenue reached RMB 240 million, a year-on-year increase of 24.17% [12]. - The smart display chip segment has consistently contributed over 85% of total revenue, while the smart sensing control business has increased its share from 1.9% to 14.4% from 2022 to 2025 [12]. Group 3: Market Position - Xihua Technology holds an 18.8% market share in the global Scaler market, ranking second overall, and leads the ASIC Scaler segment with a 55% market share [9][11]. - The company has established itself as a leader in automotive-grade TMCU chips, achieving mass production with nine of the top ten automotive OEMs in China by 2024 [11]. Group 4: Research and Development - R&D is a core competency, with 52% of employees dedicated to this area. The company has filed 361 patents, with 85% being invention patents, supporting product iteration and market expansion [15]. - R&D expenses have been high, totaling nearly RMB 400 million from 2022 to the first nine months of 2025, with a research expense ratio decreasing from 131.9% in 2022 to 27.83% in 2025 [12][15]. Group 5: Shareholding Structure - The company is primarily controlled by its founder and chairman, Chen Xi, and his spouse, holding a combined 65.51% of shares. Chen Xi has extensive experience in the semiconductor and high-tech sectors [17][19]. Group 6: Industry Outlook - The global Scaler market is expected to grow at a CAGR of 8.7% from 2020 to 2024, accelerating to 10.3% from 2025 to 2029, driven by domestic substitution and the proliferation of AI terminals [22]. - The touch chip market is projected to increase from a 4.5% growth rate to 8.9%, with expected shipments reaching 5.6 billion units by 2029 [22]. Group 7: IPO Use of Proceeds - The funds raised from the IPO will be primarily allocated to product R&D, next-generation chip development, automotive electronic module production facilities, global market expansion, and working capital [24].