Core Viewpoint - The company, Xihua Technology, is aiming to become the first publicly listed company in the ASIC scaler sector on the Hong Kong Stock Exchange, led by its founder Chen Xi, a notable alumnus of Tsinghua University [3]. Group 1: Company Overview - Xihua Technology is a provider of edge AI chips and solutions, leveraging strong chip design capabilities and unique advantages in smart display and smart sensing integration [5]. - The company has developed the world's first ASIC architecture scaler, known as AI Scaler, which excels in visual lossless compression, image quality enhancement, and high-speed interface transmission [5][6]. - The AI Scaler has rapidly gained market share, becoming a leading product globally, with an expected shipment of approximately 37 million units in 2024 [6]. Group 2: Product Offerings - The company’s product lineup includes smart display chips (AI Scaler and STDI chips) and smart sensing chips (TMCU, general-purpose MCU, touch chips, and smart cockpit solutions) [5][6]. - The STDI chip integrates additional scaler and TDDI functions, enhancing system integration and performance for smartphones and tablets [7]. - The TMCU is designed for various human-machine interaction applications in vehicles, achieving industry-leading perception performance and certified for automotive safety standards [7]. Group 3: Financial Performance - Xihua Technology has shown strong revenue growth, with revenues increasing from 86.7 million RMB in 2022 to 150 million RMB in 2023, and projected to reach 244 million RMB in 2024, representing a compound annual growth rate of 67.8% from 2022 to 2024 [9]. - The company recorded gross profits of 30.9 million RMB, 32.3 million RMB, 69.3 million RMB, and 53.1 million RMB for the years 2022, 2023, 2024, and the nine months ending September 30, 2025, respectively [10]. - Despite revenue growth, the company reported net losses of 129 million RMB, 153 million RMB, 81 million RMB, and 63 million RMB for the same periods [11]. Group 4: Research and Development - The company invests heavily in research and development, with R&D expenses accounting for 63.3% of total expenditures from 2022 to 2024 [11]. - The R&D team consists of 81 members, most of whom have over 10 years of experience in leading semiconductor companies [11]. Group 5: Leadership - Chen Xi, the founder of Xihua Technology, has over 25 years of management experience in the semiconductor and high-tech sectors and holds multiple degrees from Tsinghua University [11]. - Liu Xiaorong serves as the CFO, bringing extensive financial management experience from previous roles in various technology and investment firms [12][13].

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 CVA Innovation Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to issue H-shares with Agricultural Bank of China International as the sole sponsor [1]. Group 1: Company Overview - Founded in 2018, the company focuses on the design of edge AI chips, offering a product portfolio that includes smart display chips, smart perception and control chips, and solutions for emerging applications in consumer electronics and automotive electronics [5]. - The company ranks second globally in the scaler chip industry by shipment volume, with a market share of 18.8% in 2024, and holds the first position in the ASIC scaler sub-market with a market share of 55%, shipping approximately 37 million units [5]. Group 2: Financial Performance - The company's revenue has shown rapid growth, increasing from 87 million yuan in 2022 to 244 million yuan in 2024, representing a compound annual growth rate of approximately 67.5%. In the first nine months of 2025, revenue continued to grow by 24.2% year-on-year, driven by the ramp-up of core products like AI Scaler and STDI [5]. - Despite revenue growth, the company is still in a phase of continuous losses, with a cumulative net loss of approximately 462 million yuan and a cumulative loss rate of about 59% from 2022 to the first nine months of 2025. The overall gross margin has declined from 35.7% to 22.1% during the same period [6]. Group 3: Market Position and Future Outlook - The company has a high dependency on major customers and suppliers, indicating a concentrated customer base [6]. - With the acceleration of AI applications and increasing demand for display and control chips, the company aims to leverage its IPO to enhance capital, increase R&D investment, and optimize supply chain layout, potentially improving its market share in the edge AI chip sector [6].

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 [1][4]. Group 1: Company Overview - Founded in August 2018, Xihua Technology is recognized as a national-level key "little giant" enterprise, specializing in smart display chips and smart sensing control chips, with over 100 million chips shipped to date [1]. - The company ranks second globally in the Scaler market with a market share of 18.8%, having shipped 37 million units, and holds the largest market share of 55% in the AI Scaler segment [2][3]. Group 2: Financial Performance - Xihua Technology has not yet achieved profitability, reporting cumulative losses of 426 million RMB over less than four years, with R&D expenditures nearing 400 million RMB [5]. - Revenue figures for the years 2022 to 2025 (up to September) are 87 million RMB, 150 million RMB, 244 million RMB, and 240 million RMB, respectively, indicating a compound annual growth rate of 67.8% from 2022 to 2024 [5][8]. - The gross margin fluctuated significantly, with rates of 35.7%, 21.5%, 28.4%, and 22.1% for the respective years, attributed to the company's relatively small sales scale [8][9]. Group 3: Product Lines and Market Position - Xihua Technology has developed 17 chip models across two main product lines: smart display chips (including AI Scaler and STDI chips) and smart sensing control chips (including TMCU and general-purpose MCUs) [11][12]. - The smart display chips have consistently contributed over 85% of the company's revenue from 2022 to 2025, while the revenue share from smart sensing control chips has increased from 1.9% in 2022 to 14.4% in the first nine months of 2025 [11][12]. Group 4: R&D and Technological Development - The company has established three major technological foundations, with over 50% of its workforce dedicated to R&D, totaling 81 employees [20][22]. - Xihua Technology has filed 361 patent applications, with 85% being invention patents, and holds 169 granted patents as of September 2025 [22]. Group 5: Customer and Supplier Dependency - A significant portion of Xihua Technology's revenue is concentrated among a few key customers, with the top five customers contributing 89.9% of total revenue in 2022, decreasing to 82.2% in the first nine months of 2025 [23][24]. - The company also relies heavily on a limited number of suppliers, with the top five suppliers accounting for 81.8% of total procurement costs in 2022, which decreased to 76.6% in the first nine months of 2025 [27][29]. Group 6: Ownership Structure - The founder and chairman, Chen Xi, and his spouse, Wang Hong, collectively control 65.51% of Xihua Technology [30][32].

Core Viewpoint - The company, Xihua Technology, is a leading provider of ASIC scaler chips, facing significant financial losses despite strong market demand for AI-related chips. The company has filed for an IPO on the Hong Kong Stock Exchange, with a notable market position in the scaler industry and a strong growth trajectory in revenue, but declining profitability [1][10]. Company Overview - Xihua Technology was established in 2018 and specializes in independent chips and comprehensive solutions that integrate proprietary chips with software and algorithms. The company has two main business segments: smart display chips and smart sensing control chips [2][10]. - The company ranks second globally in the scaler industry with an 18.8% market share and first in the ASIC scaler segment with a 55% market share [1][10]. Financial Performance - Revenue is projected to grow from 87 million RMB in 2022 to 244 million RMB in 2024, reflecting a compound annual growth rate (CAGR) of 67.5%. For the first nine months of 2025, revenue is expected to continue growing at 24.2% [1][3]. - Despite revenue growth, the company's gross margin has declined from 35.7% in 2022 to 22.1% in the first nine months of 2025, indicating challenges in profitability [5][10]. - Cumulative net losses from 2022 to the first nine months of 2025 amount to 462 million RMB, with a loss ratio of 59.08% [1]. Product and Market Strategy - The company offers 17 chip models across two product lines, with smart display chips contributing 85.6% of revenue and smart sensing control chips 14.4% as of the first nine months of 2025 [2][3]. - Key products include AI Scaler and STDI chips, with significant revenue contributions expected from these offerings [4][10]. R&D and Competitive Position - Xihua Technology has a strong focus on R&D, with R&D expenses decreasing from 131.9% of revenue in 2022 to 27.8% in the first nine months of 2025. The company holds 169 granted patents and has optimized various expense ratios [6][10]. - The company has established stable partnerships with seven major wafer foundries and nine packaging and testing suppliers to ensure production capacity and cost competitiveness [10]. Industry Trends - The global market for display and sensing control chips is driven by sectors such as smartphones, TWS earbuds, AR/VR, and automotive applications, with AR/VR expected to see a CAGR of 35.7% from 2020 to 2029 [7][9]. - The scaler market is projected to grow from 114 million units in 2020 to 261 million units by 2029, with a CAGR of 10.3% [7][9]. Investment Potential - Given the ongoing AI investment trend, Xihua Technology is positioned as a potentially attractive investment opportunity, with strong market fundamentals and a competitive product lineup [11].

Core Viewpoint - Shenzhen CVA Innovation Co., Ltd. (CVA Technology) has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to list on the main board [4]. Business Overview - Established in 2018, CVA Technology operates as a fabless AI chip and solution provider, focusing on edge AI chips based on MCU and ASIC architectures, with applications in consumer electronics, automotive, and emerging markets [5][6]. - The company has developed the world's first ASIC architecture scaler, known as AI Scaler, and ranks second globally in the scaler industry by shipment volume as of 2024, while being the leader in the ASIC scaler segment [6]. Product Lines - CVA Technology's product portfolio includes: - **Smart Display Chips and Solutions**: Comprising AI Scaler and STDI chips [6]. - **Smart Control Chips and Solutions**: Including TMCU, general-purpose MCUs, touch chips, and smart cockpit solutions [7]. - As of September 30, 2025, the company has a comprehensive product lineup with 17 chip models across two major product lines [6]. Market Position and Achievements - In 2024, CVA Technology's TMCU and general-purpose MCUs achieved mass production with nine out of ten leading automotive OEMs in China [8]. - The company is recognized as the only domestic provider to achieve mass production of HoD TMCU solutions and has received leading recognition for its TMCU technology from the Ministry of Industry and Information Technology in 2024 [8]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first nine months of 2025 were RMB 0.87 billion, RMB 1.50 billion, RMB 2.44 billion, and RMB 2.40 billion, respectively [14]. - Corresponding net losses were RMB 1.29 billion, RMB 1.53 billion, RMB 0.81 billion, and RMB 0.63 billion, with adjusted net losses of RMB 0.98 billion, RMB 1.29 billion, RMB 0.69 billion, and RMB 0.35 billion [14]. Shareholder Structure - Prior to the IPO, the major shareholders include Mr. Chen Xi and Ms. Wang Hong, who collectively hold approximately 65.51% of the shares [10][12]. Management Team - The board of directors consists of seven members, including three executive directors and three independent non-executive directors, with Mr. Chen Xi serving as the founder, chairman, and CEO [14].

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of SHENZHEN CVA INNOVATION CO., LTD.* 深圳曦華科技股份有限公司 (A joint stock company incorporated in the People's Republic of Chi ...