Core Viewpoint - Changchun Changguang Chenchip Optoelectronics Technology Co., Ltd. (referred to as Changguang Chenchip) has submitted an IPO application to the Hong Kong Stock Exchange after terminating its IPO on the Sci-Tech Innovation Board earlier this year [1] Group 1: Company Overview - Changguang Chenchip is a domestic manufacturer of CIS (Camera Image Sensors) focusing on industrial and scientific imaging markets, unlike competitors such as OmniVision, STMicroelectronics, and Gekewei, which primarily target consumer-grade CIS [3][4] - In 2024, 66.3% of Changguang Chenchip's revenue is expected to come from industrial imaging, while 28.6% will come from scientific imaging [4] Group 2: Market Position - According to Frost & Sullivan, Changguang Chenchip ranks third globally and first in China for industrial imaging CIS revenue in 2024, holding a 15.2% global market share. For scientific imaging CIS, it also ranks third globally and first in China, with a 16.3% market share [5] - The overall CIS market is projected to reach 139.1 billion yuan in 2024, with industrial imaging CIS at 2.9 billion yuan and scientific imaging CIS at 1.2 billion yuan, indicating that industrial imaging accounts for approximately 2% and scientific imaging less than 1% of the total CIS market [5][6] Group 3: Manufacturing Model - Changguang Chenchip operates on a fabless model, relying on third-party suppliers for wafer manufacturing, specifically Tower Semiconductor and DB HiTek [7][8] - The company benefits from avoiding significant capital expenditures and operational complexities associated with owning manufacturing facilities, while also gaining access to advanced technologies and economies of scale [8] - In 2024, Supplier Group A, primarily based in Israel, accounted for 39.7% of Changguang Chenchip's total procurement, while Supplier G, based in South Korea, accounted for 7.8% [8][9] Group 4: Supply Chain and Risks - The company is exploring domestic alternatives to mitigate potential geopolitical risks associated with its reliance on overseas wafer suppliers [9]

Core Viewpoint - Changguang Chenshin is seeking to go public in Hong Kong after terminating its IPO on the Sci-Tech Innovation Board earlier this year, focusing on the niche market of industrial and scientific imaging CIS (Camera Image Sensors) [1] Group 1: Company Overview - Changguang Chenshin specializes in CIS, primarily targeting the industrial and scientific imaging sectors, which differ from competitors like OmniVision and STMicroelectronics that focus on consumer-grade CIS [1][2] - In 2024, 66.3% of the company's revenue is projected to come from industrial imaging, while 28.6% will come from scientific imaging [2] Group 2: Market Position - According to Frost & Sullivan, Changguang Chenshin ranks third globally and first in China for industrial imaging CIS revenue in 2024, capturing 15.2% of the global market share [3] - For scientific imaging, the company also ranks third globally and first in China, with a market share of 16.3% [3] Group 3: Market Size - The global CIS market is expected to reach 139.1 billion RMB in 2024, with industrial imaging CIS accounting for only 2% and scientific imaging CIS less than 1% of the total market [4][5] Group 4: Manufacturing Model - Changguang Chenshin operates on a fabless model, relying on third-party foundries like Tower Semiconductor and DB HiTek for wafer production, which allows the company to avoid significant capital expenditures and operational complexities [6][7] - The company has been exploring domestic alternatives to enhance supply chain security and mitigate geopolitical risks, having collaborated with domestic foundries on some projects [8]