Core Viewpoint - Shenzhen Shangdingxin Technology Co., Ltd. (referred to as Shangdingxin) submitted its Hong Kong IPO prospectus on April 3, 2025, which became invalid after six months on October 3, 2025 [1]. Company Overview - Shangdingxin is a fabless power semiconductor supplier specializing in the development and supply of customized power device products [2]. - The company tailors technology application solutions for clients, providing customized power devices designed specifically for the circuit boards of electrical equipment and products used by end-users [2]. - The primary products offered by Shangdingxin during the reporting period include MOSFETs, followed by IGBTs, GaN MOSFETs, and SiC MOSFETs, all designed and customized according to client specifications [2]. Product Applications - The products provided by Shangdingxin have a wide range of applications, including power converters and battery management systems [2]. - Application areas encompass consumer electronics, industrial control, automotive electronics, new energy and storage, and medical devices, with specific uses in products such as robotic vacuum cleaners, handheld power tools, drones, various consumer electronic adapters, LED lighting, and outdoor energy storage [2].

Core Viewpoint - Shenzhen Shangdingxin Technology Co., Ltd. (referred to as Shangdingxin) submitted its Hong Kong IPO prospectus on April 3, which has now expired after six months on October 3 [1] Company Overview - Shangdingxin is a fabless power semiconductor supplier specializing in the development and supply of customized power device products [2] - The company provides tailored technical application solutions and custom power devices for electrical equipment and products used by end-users, aiming to achieve specific performance or optimize product functionality [2] - The primary products offered by Shangdingxin during the track record period include MOSFETs, followed by IGBTs, GaN MOSFETs, and SiC MOSFETs, all designed and customized according to customer requirements [2] Product Applications - The products provided by Shangdingxin have a wide range of applications, including power converters and battery management systems [2] - Application areas encompass consumer electronics, industrial control, automotive electronics, new energy and storage, and medical devices, with products used in robotic vacuum cleaners, handheld power tools, drones, various consumer electronic adapters, LED lighting, and outdoor energy storage [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional information from Shangdingxin regarding its overseas listing application, indicating regulatory scrutiny and the need for compliance with specific requirements [1][2]. Group 1: Regulatory Requirements - CSRC has issued supplementary material requirements for seven companies, including Shangdingxin, focusing on the specifics of their overseas listing plans and compliance with regulations [1]. - Shangdingxin is required to clarify the pricing basis and rationale for any share transfers involving new shareholders within the past 12 months [2]. - The company must provide details on its business scope and whether it involves any restricted or prohibited areas as per the 2024 version of the Negative List for Foreign Investment [2]. Group 2: Company Overview - Shangdingxin is a fabless power semiconductor supplier specializing in customized power device products [3]. - The company primarily offers MOSFETs, along with IGBTs, GaN MOSFETs, and SiC MOSFETs, designed specifically to meet customer requirements [3]. - Its products are utilized in various applications, including power converters and battery management systems, across sectors such as consumer electronics, industrial control, automotive electronics, renewable energy, and medical devices [3].

Group 1 - Shenzhen Shangdingxin Technology Co., Ltd. (Shangdingxin) has submitted its prospectus to the Hong Kong Stock Exchange, with Jinyuan Capital as the sole sponsor [1] - Shangdingxin, established on October 9, 2011, is a fabless power semiconductor supplier focused on the development and supply of customized power device products [1] Group 2 - The company's revenue has fluctuated due to the demand cycle in the power semiconductor industry, with reported revenues of approximately 167 million RMB, 113 million RMB, and 122 million RMB for the years 2022, 2023, and 2024 respectively [2][3] - Gross profit margins for the same periods were 55.8%, 55.0%, and 56.9%, with net profits of 53.6 million RMB, 31.0 million RMB, and 35.1 million RMB [2][3] Group 3 - Approximately 60% of Shangdingxin's revenue comes from the consumer electronics sector, which has seen a decline in demand, leading to a drop in revenue from 112 million RMB in 2022 to 68.2 million RMB in 2024, a decrease of 38.94% [4] - The main products include MOSFETs, IGBTs, and GaN MOSFETs, with MOSFETs accounting for over 99% of revenue [4] Group 4 - The average selling price of trench MOSFETs decreased from 0.62 RMB per unit in 2022 to 0.45 RMB per unit in 2024, while SGT MOSFET prices fell from approximately 0.60 RMB to about 0.46 RMB [5][6] - This price decline is attributed to oversupply and reduced market demand, leading to a general drop in raw material prices [5] Group 5 - Shangdingxin is a small enterprise with only 64 employees as of March 25, 2025, and has never received external financing, relying on operational cash flow and bank loans [6] - The company has faced cash flow challenges, with cash and cash equivalents reported at 17.98 million RMB, 2.86 million RMB, and 16.22 million RMB at the end of the respective reporting periods [7] Group 6 - Despite declining performance and tight cash flow, Shangdingxin distributed dividends of approximately 32.5 million RMB and 51.3 million RMB in 2022 and 2024, respectively, which accounted for about 70% of the company's net profits during those years [7] - The founders, Liu Daoguo and Wu Yingling, control 95% of the company, benefiting significantly from the dividends distributed [8]

Company Overview - Shangdingxin is a fabless power semiconductor supplier specializing in the development and supply of customized power device products [2] - The company offers tailored technical application solutions and custom power devices for electrical equipment and products used by end-users [2] - The primary products include MOSFETs, followed by IGBTs, GaN MOSFETs, and SiC MOSFETs, designed according to customer specifications [2] Product Applications - The products are widely used in power converters and battery management systems across various sectors, including consumer electronics, industrial control, automotive electronics, renewable energy, energy storage, and medical devices [2] - Specific applications include robotic vacuum cleaners, handheld power tools, drones, various consumer electronic adapters, LED lighting, and outdoor energy storage products [2] Market Growth - The demand for MOSFETs has significantly increased due to their extensive application in consumer electronics, automotive applications, and renewable energy systems [3] - The Chinese MOSFET market is projected to grow at a compound annual growth rate (CAGR) of 13.9% from 2019 to 2023, and is expected to continue expanding at a CAGR of 6.0% from 2024 to 2029 [3] Financial Performance - Shangdingxin's revenue for 2022, 2023, and 2024 is approximately RMB 167.3 million, RMB 113.1 million, and RMB 121.7 million, respectively [5] - Gross profit for the same years is approximately RMB 93.3 million, RMB 62.1 million, and RMB 69.2 million, respectively [5] - Net profit for 2022, 2023, and 2024 is approximately RMB 53.6 million, RMB 31.0 million, and RMB 35.1 million, respectively [5]

导 语：随着新能源汽车和可再生能源的崛起，功率半导体需求持续增长，市场前景广阔。 尚鼎芯科技在港交所递交的招股书中提到，公司拟在香港联合交易所主板上市。此次发行的具体细 节，如融资规模、融资股份比例等部分信息暂未完全明确，招股书显示，公司已聘请金联资本为独 家保荐人负责相关上市事宜。 尚鼎芯科技是一家无晶圆厂功率半导体供应商，专注于定制化功率器件产品的开发与供应。公司为 客户提供定制的功率器件，应用于电气设备和电子产品的电路板上，以实现特定性能或优化产品功 能。 从投资价值角度分析，尚鼎芯科技具有一定的潜力。 其一，行业前景广阔。随着科技的不断发展，功率半导体在各个领域的应用需求持续增长，尤其是 在新能源汽车、可再生能源等新兴产业的推动下，市场规模有望不断扩大。尚鼎芯科技专注于定制 化产品，能够更好地满足不同客户的特殊需求，具备较强的市场适应性。 其二，公司拥有一定的竞争优势。在定制化及以客户为中心的售后服务上表现突出，通过直销模式 深入了解客户需求，提供个性化解决方案，增强了客户满意度和忠诚度。同时，公司拥有多元化的 客户群，涵盖多个行业，降低了对单一客户的依赖风险。 其三，研发能力不断提升。公司持续投入研 ...