Core Insights - The capital market in Zhuhai has become notably active this year, with an increase in IPO applications, particularly at the Beijing Stock Exchange (北交所) and Hong Kong Stock Exchange (港交所) [1][4] Group 1: IPO Activity - The Beijing Stock Exchange has emerged as the primary platform for Zhuhai companies seeking to go public, with four companies currently under review [1][3] - As of July 27, 2024, 305 companies are in the A-share IPO review process, with 60% of them on the Beijing Stock Exchange, including four from Zhuhai [1][3] - Zhuhai's IPO market is benefiting from a supportive regulatory environment for technology innovation, providing crucial financing opportunities for small and medium-sized tech enterprises [1][3] Group 2: Company Profiles - The four Zhuhai companies applying for IPOs—Jieli Technology, Nante Technology, Ruixiang Intelligent, and Chuanmeixun—are leaders in their respective sectors, aligning with the Beijing Stock Exchange's focus on specialized and innovative enterprises [2][6] - Jieli Technology is recognized as a national champion in manufacturing and specializes in Bluetooth audio chip design, while Nante Technology focuses on key components for major clients like Midea and Gree [2][6] - Ruixiang Intelligent is involved in smart manufacturing equipment, and Chuanmeixun is one of the earliest companies in China to develop and produce digital printing inks [2][6] Group 3: Industry Trends - The industry distribution of these companies spans integrated circuits, smart equipment, high-end manufacturing, and information technology, indicating a rapid advancement of Zhuhai's emerging industrial clusters into the capital market [3][8] - The average revenue of companies currently under review at the Beijing Stock Exchange is approximately 738 million yuan, with Chuanmeixun being the smallest at 207 million yuan in revenue for 2024 [4][6] Group 4: Regulatory Environment - The Beijing Stock Exchange is experiencing a significant increase in IPO applications, leading to longer review periods, with the median time from acceptance to listing extending to 306 days in 2024, a 40% increase from 2022 [3][4] - The regulatory body has intensified its scrutiny, terminating 107 IPO applications in 2024 due to insufficient innovation, significant performance fluctuations, or compliance issues [3][4] Group 5: Future Outlook - The growing number of enterprises in Zhuhai, with 459,900 operating entities and 50 listed companies valued at 586.39 billion yuan, indicates a robust pipeline for future IPOs [8] - Several Zhuhai companies are in the pre-IPO counseling stage, with plans to list on various exchanges, reflecting a trend towards increased participation in global competition [8]

Core Viewpoint - Zhuhai Jieli Technology Co., Ltd. is emerging as a significant player in the semiconductor industry, with its self-developed TWS headphone main control chip expected to exceed 2 billion units in annual shipments by 2024, leading the global market share rankings [1]. Group 1: Company Overview - Founded in 2010, Jieli Technology began its journey in the system-on-chip (SoC) design sector, achieving significant milestones with its Bluetooth audio chips, including the AC460N, AC697N series, and the AC791N, which address the explosive growth in TWS headphone demand [3]. - The company has sold over 12 billion chips cumulatively by 2024, equating to an average of 1.5 Jieli chips per person globally [3]. Group 2: Market Position and Achievements - Jieli Technology has achieved a global market share exceeding 40% in the Bluetooth audio chip sector, becoming a "hidden champion" in consumer electronics such as Bluetooth headphones and smart speakers [5]. - In 2024, the revenue from Bluetooth audio chips is projected to reach 2.28 billion yuan, accounting for 72% of the company's total revenue, with key products like the AC697N and AC700N series being widely adopted by major brands [5]. Group 3: Technological Advancements - The company has developed a high-spec, flexible, and highly integrated technology system, achieving performance parameters comparable to international competitors while maintaining costs at 60%-70% of similar products [7]. - Jieli Technology has pioneered low-latency transmission with its Bluetooth 5.4 protocol chip, breaking the monopoly of foreign companies in high-end audio chips [7]. Group 4: Supply Chain and Collaboration - Jieli Technology emphasizes a fully domestic supply chain strategy, collaborating with various domestic firms to enhance the competitiveness of its products and promote the overall upgrade of the domestic semiconductor industry [8]. - The partnership with Huahong Group has led to a 15% reduction in chip area and a 20% decrease in power consumption for 28nm process chips [8]. Group 5: Social Responsibility and Impact - The company promotes the concept of "technology for all," exemplified by its AC61N health medical chip, which reduces costs for medical devices by 30% [9]. - During the COVID-19 pandemic, Jieli Technology supplied over 50 million chips for medical equipment, earning recognition for its contributions [9]. Group 6: Future Outlook - Jieli Technology aims to leverage its successful listing on the Beijing Stock Exchange to achieve sustainable growth and enhance its contributions to the semiconductor industry [11].