New Stock News | Shangdingxin submits application to Hong Kong Stock Exchange for the second time as a power semiconductor supplier without a wafer fab.

According to the disclosure by the Hong Kong Stock Exchange on December 2, Shenzhen Sundingxin Technology Co., Ltd. (referred to as "Sundingxin") has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Jinliancapital as its exclusive sponsor. Sundingxin is a power semiconductor supplier without a wafer factory, specializing in the development and supply of customized power devices. The company customizes technical solutions for customers, providing customized power devices for installation on circuit boards of electrical equipment and products used by end users, aiming to achieve specific performance or optimize the functionality of such products. The products provided by the company during the reporting period mainly consist of MOSFET, followed by IGBT, GaN MOSFET, and SiC MOSFET, which are mainly designed, customized, and/or developed by the company's technical experts, and customized according to customer requirements for downstream products. The products provided by Sundingxin have a wide range of applications, including power converters and battery management systems. The applications cover consumer electronics, industrial control, automotive electronics, new energy and energy storage, medical devices, and other application scenarios, widely used in products such as Siasun Robot&Automation, handheld power tools, drones, various consumer electronic adapters, LED lighting, outdoor energy storage, etc. This wide applicability can enhance the company's growth potential, enabling the company to explore diverse markets and adapt to constantly changing industry trends. Power semiconductors are devices used in circuits for power conversion and control, usually serving two functions: acting as a switch to turn electrical signals on or off, and amplifiers to control larger currents with smaller currents or voltages. Power devices are a subclass of power semiconductors, which can be divided into several types based on their structure and functions, namely FET, IGBT, and BJT. The MOSFET manufacturing industry is a technology-intensive industry. According to the data from Ipsos, with the innovative application of advanced technology in downstream industries, the technological level of the MOSFET manufacturing industry continues to advance, especially with the use of third-generation semiconductor materials (such as SiC and GaN) in MOSFET products. Compared with traditional silicon-based materials, these third-generation materials have higher efficiency, faster switching speeds, and higher thermal stability. Due to the widespread application of MOSFET in consumer electronics products, automotive applications, and renewable energy systems, the demand for it has significantly increased. As more industries adopt MOSFET for its excellent performance in power management, its applications are expected to continue to expand. The Chinese MOSFET market is expected to grow at a compound annual growth rate of 12.2% from 2019 to 2024 and then expand at a rate of 5.0% from 2025 to 2029. In addition, chip design is a key link in the MOSFET industry chain that requires high research and development capabilities. According to Ipsos data, in the case of rapid growth in downstream demand, domestic companies with strong research and development capabilities can gradually catch up with international mainstream MOSFET manufacturers, maintain market competitiveness, and further seize a considerable market share. Financial Information Revenue For the fiscal years 2022, 2023, 2024, and the nine months ended September 30, 2025, the company recorded revenues of approximately 167 million yuan, 113 million yuan, 122 million yuan, and 105 million yuan, respectively. Profit For the fiscal years 2022, 2023, 2024, and the nine months ended September 30, 2025, the company recorded net profits and comprehensive income totaling 53.609 million yuan, 31.017 million yuan, 35.112 million yuan, and 30.316 million yuan, respectively. Gross Profit Margin For the fiscal years 2022, 2023, 2024, and the nine months ended September 30, 2025, the company's gross profit margins were 55.8%, 55.0%, 56.9%, and 57.1%, respectively. Industry Overview Global Power Devices Market The global power devices market includes components such as thyristors, transistors, and diodes used for power electronics, crucial for industries such as automotive, industrial, and consumer electronics. The market size for power devices grew from approximately $23 billion in 2019 to around $28.8 billion in 2024, with a compound annual growth rate of about 4.6% during that period. For the forecast period 2025 to 2029, it is expected that the market will continue to expand, reaching around $38.2 billion in 2029, with an estimated compound annual growth rate of about 6.6%. The automotive industry, especially the increase in electric vehicle production, driven by stricter emission regulations in regions such as the European Union (EU) and China in the coming years, will be a major driver of growth. It is expected to experience rapid recovery by 2025 and continue to grow until 2029. In addition, the expansion of renewable energy and industrial automation (where power devices play a crucial role) will further support the sustainable growth. China is one of the world's leading exporters of semiconductors, with its exports to the top ten destination markets increasing from around $119 billion in 2019 to around $175.1 billion in 2024, with a compound annual growth rate of about 8.0%. Hong Kong is an important semiconductor re-export center for China, conducting trade with major global markets. In 2024, the total value of semiconductor re-exports from China via Hong Kong to various destinations reached 592.2 billion Hong Kong dollars, with a compound annual growth rate of about 10.2% from 2019 to 2024. Chinese MOSFET Manufacturing Industry MOSFET is crucial in modern electronic products, with various types such as planar, trench, SGT, and super junction, applicable to specific applications ranging from low-power switches to high-voltage systems, and widely used in various industries. From 2019 to 2024, the Chinese MOSFET market showed strong recovery and growth. The market size of the Chinese MOSFET market increased from around $3.3 billion in 2019 to approximately $5.9 billion in 2024, with a compound annual growth rate of about 12.2%. After rapid growth in previous years, the Chinese MOSFET market is transitioning to a more mature stage characterized by increased competition and market saturation. Despite an expected slowdown in market growth rates in the coming years, the total market size of the Chinese MOSFET market is expected to increase from around $6.2 billion in 2025 to approximately $7.5 billion in 2029, with a compound annual growth rate of about 5.0%. With continued demand in various downstream application fields and advancements in MOSFET technology driving growth, this period is expected to see stable growth. Chinese IGBT Manufacturing Industry Driven by market demand from downstream industries, particularly in the field of new energy vehicles (including motor drive control systems, automotive air conditioning control systems, and charging stations) and new energy generation, and further supported by the "Comprehensive Work Plan for Energy Conservation and Emission Reduction in the Fourteenth Five-Year Plan and Vision 2035" of the People's Republic of China, the Chinese IGBT market has experienced rapid and sustained growth. This progress is further supported by the importance of breakthroughs in advanced integrated circuit processes and special technologies such as IGBT emphasized in the plan. From 2019 to 2024, the Chinese IGBT market showed rapid and stable growth. The market size of the Chinese IGBT market increased from around $1.8 billion in 2019 to approximately $3.1 billion in 2024, with a compound annual growth rate of about 11.7%. During the forecast period, the market is expected to maintain its growth trajectory with a compound annual growth rate of about 9.2%, increasing from around $3.4 billion in 2025 to about $4.8 billion in 2029. The predicted growth is mainly driven by the continuous demand in the automotive industry. China is committed to emission reduction and promoting renewable energy, which will further stimulate the demand for IGBT in CECEP Solar Energy and wind energy systems. Board Information The board is currently composed of seven directors, including four executive directors and three independent non-executive directors. The board is responsible for the management and operation of the company and has general authority over it. According to the rules of the Articles of Association, the executive directors and independent non-executive directors of the company are re-elected every three years. Ownership Structure Mr. Liu and Ms. Wu (Mr. Liu's spouse) collectively own approximately 95.0% of the total issued share capital of the company, including (i) direct ownership of approximately 52.40% by Mr. Liu, (ii) indirect control of approximately 23.00% through Mr. Liu's sole general partnership in the following entities: (1) Shangjing No. 1 with 15.00% equity, (2) Yutuo Zhi Cheng Investment with 5.00% equity, (3) Shangjing No. 2 with 2.00% equity, and (4) Shangjing No. 3 with 1.00% equity; and (iii) indirect ownership of approximately 19.60% by Shangjing Investment (with Ms. Wu as its sole general partner). Intermediary Team Exclusive Sponsor: Jinliancapital (Corporate Finance) Co., Ltd. Company Legal Advisor: Hong Kong law: Tong Li Law Firm Limited Liability Partnership; Chinese law: Kangda (Shenzhen) Law Firm Legal Advisor of the Exclusive Sponsor: Hong Kong law: Tianyuan Law Firm (Limited Liability Partnership); Chinese law: Huashang Law Firm Auditors and Reporting Accountants: Ernst & Young Certified Public Accountants Industry Consultant: Ipsos (China) Co., Ltd. Compliance Advisor: Jinliancapital (Corporate Finance) Co., Ltd.