New Stocks News | Nations Technologies Inc. (300077.SZ) submits second application to the Hong Kong Stock Exchange, being a leading enterprise in platform-type MCU technology.

According to the disclosure of the Hong Kong Stock Exchange on December 29th, Nations Technologies Inc. Limited (referred to as Nations Technologies Inc.) (300077.SZ) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CITIC SEC as its exclusive sponsor. Company Overview According to the prospectus, Nations Technologies Inc. is a platform-based integrated circuit design company dedicated to providing control chips and system solutions for various intelligent terminals. The company has achieved widespread application of products in key areas such as consumer electronics, industrial control and digital energy, smart home, automotive electronics, and medical electronics, successfully building a diversified product matrix covering various scenarios. According to data from ZD China, based on revenue projections for 2024, Nations Technologies Inc. ranks among the top five in the global platform-based microcontroller unit market among Chinese companies, and among the top three in the global 32-bit platform-based MCU market. Based on ZD China's data, in the Chinese MCU market with built-in commercial cryptographic algorithm modules, the company ranks first based on revenue projections for 2024. Since its establishment in 2000, Nations Technologies Inc. has gradually achieved breakthrough development from professional market chips to general MCU, and then to high-end products such as edge AI computing. In 2023, the company also extended its product range to include BMS chips, RF chips, and other products, generating revenue starting from 2024. Since identifying the development direction of a platform-based integrated circuit design company in 2018, the company has successively launched multiple 32-bit MCU products based on Cortex-M0 to M7, continuously optimizing chip size, power consumption, and performance, achieving a scenario upgrade from embedded control to edge intelligence. As early as 2019, Nations Technologies Inc. became the first fabless integrated circuit design company to achieve mass production of general MCU products based on the 40-nanometer eFlash process, leading the global trend of process upgrades for mainstream products, significantly enhancing product performance, efficiency, etc., and strengthening the company's market competitiveness in high-performance computing and high-end control fields, accelerating the improvement of the company's technological layout in key industrial tracks, forming a full-stack product platform that is flexible for reuse and cross-industry expansion. In addition to its chip product business, Nations Technologies Inc. is also developing its lithium battery negative electrode material business. The company's lithium battery negative electrode material business is centered around artificial graphite and explores multiple technological pathways such as silicon-carbon composites and hard carbon structures, widely used in new energy vehicles, energy storage systems, and portable devices, with customers covering mainstream battery manufacturers in the industry. On this basis, the company actively explores the synergistic application of battery management system control chips and lithium battery negative electrode materials within the same customer system, providing comprehensive solutions in system-level efficiency optimization, security, and cost control, building an intelligent energy control platform with full-stack capabilities, enhancing the overall business's ability to resist cyclical downturns and growth resilience. Financial Data Revenue For the fiscal years of 2022, 2023, 2024, and the nine months ending September 30, 2025, the company achieved revenues of approximately RMB 1.195 billion, RMB 1.037 billion, RMB 1.168 billion, and RMB 958 million, respectively. Gross Profit For the fiscal years of 2022, 2023, 2024, and the nine months ending September 30, 2025, the company recorded gross profits of approximately RMB 426 million, RMB 18.011 million, RMB 182 million, and RMB 183 million, respectively. Industry Overview With the evolution of AI technology, intelligent terminals are becoming increasingly complex and demanding higher levels of data processing power, secure communication, higher efficiency, and better reliability. In this process, semiconductor technology becomes crucial, and MCU (microcontroller unit) is the core component that connects perception and execution to realize terminal intelligence. The performance of the MCU determines the effectiveness of intelligent terminal sensing, processing, and responding to the environment. With various applications becoming more intelligent, the demand for MCUs in each terminal is increasing, bringing more complex control and functional requirements. Therefore, MCUs are increasingly moving towards high integration and high-value development. It is expected that each MCU will become more advanced and complex in technology, with prices and strategic value also increasing. The value chain of MCUs consists of three key stages: upstream, midstream, and downstream. The upstream sector includes industries that supply semiconductor materials and equipment needed for MCU design and production. The global MCU market has grown from $19.8 billion in 2019 to $29.9 billion in 2024, with a compound annual growth rate of 8.6%. It is expected that this market will continue to grow rapidly in the future, and is projected to grow to $48 billion by 2029 with a compound annual growth rate of 9.9%. Apart from traditional industries, emerging industries are expected to further expand the application scope of MCUs. AI MCUs used for industrial vision, voice control, and image processing require embedded chips to provide sufficient computing power and support AI frameworks. The global MCU market for edge AI scenarios is expected to soar from $700 million in 2024 to $2.7 billion in 2029, with a compound annual growth rate of 31.0%. Siasun Robot&Automation technology is also rapidly advancing, with downstream applications changing industrial collaboration, home services, commercial services, and embodied intelligence. The global MCU market for Siasun Robot&Automation is expected to grow from $300 million in 2024 to $900 million in 2029, with a compound annual growth rate of 27.4%. In the new energy field, whether it is battery swap stations, energy storage systems, or charging piles, MCUs must meet strict reliability and system security requirements. The global MCU market for new energy applications is expected to grow from $500 million in 2024 to $2.2 billion in 2029, with a compound annual growth rate of 32.3%. In the low-altitude economy sector, high-performance MCU chips are needed to ensure the stable operation of functions such as flight control. The global MCU market for low-altitude economic applications is expected to grow from $300 million in 2024 to $800 million in 2029, with a compound annual growth rate of 19.5%. These emerging fields are collectively driving the continuous innovation of global MCUs and the growing demand. The Chinese MCU chip market has experienced rapid growth, rising from RMB 36.8 billion in 2019 to RMB 63.3 billion in 2024, with a compound annual growth rate of 11.5%. It is expected that this market will continue to grow rapidly in the future, with a projected compound annual growth rate of 12.0% to reach RMB 111.4 billion by 2029. The demand for intelligent terminals in the Chinese market is leading globally, with sectors such as consumer electronics, industrial automation upgrades, and rapid growth of new energy vehicles driving a significant demand for MCUs. With the rapid development of technical capabilities among Chinese MCU providers, they can quickly launch products that better meet market demands, leading to a noticeable growth rate in the Chinese MCU market ahead of the global market. Board of Directors Information The board of directors currently consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors. The board's powers and responsibilities include determining the company's business and investment plans, formulating profit distribution schemes, and exercising other powers, functions, and responsibilities conferred by the articles of association. Equity Structure As of December 22, 2025, Mr. Sun is the chairman of the company, an executive director, and general manager, holding approximately 2.65% of the company's issued share capital, making him the largest single shareholder of the company. Advisory Team Exclusive Sponsor: CITIC SEC (Hong Kong) Limited. Company Legal Counsel: For Hong Kong and U.S. law: Sherman & Sterling LLP; for Chinese law: Han Kun Law Firm; for Singapore law: Incisive Law LLC; for international sanctions law: Ashurst Horitsu Jimusho Gaikokuho Kyodo Jigyo. Legal Counsel for Exclusive Sponsor: For Hong Kong and U.S. law: Norton Rose Fulbright; for Chinese law: King & Wood Mallesons. Auditor and Reporting Accountant: Deloitte Touche Tohmatsu. Industry Consultant: ZD Corporate Management Consulting Co., Ltd. Compliance Advisor: Nan Hua Finance Limited.