New Stock News | Xiamai Semiconductor Submits Application to Hong Kong Stock Exchange Again The Company adopts the Fab-Lite integrated device manufacturer (IDM) business model.

According to the disclosure by the Hong Kong Stock Exchange on January 7th, Hangzhou-based ChipTech Semiconductor Technology Co., Ltd. (referred to as ChipTech Semiconductor) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Huatai International as its sole sponsor. The company had previously submitted a listing application to the Hong Kong Stock Exchange on June 30, 2025. The prospectus shows that ChipTech Semiconductor is a power semiconductor company that provides efficient power management solutions through its proprietary technology. The company operates under the Fab-Lite Integrated Device Manufacturer (IDM) business model. Company Overview The prospectus mentions that, according to Frost & Sullivan data, the semiconductor industry generally recognizes four mainstream business models: fabless, virtual IDM, Fab-Lite IDM, and IDM. Fabless and virtual IDM companies do not make substantial capital investments in wafer manufacturing, so they lack structural capacity guarantees and cannot significantly influence the process node. In contrast, Fab-Lite IDM companies, while not building or operating their own wafer fabs, enter into structured arrangements such as leasing dedicated production lines, deploying company-owned equipment in outsourcing factories, or making equity or capital expenditure investments. Under the Fab-Lite IDM business model, ChipTech Semiconductor makes targeted capital investments at key points in the value chain, while continuing to outsource front-end wafer manufacturing to wafer foundry partners. In 2019, ChipTech Semiconductor established RichTech Semiconductor and became its sole shareholder, followed by a capital increase and the introduction of independent third-party investors in 2021. ChipTech Semiconductor then held a minority equity interest in RichTech Semiconductor. As of the last practicable date, the company held approximately 16.76% equity of RichTech Semiconductor, equivalent to a paid-up capital contribution of 1.5 billion RMB. In addition to this strategic investment in key foundry partners, ChipTech Semiconductor also extends its backend manufacturing capabilities through its own high-power module manufacturing, packaging, and testing facilities operated by wholly-owned subsidiary Hangzhou Xintong. In summary, ChipTech Semiconductor has made significant capital commitments at both the foundry partner level (through investment in RichTech Semiconductor) and the backend module level (through Hangzhou Xintong), and has established structured capacity planning and process development cooperation with key manufacturing partners. These commitments provide ChipTech Semiconductor with real capacity guarantees and customization capability, ensuring reliable research and development and production implementation. ChipTech Semiconductor's core business covers research, development, and sales of power management integrated circuits (ICs) and power devices in the power semiconductor field. Leveraging its proprietary technology, the company provides efficient power solutions to customers. ChipTech Semiconductor's products cover three main technical areas: mobile technology, display technology, and power devices. In the PMIC field, ChipTech Semiconductor focuses on customized power management ICs (PMICs) in mobile and display applications, providing comprehensive one-stop power management solutions to leading customers in the smartphone, display panel, and automotive industries. According to Frost & Sullivan data, based on 2024 revenue, ChipTech Semiconductor holds approximately 0.42% market share in the global PMIC market and 0.14% market share in the global power device market. ChipTech Semiconductor operates under the Fab-Lite IDM business model and has established a comprehensive supply chain system including China and overseas suppliers. The company's products focus on providing customized solutions and high-performance performance to leading customers, with a core focus on innovative IC and device design and the development of its own process platform. With a 16.76% equity stake in long-term strategic foundry partner RichTech Semiconductor and its position as one of its most important customers, ChipTech Semiconductor has priority access to its capacity and technical resources. Financial Data Revenue For the fiscal years ended 2022, 2023, 2024, and the nine months ended September 30, 2025, the company achieved revenues of approximately 1.688 billion RMB, 1.64 billion RMB, 1.574 billion RMB, and 1.458 billion RMB, respectively. Net Loss For the fiscal years ended 2022, 2023, 2024, and the nine months ended September 30, 2025, the company reported net losses of 172 million RMB, 506 million RMB, 697 million RMB, and 236 million RMB, respectively. Gross Margin For the fiscal years ended 2022, 2023, 2024, and the nine months ended September 30, 2025, the company's gross margins were 37.4%, 33.4%, 29.4%, 30.7%, and 29.1% respectively. Industry Overview In recent years, the global power semiconductor market has shown strong resilience and sustained growth momentum. The market size increased from 411.5 billion RMB in 2020 to 595.3 billion RMB in 2024, despite facing macroeconomic challenges, with demand remaining strong in multiple end-use sectors. Consumer electronics, industrial applications, and the automotive sector account for the majority of downstream demand, collectively representing over 70% of total applications. Looking ahead, the power semiconductor industry is expected to continue expanding. The global market is projected to grow at a compound annual growth rate of 7.1%, reaching an estimated size of 802.9 billion RMB by 2029. In terms of downstream application areas, according to Frost & Sullivan data, the automotive sector is expected to reach 232.7 billion RMB by 2029, becoming the largest contributor to growth in the power semiconductor industry. In addition, emerging applications such as AI servers, industrial applications, and services such as Siasun Robot & Automation are expected to be major growth drivers in the next five years. Board of Directors Information ChipTech Semiconductor's board of directors will consist of seven directors, including two executive directors, two non-executive directors, and three independent non-executive directors. Ownership Structure As of the last practicable date, Hangzhou Moxin, Zhiyi, and Zhifu (employee share incentive plan platforms) collectively held approximately 13.29% of the company's issued share capital. As a general partner of Hangzhou Moxin, Hangzhou Qinxin has the right and power to manage and execute the affairs of Hangzhou Moxin. Hangzhou Qinxin is 80% owned by Dr. Ren Yuancheng. Bright Shine is a general partner of Zhiyi and Zhifu, with the right and power to manage and execute the affairs of Zhiyi and Zhifu. Bright Shine is wholly owned by Dr. Su Huilun. On June 19, 2025, Hangzhou Moxin, Zhiyi, Zhifu, Hangzhou Qinxin, Bright Shine, Dr. Ren, and Dr. Su (collectively referred to as "concerted actors") entered into a concerted action agreement ("concerted action agreement"), whereby the concerted actors agreed and confirmed that from the date they became direct and/or indirect shareholders, and until (i) any one of them no longer holds any shares (in which case the concerted action agreement will only terminate with regards to that party, while the remaining parties will continue to be bound by the concerted action agreement), or (ii) all parties mutually agree to terminate the arrangement (whichever occurs earlier), they have and will continue to act in concert in exercising shareholder rights related to the company. This includes rights such as proposing resolutions and voting at shareholder meetings. In the event that the concerted actors cannot reach a consensus or diverge, the decision of Hangzhou Moxin and Dr. Ren will prevail. Intermediary Team Sole Sponsor: Huatai Financial Holdings (Hong Kong) Limited Company Legal Counsel: HK Law: Cliffords Law Partners, China Law: Cliffords Law Partners, Korea Law: The Pacific Corporation (limited) Ltd., Export Control and Sanctions Law: Stephen Peepels, Esq. Sole Sponsor Legal Counsel: Haiwen & Partners Law Firm, Haiwen & Partners Law Firm Auditors and Reporting Accountants: PricewaterhouseCoopers Industry Advisor: Frost & Sullivan Compliance Consultant: Huafu Jianye Enterprise Financing Co., Ltd.