New stock news | Geely's secondary listing on the Hong Kong Stock Exchange ranks second in the China Pan Semiconductor IMSS market.

According to the disclosure by the Hong Kong Stock Exchange on March 2nd, Shanghai Gorilla Software Co., Ltd. (referred to as Gorilla) has submitted its listing application to the Main Board of the Hong Kong Stock Exchange, with Guotai Haitong and CMBC CAPITAL as its joint sponsors. This is the company's second application submission to the Hong Kong Stock Exchange. Company Overview According to the prospectus, the company is one of the leading providers of Intelligent Manufacturing Software Solutions (IMSS) in China's broad semiconductor industry, with a market share of approximately 11.7% in 2024. The company focuses on the research and commercialization of IMSS tailored for the advanced manufacturing processes in the semiconductor industry. The semiconductor industry refers to the collection of advanced manufacturing industries closely related to semiconductor technology and applications, covering a wide range including semiconductors, displays, PCBs, and photovoltaics. The manufacturing processes in the semiconductor industry are complex, involving numerous steps and a variety of precision equipment, requiring real-time coordination, system stability, and high precision. Therefore, such manufacturing processes require precise software solutions to manage their complex manufacturing systems. The company's solutions cover the entire value chain, from production data collection, equipment connectivity, production process management, to big data analysis and artificial intelligence applications, enabling the company's customers in the semiconductor industry to achieve digital manufacturing. Through technologies such as artificial intelligence, Internet of Things, automation, and big data analysis, the company's solutions enable customers to optimize production processes, improve operational efficiency, and make predictive decisions. Since its establishment in 2007, the company's founder, Mr. Sun, has seized the development opportunities in the semiconductor industry and has been committed to becoming a leading provider of IMSS with independently developed and leading-edge computer integrated manufacturing systems. In early 2023, the company successfully delivered a domestically produced computer integrated manufacturing system for the 18-nanometer core manufacturing execution system in the front-end of the 12-inch wafer. In recent years, the company has continuously optimized and enhanced its IMSS with the development of artificial intelligence. Leveraging its research and expertise in the semiconductor industry, the company has introduced artificial intelligence-empowered IMSS tailored for various manufacturing scenarios in the semiconductor industry. The company's artificial intelligence models continue to learn from production and operational data, enabling self-perception, self-learning, assisted decision-making, and helping production lines increase capacity and quality while reducing costs. The company serves a diversified customer base in the broad semiconductor industry. During the past performance period, the company established business relationships with more than 340 customers in the broad semiconductor industry. In addition, the company has established long-term business relationships with leading manufacturing companies, forming a strong competitive position. According to a Frost & Sullivan report, based on revenue generated, in 2024, the company ranked second in the Chinese broad semiconductor IMSS market and is the largest domestic provider of broad semiconductor IMSS. It is also the first Chinese company to provide end-to-end software solutions covering various aspects of the semiconductor industry value chain, from materials, processing, components, assembly, to downstream applications, covering all sectors of the broad semiconductor industry. Financial Data Revenue In 2023, 2024, and 2025, the company's revenue was approximately 165 million, 249 million, and 300 million RMB, respectively. Loss In 2023, 2024, and 2025, the company's annual losses were approximately 127 million, 103 million, and 104 million RMB, respectively. Gross Profit Margin In 2023, 2024, and 2025, the company's gross profit margins were 3.4%, 13.2%, and 14.2%, respectively. Industry Overview The broad semiconductor industry refers to a collection of manufacturing industries closely related to semiconductor technology and applications, covering a wide range including semiconductors, display panels, PCBs, and photovoltaics. All sectors involve industrial processes such as automation, computation, software, sensors, and networks. By sales revenue, the size of China's broad semiconductor IMSS market is projected to increase from 11 billion RMB in 2020 to 66 billion RMB in 2029, with a compound annual growth rate of 25.4% from 2024 to 2029. Based on participant sources, the market size of China's broad semiconductor IMSS can be divided into domestic and overseas participants. The market size of domestic participants is expected to increase from 13 billion RMB in 2024 to 50 billion RMB in 2029, with a compound annual growth rate of 31.2%. Semiconductor IMSS refers to solutions that cover the entire semiconductor manufacturing process from the front-end to the back-end, with a focus on high-precision process control, equipment automation, and yield improvement. By sales revenue, China's semiconductor IMSS market is expected to grow from 8 billion RMB in 2020 to 16 billion RMB in 2024, with a compound annual growth rate of 20.0%, showing strong growth in the initial stage. The market is expected to further expand from 2024 to 2029, with a compound annual growth rate of 26.2%, reaching 52 billion RMB by 2029. Board of Directors Information The board of directors consists of twelve members, including four executive directors, four non-executive directors, and four independent non-executive directors. According to the company's articles of association, the directors (excluding employee representative directors) are elected and appointed by the shareholders at the shareholders' meeting, while employee representative directors are elected by the company's employee representative assembly. The directors serve a term of three years and may be re-elected. Equity Structure As of the last practicable date (February 24, 2026), Mr. Sun, the executive director and chairman of the company, collectively controls approximately 53.57% of the company's voting rights, including (1) about 30.02% held directly by him; (2) approximately 14.26% held by Xinxiang Limited Partnership controlled by Mr. Sun as the sole general partner; and (3) approximately 9.29% held by Jingwei Limited Partnership controlled by Mr. Sun as the sole general partner. Xinxiang Limited Partnership is the company's equity incentive platform, while Jingwei Limited Partnership is the holding platform for Mr. Sun, executive director Mr. Jiang Zhi, and several financial investors of the company. Following the completion of the compilation (assuming the compilation is not exercised), Mr. Sun, Xinxiang Limited Partnership, and Jingwei Limited Partnership will be able to exercise approximately 53.57% of the company's voting rights together. Therefore, as of the last practicable date, Mr. Sun, Xinxiang Limited Partnership, and Jingwei Limited Partnership constitute a controlling shareholder group. Intermediary Team Joint Sponsors: Guotai Junan Financing Limited, CMBC CAPITAL Limited; Legal Advisors: Jingtian & Gongcheng Law Firm, Zhao Buyu & Ma Guoqiang Law Firm, Jin Tiancheng Law Firm, Ashurst Horitsu Jimusho Gaikokuho Kyodo Jigyo; Legal Advisors for Joint Sponsors and Compilers: DeHeng Law Offices (Hong Kong) Limited, Beijing Guo Feng Law Firm; Auditors and Reporting Accountants: Ernst & Young Hua Ming LLP; Industry Consultants: Frost & Sullivan Consulting Co., Ltd. Shanghai Branch.