New stock news | Marji Electronics files for listing on the Hong Kong Stock Exchange as a supplier of advanced process chip power inductors solutions.

According to the disclosure of the Hong Kong Stock Exchange on March 31st, Kunshan Maji Electronic Co., Ltd. (referred to as Maji Electronics) has submitted an application to the Hong Kong Stock Exchange Main Board for listing, with Ping An Securities (Hong Kong) as the exclusive sponsor. Company Introduction The prospectus shows that Maji Electronics is a supplier of power inductor solutions for advanced process chips (used in consumer electronics, automotive electronics, and high-performance computing fields). Under the design-driven business model, the company focuses on the development and manufacturing of power inductors. According to a Zhishi report, by 2024, based on revenue from power inductor solutions for advanced process chips, the company ranks first among suppliers headquartered in mainland China and sixth globally. According to the Zhishi report, the company's sales to ODM and OEM are conducted through distributors or direct sales channels. In order to meet the requirements for miniaturization and high magnetic permeability in application scenarios, the company's customized power inductors have high magnetic permeability, low losses, high magnetic flux density, high frequency response, and high reliability. Specifically, the company's power inductors can be used under high-frequency conditions exceeding 1MHz. As of the last feasible date, the company's power inductors have been integrated into multiple well-known AI chip platforms. The company's power inductors are used in multiple industries, including consumer electronics, automotive electronics, and high-performance computing. The company does not supply standardized components but collaborates with end customers in the design phase of their product development cycles to provide customized products. The company operates under a design-driven business model, combining its product development with the technical roadmap of end customers and engaging in vertical integration manufacturing. Financial Data Revenue: In the fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 362 million, RMB 436 million, and RMB 471 million, respectively. Profit: In the fiscal years 2023, 2024, and 2025, the gross profit was RMB 63.573 million, RMB 81.759 million, and approximately RMB 101 million, respectively; during the same period, the gross profit margins were 17.6%, 18.8%, and 21.5%, respectively. In the fiscal years 2023, 2024, and 2025, the company recorded annual losses of RMB 37.761 million, RMB 22.292 million, and RMB 17.914 million, respectively. Industry Overview In terms of inductor revenue, the global market size of inductor solution industries increased from RMB 49.1 billion in 2020 to RMB 71.6 billion in 2024, with a compound annual growth rate of 9.9% during the corresponding period. It is expected that by 2030, the global market size of inductor solution industries will reach RMB 130 billion, with a compound annual growth rate of 10.5% during the corresponding period. The global market size of inductor solution industries for power inductors is expected to increase from RMB 32.4 billion in 2024 to RMB 72.7 billion in 2030, with a compound annual growth rate of 14.4%, and by then, its market size will account for 55.9% of the global inductor solution industry size. With the accelerated deployment of advanced process chips in downstream sectors, the global market size of inductor solutions for power inductors used in advanced process chips is experiencing rapid growth. In terms of inductor revenue, the global market size of inductor solutions for power inductors used in advanced process chips increased from approximately RMB 2.7 billion in 2020 to approximately RMB 9.4 billion in 2024, with a compound annual growth rate of 36.6% during the corresponding period. It is expected that by 2030, the global market size of inductor solutions for power inductors used in advanced process chips will reach approximately RMB 30 billion, with a compound annual growth rate of 21.3% during the corresponding period. This growth rate is significantly higher than the overall compound annual growth rate of the power inductor solution industry, reflecting the explosive global demand for high-performance inductors in the era of artificial intelligence. Consumer electronics, automotive, and computing infrastructure are three major downstream application areas for inductor solutions for power inductors used in advanced process chips globally. In terms of sales revenue, the market size of the inductor solutions for power inductors used in advanced process chips in consumer electronics, automotive, and computing infrastructure in 2024 was approximately RMB 3.4 billion, RMB 3 billion, and RMB 3 billion, respectively, accounting for 35.9%, 31.6%, and 31.6% of the global market size of inductor solutions for power inductors used in advanced process chips. Board of Directors Information The board of directors consists of eleven members, including four executive directors, three non-executive directors, and four independent non-executive directors. Ownership Structure Mr. Zhao, Mr. Cheng, Magneto, and Kunshan Mai Zhi are the controlling shareholders of the company, collectively holding approximately 41.30% of the company's issued share capital as of the last feasible date. Shanghai Maji holds the remaining 29.5%, and Mr. Zhang Wei and Mr. Shen Wenbin hold 19.5% each, with Mr. Shen Wenbin being an employee of the company and Mr. Zhang Wei being an independent third party. Intermediary Team Exclusive Sponsor: Ping An Insurance Capital (Hong Kong) Limited Company Legal Counsel: Regarding Hong Kong law: King & Wood Mallesons; Regarding Chinese law: King & Wood Beijing Law Firm; Regarding certain business operations in Hong Kong: Yang Zhenwen Law Firm; Regarding Thai law matters: DTL LAW OFFICE CO., LTD; Regarding Taiwanese law: Tai-Ting Law Firm; Regarding international sanctions and U.S. export control laws: Steptoe Law Firm Legal Counsel of the Exclusive Sponsor: Regarding Hong Kong law: K&L Gates (Hong Kong) LLP; Regarding Chinese law: K&L Gates (Shanghai) LLP Reporting Accountant and Independent Auditor: Deloitte Touche Tohmatsu Certified Public Accountants Industry Consultant: Zhishi Industry Consultancy Limited