New stock news | Verisilicon Microelectronics (Shanghai) Co., Ltd. (688521.SH) has submitted an application to the Hong Kong Stock Exchange, leading the domestic full-stack custom chip solutions.

According to the disclosure by the Hong Kong Stock Exchange on April 1st, Verisilicon Microelectronics (Shanghai) Co., Ltd. (688521.SH) has submitted a listing application to the main board of the Hong Kong Stock Exchange, with CITIC SEC and UBS Group as joint sponsors. Company Profile Verisilicon Microelectronics (Shanghai) Co., Ltd. is a leading listed company providing customized chip solutions with a comprehensive and proprietary semiconductor IP portfolio. Established in 2001, headquartered in Shanghai, and leveraging the unique "Semiconductor IP Platform as a Service" (SiPaaS) business model, the company offers chip customization solutions and semiconductor IP licensing services. As a key ecological role connecting semiconductor IP, design services, and industry collaboration, the company empower global customers to innovate efficiently in the AI era. According to data from Zhishi Consulting, as of December 31, 2025, the company is a leading independent IP supplier in the first-tier, with the most IP categories in digital IP, analog and mixed-signal, and RF IP fields, making Verisilicon Microelectronics (Shanghai) Co., Ltd. the second largest semiconductor IP supplier globally focused on digital IP by 2025 IP revenues. In terms of 2025 IP revenues, the company is also the largest IP provider in mainland China and the eighth largest globally, as well as the sixth largest in terms of 2025 IP royalty revenues. The company is also an industry pioneer in providing chip customization solutions, with a track record of outstanding performance in delivering complex system-level chips, system-level packaging, low-power, and cost-effective chip design solutions that have been validated in the market. According to Zhishi Consulting data, based on revenue in 2025, the company is the fourth largest full-stack chip customization solution provider globally and the largest in mainland China. As of December 31, 2025, the company has successfully executed numerous projects at various process nodes, including 4nm FinFET and 22nm FD-SOI, demonstrating the breadth and depth of the company's IP and design capabilities. Unlike traditional fabless chip design companies, the SiPaaS model focuses on the company's rich portfolio of proprietary semiconductor IP, including processor IP and analog and mixed-signal IP (including RF IP and interface IP). By optimizing IP at a system level, the company has developed a flexible and reusable design platform. This not only significantly reduces the design time, cost, and risk for customers but also provides complete services from chip definition, front-end and back-end design, software design to production management, and delivery. Financial Information Revenue In the fiscal years 2023, 2024, and 2025, the company's revenues were approximately RMB 2.329 billion, RMB 2.317 billion, and RMB 3.148 billion, respectively. Gross Profit In the fiscal years 2023, 2024, and 2025, the company's gross profits were approximately RMB 1.04 billion, RMB 0.924 billion, and RMB 1.074 billion respectively. Gross Margin In the fiscal years 2023, 2024, and 2025, the company's gross margins were 44.6%, 39.9%, and 34.1%, respectively. Industry Overview AI has evolved into a structural and decades-long global transformation. Since the turning point marked by the launch of ChatGPT in 2022, the rapid adoption of Large Language Models (LLMs) has catalyzed a fundamental shift in computational requirements. Such demand requires massive AI infrastructure support. Driven by global technology leaders such as Amazon, Google, Microsoft, and Meta, AI capital expenditures nearly doubled annually from 2023 to 2025, reaching $423 billion in 2025, and are expected to exceed $1.3 trillion by 2030. Global and Chinese system manufacturers in the industry are shifting towards proprietary AI-focused chip customization, namely AIASICs. By leveraging DSAs, ASICs can optimize Total Cost of Ownership (TCO) and provide superior performance per watt and deterministic latency compared to general-purpose processors. According to Zhishi Consulting data, the global ASIC market is expected to reach $174.4 billion by 2025 and is projected to increase to $402.9 billion by 2030. The growth rate of the AIASIC market is significantly faster than the overall market. Leading Chinese cloud service providers such as Alibaba, Baidu, Tencent, and Bytedance are also increasing their investments in AI-related capital expenditures, especially using their proprietary AIASIC for AI computing. This shift is expected to create significant strategic opportunities for leading Chinese chip customization solution providers. According to Zhishi Consulting data, the global chip customization solution market is expected to reach $41.8 billion by 2025 and increase to $126.2 billion by 2030. The AIASIC solution market is expected to reach $28.1 billion in 2025 and increase to $109.6 billion by 2030, with a growth rate significantly higher than the overall market. According to Zhishi Consulting data, the global semiconductor IP service market is expected to reach $9.5 billion by 2025 and increase to $24.1 billion by 2030, with a compound annual growth rate of 20.5%. It includes two revenue models, namely licensing fees and royalty fees. Licensing fee revenue refers to upfront payments for access to IP, usually related to new business, reflecting ongoing innovation and technological progress. Royalty fee revenue refers to recurring payments linked to chip production volume, providing stable income from mature, silicon-verified IPs that have been adopted in the market. Board of Directors Information The board of directors will consist of twelve members, including four executive directors, three non-executive directors, and five independent non-executive directors. Directors serve a term of three years and are eligible for re-election after the term expires. According to relevant Chinese laws and regulations, the tenure for independent non-executive directors shall not exceed six years. Equity Structure As of March 23, 2026, VeriSilicon Limited serves as the offshore employee stock platform for the company. VeriSilicon Limited has no shareholders controlling 30% or more of its equity or voting rights. Dr. Wayne Wei-Ming Dai holds an interest in 22.81% of the share capital of VeriSilicon Limited, Mr. Wei-Jin Dai holds an interest in 15.50% of the share capital of VeriSilicon Limited, and the sister of Dr. Wayne Wei-Ming Dai and Mr. Wei-Jin Dai, Ms. Weili Dai, holds an interest in 26.43% of the share capital of VeriSilicon Limited. Intermediary Team Joint Sponsors: CITIC SEC (Hong Kong) Limited, UBS Securities Hong Kong Limited Company Legal Advisors: For Hong Kong and U.S. law: Freshfields Bruckhaus Deringer; For Chinese law: Fangda Partners Joint Sponsors Legal Advisors: For Hong Kong and U.S. law: Clifford Chance (Hong Kong); For Chinese law: Tongshang Law Firm Auditors and Reporting Accountants: Deloitte Touche Tohmatsu Industry Consultant: Zhishi Industry Consulting Co., Ltd. Compliance Advisor: Howden Financing Limited