New Stock News | Changguang Cenxin (03277) concludes its IPO with a subscription of HK$21.38 billion, oversubscribed by 821.3 times.

CMOS image sensor (CIS) supplier Chang Guang Chenxin (03277) conducted its IPO from April 9, 2026 to April 14, 2026, and the latest IPO has ended. According to market news, Chang Guang Chenxin has obtained a loan of 21.38 billion Hong Kong dollars to public offering for a total amount of 260 million Hong Kong dollars, oversubscribed by 821.3 times. Chang Guang Chenxin plans to globally offer 65.2942 million H-shares, with approximately 10% for public offering in Hong Kong, approximately 90% for international offering, and about 15% for additional share allocation. The offering price per share is 39.88 Hong Kong dollars, with a minimum subscription of 100 shares and an entrance fee of approximately 4028.23 Hong Kong dollars per lot, raising a total of 2.604 billion Hong Kong dollars. The company expects to start trading on April 17 (Friday), with CITIC SEC and GUOTAI JUNAN I as its joint sponsors. In this issuance, Chang Guang Chenxin has introduced CPE Yuanfeng, Hillhouse, UBS, Boyu, Fuguo, GF Fund, Jinglin, Future Hong Kong, E Fund, Huaxia Fund, and Huili as cornerstone investors, subscribing to a total of approximately 166 million US dollars (approximately 13.01 billion Hong Kong dollars) in shares. If the greenshoe option is not exercised, this will account for 55% of the international offering. The prospectus shows that Chang Guang Chenxin was established in 2012 and is a provider of CMOS image sensors (CIS). The company has been focusing on the R&D of CIS, offering nine major product series that are widely used in advanced technology fields such as industrial imaging, scientific imaging, professional imaging, and medical imaging. According to Frost & Sullivan data, in terms of industrial imaging revenue for 2024, the company ranks third globally among CIS companies, with a 15.2% global market share. Additionally, in terms of scientific imaging revenue for 2024, the company ranks third globally among CIS companies, with a 16.3% global market share. The industrial imaging and scientific imaging CIS markets are dominated by a few international and regional leaders. Based on 2024 revenue, the industrial imaging CIS market and scientific imaging CIS market account for approximately 2.1% and 0.8% of the global CIS market, respectively. Financially, in the fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately 605 million yuan, 673 million yuan, and 857 million yuan, respectively. During the same period, gross profits were approximately 384 million yuan, 397 million yuan, and 573 million yuan, respectively. Chang Guang Chenxin plans to use approximately 55.0% of the net proceeds from the fundraising to increase the company's R&D investment to drive continuous innovation and support the company's continuous R&D and product iteration in key application scenarios. Approximately 21.0% is expected to be used to establish an advanced CMOS image sensor research and development center. Approximately 4.0% is expected to be used to expand the company's packaging and testing production lines. Approximately 10.0% is expected to be used to enhance the company's overseas operations through strategic geographical expansion. Approximately 10.0% is expected to be used for working capital and general corporate purposes.