New stock news | Weichow Semiconductor re-files with Hong Kong Stock Exchange, focusing on the research, development, design, and sales of high-performance power semiconductor devices.

According to the disclosure by the Hong Kong Stock Exchange on July 14, Shenzhen Weizhao Semiconductor Co., Ltd. (referred to as Weizhao Semiconductor) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with GF SEC as the sole sponsor. The company had submitted an application for listing to the Hong Kong Stock Exchange on January 12, 2026. Company Overview The prospectus shows that Weizhao Semiconductor focuses on the research, development, design, and sales of high-performance power semiconductor devices, especially WLCSP products (which are one of the company's key products) that utilize advanced semiconductor packaging technology. These products are known for their small size, strong heat dissipation performance, and impact resistance. The company's power semiconductor devices are components used for controlling, converting, and managing electricity to deliver power to different devices with the appropriate voltage and current. The products consist of (i) low-to-medium voltage products, mainly including Trench MOSFET and SGT MOSFET, which can be further divided into WLCSP and non-WLCSP products based on the packaging method, and are widely used in consumer electronics, automotive electronics, and industrial power fields, and (ii) high-voltage products, mainly including IGBT, SJ MOSFET, and Planar MOSFET, designed to withstand higher voltages and operate reliably in more demanding environments, widely used in automotive electronics and industrial applications. The revenue breakdown by product is as follows: The company has recognized the driving role of WLCSP technology in enhancing the performance of power semiconductor devices and downstream applications and strategically deployed WLCSP technology. WLCSP is a packaging technology that adopts advanced processes, does not require resin or wire bonding, and has various advantages, including compact size, excellent electrical performance, and outstanding heat dissipation capabilities, widely used in high-performance applications such as smart cabins, smart wearable devices, etc. According to ZHOU Knowledge Consulting data, the company's WLCSP products have the following characteristics: (i) packaging thickness as low as 0.095mm, much thinner than traditional packaging; (ii) chip-to-package area ratio close to 1:1, greater than traditional packaging; and (iii) approximately a 66% reduction in volume compared to traditional BGA/QFN packaging. The company focuses on product design, research, and sales while outsourcing most of the wafer manufacturing, packaging, and testing processes to trusted third-party partners. Additionally, the company retains key wafer manufacturing and packaging and testing capabilities, mainly including (i) critical back-end wafer processing steps (mainly including wafer plating, backside grinding, and backside gold), which are crucial for achieving low on-resistance, efficient heat dissipation, and high current-carrying capacity of the devices, directly affecting product yield and reliability; and (ii) WLCSP packaging and testing processes, ensuring independent control of advanced packaging technology. With this model, the company can identify and resolve technical issues in the early stages of development, implement design and process modifications more efficiently, and reduce reliance on third-party packaging and testing service providers, thereby shortening the turnover time between product design, prototype verification, and engineering iteration, accelerating product development and iteration. This hybrid business model combines the flexibility of outsourced standardized manufacturing with in-house manufacturing capabilities, allowing the company to maintain supply chain flexibility and achieve effective cost and quality control. As a core component of power conversion and circuit control, power semiconductor devices are highly related to downstream market developments. The industry is experiencing strong growth, benefiting from robust growth in consumer electronics demand, the proliferation of new energy vehicles, and the accelerated deployment of renewable energy, as well as the rise of AI technology. According to ZHOU Knowledge Consulting data, the size of the Chinese power semiconductor device market increased from RMB 80.7 billion in 2021 to RMB 109 billion in 2025, with a compound annual growth rate of 7.8%, projected to reach RMB 180.4 billion by 2030, with a compound annual growth rate of 10.4% from 2026 to 2030. The ongoing demand for miniaturization, lightweighting, and high performance in electronic products is driving the evolution of packaging technologies, especially WLCSP technology. With technological maturity and cost optimization, WLCSP is expected to expand to a wider range of semiconductor products, driving industry innovation. According to ZHOU Knowledge Consulting data, the market size of the Chinese WLCSP MOSFET industry increased from RMB 2.1 billion in 2021 to RMB 3.1 billion in 2025, with a compound annual growth rate of 9.4%, expected to reach RMB 5.5 billion by 2030, with a compound annual growth rate of 14.3% from 2026 to 2030. Financial Information Revenue: For the fiscal years 2023, 2024, 2025, the period ended May 31, 2025, and the five months ended May 31, 2026, the company achieved revenues of approximately RMB 575 million, RMB 624 million, RMB 814 million, RMB 347 million, and RMB 353 million, respectively. Profit: For the fiscal years 2023, 2024, 2025, the period ended May 31, 2025, and the five months ended May 31, 2026, the company's annual profits were RMB 13.977 million, RMB 19.353 million, RMB 50.516 million, RMB 26.529 million, and -RMB 0.51 million, respectively. Gross Profit Margin: For the fiscal years 2023, 2024, 2025, the period ended May 31, 2025, and the five months ended May 31, 2026, the company's gross profit margins were approximately 15.2%, 17.4%, 23.6%, 22.4%, and 17.9%, respectively. Industry Overview The global semiconductor industry has always been cyclical. Over the past 10 years, the market experienced growth of over 20% in 2017 and 2021, while recording growth of less than 5% in 2016 and 2022. The volatility in growth rates is mainly driven by changes in demand in terminal markets and corresponding inventory adjustments in downstream industries. The size of the Chinese power semiconductor device market increased from RMB 80.7 billion in 2021 to RMB 109 billion in 2025, with a compound annual growth rate of 7.8%. With the continued expansion of downstream demand, it is expected that by 2030, the size of the Chinese power semiconductor device market will reach RMB 180.4 billion, with a compound annual growth rate of 10.4% from 2026 to 2030. Benefiting from the intelligent upgrade of consumer electronics, the consumer sector achieved RMB 14.4 billion in sales revenue in the power semiconductor device market in 2025, and the compound annual growth rate from 2026 to 2030 is expected to reach 4.0%. In addition, driven by the strong growth of new energy vehicles, the automotive sector achieved RMB 45.6 billion in sales revenue in the power semiconductor device market in 2025, and the compound annual growth rate from 2026 to 2030 is expected to reach 12.1%. At the same time, benefiting from the continued growth of renewable energy, the industrial sector achieved RMB 33.1 billion in sales revenue in the power semiconductor device market in 2025, and the compound annual growth rate from 2026 to 2030 is expected to reach 7.0%. Emerging fields are becoming new drivers of growth in the power semiconductor device market. The rapid development of cutting-edge applications such as AI servers, smart grids, and Siasun Robot & Automation is creating strong demand for power semiconductor devices, with a compound annual growth rate from 2026 to 2030 expected to reach 30.3%. In the Chinese power semiconductor device market, MOSFET power semiconductor devices, with advantages such as fast switching speed, low on-resistance, and simple drive, hold the largest market share and maintain high-speed growth. The market size increased from RMB 36 billion in 2021 to RMB 49 billion in 2025, with a compound annual growth rate of 8.0%. By 2030, the market size of Chinese MOSFET power semiconductor devices is expected to reach RMB 92.3 billion, with a compound annual growth rate from 2026 to 2030 of 13.1%. In the Chinese low-to-medium voltage power semiconductor device industry, low-to-medium voltage MOSFET power semiconductor devices continue to hold the largest market share. It achieved RMB 27.2 billion in sales revenue in 2025, expected to reach RMB 50 billion in sales revenue in 2030, with a compound annual growth rate from 2026 to 2030 of 12.5%. With the continued demand for rapid development of scenarios such as high-end consumer electronics, smart wearable devices, and smart cabins, the market size of the Chinese WLCSP MOSFET industry continues to grow rapidly. By revenue, the market size of the Chinese WLCSP MOSFET industry increased from RMB 2.1 billion in 2021 to RMB 3.1 billion in 2025, with a compound annual growth rate of 9.4%. In the future, driven by the continued penetration of intelligent cabins and smart wearable devices, as well as automobiles with increasing demand, it is expected that by 2030, the market size of the Chinese WLCSP MOSFET industry will grow to RMB 5.5 billion, with a compound annual growth rate from 2026 to 2030 of 14.3%. Due to its advantages in miniaturization and integration, WLCSP MOSFET is widely used in high-end consumer electronics, automotive electronics, drones, and other fields. By revenue, WLCSP MOSFET accounted for approximately 11.3% of the market for Chinese low-to-medium voltage MOSFET discrete devices in 2025 and is expected to accelerate penetration in the future with the increasing demand for smart wearable devices and automotive electronics. In 2025, the Chinese power semiconductor device industry had a market size of RMB 109 billion in terms of revenue. The non-IDM market structure remains somewhat fragmented. With the development of downstream industries such as domestic consumer electronics, new energy, and photovoltaics, as well as the gradual implementation of localization policies, the localization rate is expected to further increase. In 2025, the company ranked sixth among the top ten domestic non-IDM suppliers of power semiconductor devices in China in terms of revenue, with a market share of 0.7%. Board Information The board of directors is composed of nine directors, including four executive directors, two non-executive directors, and three independent non-executive directors. Equity Structure As of the last practicable date, Mr. Li holds 88% of Zhoushan Tuowei (as its general partner) and Ms. Wu Shaodan, Mr. Li's spouse, holds 12%. According to the partnership agreement of Zhoushan Tuowei, the general partner is responsible for the daily management of the partnership and may exercise the voting rights held by Zhoushan Tuowei in the company. As of the last practicable date, Mr. Li holds approximately 90.15% of Zhoushan Integration (as its general partner) and 35 limited partners hold approximately 9.85%, each of whom is a current employee of the company and holds less than 10% of the partnership interests in Zhoushan Integration. According to the partnership agreement of Zhoushan Integration, the general partner is responsible for the daily management of the partnership and may exercise the voting rights held by Zhoushan Integration in the company. As of the last practicable date, Mr. Zhang Xiaoqing, the Chief Executive Officer of our main subsidiary, holds approximately 2.43% of Weizhu Yexin (as its general partner), and 20 limited partners hold approximately 97.57%, each of whom is a current employee of the company and an independent third party with no more than one-third of the partnership interests. According to the partnership agreement of Weizhu Yexin, the general partner is responsible for the daily management of the partnership and may exercise the voting rights held by Weizhu Yexin in the company. Intermediary Team Sole Sponsor: GF Securities (Hong Kong) Co., Ltd. Company's Legal Advisor: Hong Kong and US Law: Puhua Law Firm (Hong Kong) LLP; Chinese Law: Grandall Law Firm; Overseas Investment and International Sanctions Law: Hogan Lovells Cadwalader International LLP Legal Advisor to Sole Sponsor: Hong Kong and US Law: O'Melveny & Myers LLP; Chinese Law: Jingtian & Gongcheng Law Firm Auditor and Reporting Accountant: Ernst & Young LLP Industry Consultant: ZHOU Knowledge Consulting Co., Ltd.