New stock news | ChipMOS Semiconductor submits listing application to HKEX, with a high proportion of large customers and overseas revenue.

According to the Hong Kong Stock Exchange disclosed on July 20th, Hangzhou Xinmai Semiconductor Technology Co., Ltd. (referred to as Xinmai Semiconductor) submitted its listing application to the main board of the Hong Kong Stock Exchange, with Huatai International as its exclusive sponsor. This is the company's third time submitting a listing application to the Hong Kong Stock Exchange. Company Profile The prospectus shows that Xinmai Semiconductor is a power semiconductor company that provides efficient power management solutions through its own technology. The company invests in major wafer manufacturing partners through a virtual IDM model, including Hangzhou Fuxin Semiconductor Co., Ltd., combining the light asset flexibility of non-wafer foundry companies with the design and process integration advantages of traditional IDM. The company's core business covers research, development, and sales of power integrated circuits (IC) and power devices in the power semiconductor field. With its own technology, the company provides customers with efficient power solutions in three major technology areas: mobile technology, display technology, and power devices. In terms of applications, the company's products are widely used in (i) automobiles; (ii) telecommunications equipment, including base stations and network communication equipment; (iii) data centers, including AI servers; (iv) industrial applications, including motor drives, battery management systems (BMS), green energy equipment, and humanoid Siasun Robot & Automation; and (v) consumer electronics products, including smartphones and televisions. In the Power Management IC (PMIC) field, the company focuses on customized PMICs for mobile and display applications, providing comprehensive one-stop power management solutions to leading customers in the smartphone, display panel, and automotive industries globally. According to Frost & Sullivan data, in terms of revenue in 2025, the company's share in the global PMIC market is approximately 0.4%, and its share in the global MOSFET market is approximately 0.1%. Regarding power devices, the company has developed Si MOSFET and SiC MOSFET products through cooperation with foundries and its own process platform, mainly serving leading manufacturers in motor drives, BMS, communication equipment, server power supplies, automobiles, and consumer electronics. In 2023, 2024, and 2025, as well as the four months ended April 30, 2026, revenue from the top five customers accounted for 84.6%, 77.6%, 64.9%, and 62.1% of the respective annual/period total revenue. Among them, revenue contributed by the top customer in each corresponding year and period accounted for 65.7%, 61.4%, 49.5%, and 42.9% of the total revenue. Meanwhile, the company's overseas sales accounted for 74.1%, 68.1%, 58.0%, and 51.5% of revenue in the reporting period. Financial Information Revenue In the fiscal years 2023, 2024, 2025, and the four months ended April 30, 2026, the company achieved revenues of approximately RMB 1.64 billion, 1.574 billion, 1.953 billion, and 837 million respectively. Annual/Period Profit In the fiscal years 2023, 2024, 2025, and the four months ended April 30, 2026, the company recorded annual/period profits of -506 million, -697 million, -278 million, and 28.478 million respectively. Gross Margin In the fiscal years 2023, 2024, 2025, and the four months ended April 30, 2026, the company's gross margins were 33.4%, 29.4%, 27.2%, and 26.2%, respectively. Industry Overview Power semiconductors are electronic devices used to control and manage the flow of electrical energy in devices and systems. The global power semiconductor market has shown strong resilience and stable growth in recent years, expanding from RMB 475.3 billion in 2021 to RMB 634.5 billion in 2025. Consumer electronics, industrial applications, and automotive applications collectively account for over 70% of downstream demand. Looking ahead, the market is expected to grow at a compound annual growth rate of 6.9%, reaching RMB 887.8 billion by 2030. The automotive industry is expected to be the largest contributor, reaching RMB 227.3 billion, with a compound annual growth rate of 8.8%, mainly driven by the rapid growth of new energy vehicles. In addition, emerging applications such as AI servers and industrial and service Siasun Robot & Automation are expected to be significant growth drivers over the next five years. PMIC is a type of power semiconductor specifically used to regulate and control interactions between batteries and various system components. The global PMIC market size increased from RMB 295.5 billion in 2021 to RMB 382.5 billion in 2025. Driven by continued growth in downstream fields such as consumer electronics, automotive electronics, and industrial applications, the global market is expected to continue expanding from 2025 to 2030, with a compound annual growth rate of 8.0%, reaching a market size of RMB 561.4 billion by 2030. Consumer electronics remain the largest downstream application area, accounting for 23.3% of the market share in 2025, as the steady demand for low-power, highly integrated chips in end devices will continue to drive its steady growth. The automotive sector is growing the fastest, with a compound annual growth rate of 10.7% from 2021 to 2025. Driven by the increasing penetration of new energy vehicles and growing demand for intelligent driving, the automotive PMIC market is expected to reach RMB 129.8 billion by 2030, with a compound annual growth rate of 10.9% from 2025 to 2030. The telecommunications sector is expected to reach RMB 109.3 billion by 2030, driven by the demand for 5G terminals and infrastructure. Competitive Landscape The global consumer electronics PMIC market reached RMB 89.3 billion in 2025. The company ranks 11th in the global consumer electronics PMIC market, with a market share of 1.6%. The table below shows the global consumer electronics PMIC market company rankings based on PMIC product revenue in 2025. Metal-oxide-semiconductor field-effect transistors (MOSFETs) are power semiconductor devices used to amplify or switch electronic signals, with structural variants customized based on specific voltage and performance requirements. The global MOSFET market has steadily grown from RMB 75.5 billion in 2021 to RMB 110.2 billion in 2025, with a compound annual growth rate of 9.9%. Increasing demand for rapid switching transistors in various areas such as efficient power in consumer electronics, precision motor drives in industrial automation, and expanding power levels in new energy vehicles and data center systems has driven this strong industry expansion. In downstream industries, the automotive sector dominates, with a compound annual growth rate of 11.6% from 2021 to 2025, stabilizing at 10.7% by 2030, driven by the increase in the adoption of new energy vehicles and the demand for fast-charging stations. Other emerging fields (including AI servers) are expected to grow rapidly at a compound annual growth rate of 20.0% after 2025, highlighting new avenues for MOSFET adoption. The global MOSFET market remains highly concentrated, with the top five companies mainly from the United States and Europe, collectively accounting for almost half of global sales revenue. As of 2025, the company's share in the global MOSFET market is 0.45%. Board Information Xinmai Semiconductor's board of directors consists of 7 directors, including 2 executive directors, 2 non-executive directors, and 3 independent non-executive directors. Share Structure As of July 13, 2026, Hangzhou Mode Core, Zhiyi, and Zhifu (all employee stock incentive plan platforms) collectively hold approximately 13.29% of the company's issued shares. As a general partner of Hangzhou Mode Core, Hangzhou Qin Xin has the right and power to manage and execute the affairs of Hangzhou Mode Core. Hangzhou Qin Xin is owned 80% by Dr. Ren Yuan Cheng. Bright Shine is the general partner of Zhiyi and Zhifu, with the right and power to manage and execute the affairs of Zhiyi and Zhifu. Bright Shine is fully owned by Dr. Su Huilun. On June 19, 2025, Hangzhou Mode Core, Zhiyi, Zhifu, Hangzhou Qin Xin, Bright Shine, Dr. Ren, and Dr. Su (collectively, the "acting parties") entered into an acting party agreement, whereby the acting parties agreed and confirmed that they have been and will continue to act collectively in exercising shareholder rights related to the company from the date they became direct and/or indirect shareholders, until (i) any party no longer holds any shares (in which case the acting party agreement will only terminate with regard to that party, and the remaining parties will continue to be bound by the acting party agreement), or (ii) all parties agree to terminate the arrangement among themselves (whichever is earlier), they have and will continue to act in unison in exercising shareholder rights related to the company. This includes rights such as proposing resolutions and voting at shareholder meetings. If the acting parties cannot reach consensus or diverge, the decision of Hangzhou Mode Core and Dr. Ren will prevail. Team of Intermediaries Exclusive Sponsor: Huatai Financial Holdings (Hong Kong) Limited Company Legal Advisors: Hong Kong Law: Clifford Chance, China Law: Clifford Chance, Korean Law: The Pacific Law Firm (Limited), Export Control and Sanctions Law: Stephen Peepels, Esq. Exclusive Sponsor Legal Advisors: Herbert Smith Freehills, Herbert Smith Freehills Auditors and Reporting Accountants: PricewaterhouseCoopers Industry Consultant: Frost & Sullivan Compliance Consultants: Hua Fu Jianye Enterprise Finance Co., Ltd.