Chipmore Semiconductor (07672) opens its IPO subscription from October 30 to November 5, planning a global offering of 107 million H shares and introducing cornerstone investors including GF Fund and Guohui Hong Kong.

Chipmore Semiconductor (07672) is conducting its IPO subscription from October 30, 2026 to November 5, 2026, planning a global offering of 107 million H shares, of which approximately 10% is for the Hong Kong public offering and approximately 90% for the international offering. The offer price is HK$8.6 to HK$9.6 per share, with a board lot of 500 H shares. The H shares are expected to commence trading on the Stock Exchange at 9:00 a.m. on Tuesday, November 10, 2026. The Group is a semiconductor packaging and testing service provider principally engaged in developing packaging designs, providing customized packaging products, and providing packaging product testing services. According to Frost & Sullivan, in the "post-Moore era" where transistor density growth is approaching its scaling limits, relying on novel semiconductor packaging architectures as the key link connecting chip design and applications has become a key DRIVE for enhancing chip performance, efficiency, and functional flexibility. Since its establishment in September 2020, the Group has expanded into both traditional and advanced packaging fields, accumulated packaging technology knowledge, and possesses mass production capabilities for both traditional and advanced packaging, covering packaging products such as QFN, BGA, LGA, WLP, and 2.5D/3D. The Group has established the "Chiplet and Advanced Packaging Technology Platform (CAPiC)" covering all technology branches in both traditional and advanced packaging fields to advance the Group's technical knowledge and continuously develop new technologies. The Group has entered into cornerstone investment agreements (each a "Cornerstone Investment Agreement," collectively the "Cornerstone Investment Agreements") with GF Fund, Guohui Hong Kong, and Maxwell (each a "Cornerstone Investor," collectively the "Cornerstone Investors"). Pursuant to the Cornerstone Investment Agreements, the Cornerstone Investors have agreed, subject to the conditions set out therein, to subscribe for or procure their designated entities to subscribe for such number of Offer Shares at the Offer Price that can be purchased with an aggregate amount of approximately HK$313 million (rounded down to the nearest 500 H shares as a complete board lot) (the "Cornerstone Placing"). Based on the Offer Price of HK$9.10 per Offer Share (being the mid-point of the indicative Offer Price range), the Cornerstone Investors will subscribe for a total of 34,393,500 Offer Shares, representing approximately 32.28% of the Offer Shares, 4.30% of the H Shares, and 3.23% of the total issued share capital of the Group immediately following the completion of the Global Offering (assuming no other changes in the Company's issued share capital from the Last Practicable Date to the Listing). Assuming the Offer Price is HK$9.10 per H Share (being the mid-point of the Offer Price range of HK$8.60 to HK$9.60 per H Share), the Group estimates that, after deducting underwriting fees and commissions and other estimated expenses paid and payable by the Group in connection with the Global Offering, the Group will receive net proceeds from the Global Offering of approximately HK$904 million. The Group intends to apply such net proceeds for the purposes and in the amounts set out below: (1) approximately 69.5% will be used to construct production facilities and establish new production lines and to procure production-related equipment to enhance the Group's manufacturing capabilities and meet growing market demand. (2) approximately 17.6% will be used to enhance the Group's R&D capabilities in packaging technology and improve the Group's technical competitiveness in the semiconductor packaging and testing industry, in particular focusing on advancing the packaging and testing technologies of the CAPiC platform, covering LDFO, X-SiP, TXV, and 2.5D/3D integration. (3) approximately 2.9% will be used to enhance the Group's commercialization capabilities and expand the Group's customer collaboration ecosystem. (4) approximately 10% is expected to be used as the Group's working capital and for other general corporate purposes. The Group's packaging products and testing services have been recognized by a number of renowned customers, driving strong revenue growth for the Group during the Track Record Period. The Group's revenue increased from RMB509 million in 2023 to RMB827 million in 2024, and further increased to RMB1,012 million in 2025. The Group's revenue increased from RMB306 million for the four months ended April 30, 2025 to RMB360 million for the four months ended April 30, 2026. In 2023, 2024, and 2025, and for the four months ended April 30, 2025 and 2026, the Group recorded losses for the period of RMB359 million, RMB377 million, RMB483 million, RMB164 million, and RMB162 million, respectively. In 2023, 2024, and 2025, and for the four months ended April 30, 2025 and 2026, adjusted by adding back (i) interest on redeemable liabilities; (ii) share-based payment expenses; and (iii) IPO expenses, the Group's adjusted net loss (non-IFRS measure) was RMB266 million, RMB238 million, RMB274 million, RMB87.1 million, and RMB101 million, respectively.