Semiconductor Giants Rush for Dual A+H Listings

The global semiconductor market is projected to grow by 22.5% year-on-year in 2025, reaching $772 billion, with further growth of 26.3% expected in 2026, nearing the $1 trillion milestone, according to the latest forecast from the World Semiconductor Trade Statistics (WSTS). Against this backdrop, domestic semiconductor companies are accelerating their global capital deployment.

Representative GPU firm Moore Threads debuted on the STAR Market on December 5, followed by MetaX’s listing on December 17. Meanwhile, two semiconductor giants—Omnivision Integrated Circuits Group, Inc. (豪威集团) and Gigadevice Semiconductor Inc. (兆易创新)—both already listed on the A-share market, have entered the final preparatory stages for their Hong Kong IPOs. This surge in dual A+H listings highlights the industry’s push to leverage capital markets for expansion and global competitiveness.

Omnivision Integrated Circuits Group, Inc., formerly known as Will Semiconductor, completed a strategic shift from semiconductor distribution to chip design after acquiring Omnivision Technologies in 2019. Renamed in June 2025, the company has solidified its focus on image sensors, now boasting a market cap of ¥150.4 billion. Its financials reflect strong growth, with Q1-Q3 2025 revenue up 15.2% year-on-year to ¥21.78 billion and net profit rising 35.1% to ¥3.21 billion.

Analysts attribute this growth to the company’s alignment with trends in automotive smart driving and smart imaging devices, alongside improved gross margins from product optimization and supply chain adjustments. The Hong Kong IPO proceeds are expected to fuel R&D and global market penetration.

Gigadevice Semiconductor Inc., a memory chip leader with a ¥140.4 billion market cap, is capitalizing on the industry’s price surge. DRAM contract prices surged over 75% YoY in Q4 2025, driving its revenue up 20.92% to ¥6.83 billion and net profit up 30.18% to ¥1.08 billion in the first three quarters. The company is benefiting from niche memory demand amid global supply gaps and is expanding into AI-driven segments like NOR Flash and customized storage solutions.

December saw a flurry of semiconductor IPOs, including Tianyu Semiconductor and Novosense Microelectronics listing in Hong Kong, while Biren Technology secured overseas listing approval. This reflects robust capital-market interest in the sector, fueled by policy support and AI-driven demand. Analysts note that AI’s continued growth in 2026 will further boost semiconductor profitability, with opportunities in memory, equipment localization, and AI-powered devices.

Domestic semiconductor firms are leveraging capital to advance from participation to dominance in the global supply chain.