According to disclosures made by the Hong Kong Stock Exchange on September 28, Sg Micro Electronics (Beijing) Co., Ltd. (Sg Micro Corp) has submitted its listing application to the main board of HKEX, with Huatai International and China International Capital Corporation serving as joint sponsors. Sg Micro Corp (300661.SZ) is currently traded on the Shenzhen Stock Exchange.
The prospectus reveals that Sg Micro Corp operates as a comprehensive analog integrated circuit (IC) company. The firm develops and markets high-performance analog integrated circuits and sensors featuring sensing, amplification, conversion, and driving capabilities, which serve as fundamental building blocks for all electronic systems. As of September 21, 2025, the company maintains a product portfolio of approximately 6,600 analog integrated circuits and sensor products across 36 product categories.
The company delivers an extensive and differentiated range of general-purpose and application-specific optimized analog product solutions, spanning two primary domains: signal chain and power management, which constitute the twin pillars of its product matrix.
Signal chain integrated circuits are designed to electronically capture, condition, amplify, and convert real-world signals with exceptional fidelity into digital signals. These capabilities ensure end-to-end data integrity from acquisition to output, which proves crucial for precision-driven applications demanding high accuracy, low noise, and minimal error margins.
Power management integrated circuits form the essential core of system energy architecture, designed to regulate, convert, distribute, and protect power flow within electronic systems. Beyond ensuring stable and reliable system operation, they enable optimal energy efficiency.
The company's products serve as core components in end markets including industrial, networking, and consumer electronics, while also driving advancement in emerging application areas such as electric vehicles (EV), data centers, robotics, renewable energy, and next-generation consumer devices.
Operationally, the company employs a "Fabless+" business model, integrating proprietary process technology expertise into the standard fabless approach. This enables the company to concentrate resources on circuit design, system innovation, and differentiated analog processes while avoiding the substantial capital expenditure requirements associated with building and maintaining semiconductor manufacturing facilities.
In terms of market competition, the analog integrated circuit industry exhibits a fragmented market structure characterized by numerous coexisting participants, attributed to the broad range of application scenarios and diverse product categories. According to Frost & Sullivan data, China's analog integrated circuit market expanded from RMB 121.1 billion in 2020 to RMB 195.3 billion in 2024. The market is projected to continue growing at a compound annual growth rate (CAGR) of 11.0% from 2025 to 2029, reaching RMB 334.6 billion by 2029.
Regarding financial performance, the company generated revenues of approximately RMB 3.188 billion, RMB 2.616 billion, RMB 3.347 billion, and RMB 1.819 billion for 2022, 2023, 2024, and the six months ended June 30, 2025, respectively. During the same periods, net profits were approximately RMB 858 million, RMB 270 million, RMB 491 million, and RMB 194 million, respectively.
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