FOURSEMI (03625) rose more than 5% on its second day of trading. At the time of writing, the stock was up 2.5%, trading at HKD 82, with a turnover of HKD 36.3882 million. Public information shows that as a rare Fabless chip design company in China, FOURSEMI has focused on the research, development, and sales of smart audio and haptic feedback chips since its establishment in 2016. The company has successfully developed several "first-in-China" products, including the country's first portable amplifier audio chip with integrated ASIC DSP, the first medium-to-high power audio chip, and the first amplifier audio chip certified to the automotive-grade AEC-Q100 standard, earning significant industry recognition for its technical prowess. According to Frost & Sullivan data, based on 2024 revenue, FOURSEMI ranks fourth among global amplifier audio chip suppliers and third among Chinese suppliers. By shipment volume, it holds the second position in the Chinese market and is the leader in shipments for chips designed specifically for smart displays. Financial data indicates rapid revenue growth. From 2022 to 2024, the company's revenue was RMB 130 million, RMB 150 million, and RMB 355 million, respectively, representing a 173% expansion over two years. Revenue for the first ten months of 2025 reached RMB 281 million, a 47.6% increase year-on-year. Notably, the public offering segment of FOURSEMI's Hong Kong IPO was oversubscribed by 3,117 times, attracting applications from over 110,000 individuals. Margin financing subscription multiples remained exceptionally high, resulting in extremely scarce availability of shares in the secondary market. The company has undoubtedly secured a place in the top tier of IPOs this year, emerging as one of the most sought-after hard-tech new listings.
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