SENASIC, a manufacturer specializing in wireless sensing SoC chips for automobiles, commenced trading on the Hong Kong Stock Exchange on the morning of June 17. On its first day of listing, the stock opened sharply higher, reaching an intraday peak of HK$36.80, which represented a gain of approximately 100.44%. As of the latest update, the share price stands at HK$34.58, marking an increase of 88.34%, giving the company a total market capitalization of HK$13.107 billion.
The company offered a total of 53.407 million H shares globally. The Hong Kong public offering portion comprised 5.3408 million shares, accounting for about 10% of the total, while the international offering made up the remaining 90% with 48.0662 million shares. The subscription results showed overwhelming demand, with the public offering portion being oversubscribed by 5,144.97 times. The allotment rate for one board lot of 200 shares was 2%. The international placement was oversubscribed by 4.44 times.
The final offer price was set at HK$18.36, which was the same as the indicative price range. Based on this, the total gross proceeds raised from the IPO amount to approximately HK$981 million. After deducting listing expenses, the net proceeds are estimated to be around HK$913 million.
For this listing, SENASIC secured nine cornerstone investors. They include Sunwoda Hong Kong, a subsidiary of Sunwoda Electronic Co., Ltd. (300207.SZ), Longwei Hong Kong under Baolong Automotive, Ruixiang Capital, Tembusu, Yan Yan, Wusong Capital, Thalassa Capital, Chample International, and Libra Fixed Income One SP. Collectively, these investors subscribed for 15.4136 million shares, involving an investment of roughly HK$283 million.
Founded in 2015, SENASIC operates in the automotive-grade wireless sensing SoC sector, focusing on the research, development, and sales of wireless sensing SoC chips. According to a Frost & Sullivan report, based on projected 2025 revenue, the company has become the world's third-largest supplier of automotive wireless sensing SoCs and holds the top position in the Chinese market.
From 2023 to 2025, SENASIC reported revenues of approximately RMB 223 million, RMB 348 million, and RMB 478 million, respectively. Corresponding annual losses for those years were about RMB 356 million, RMB 351 million, and RMB 331 million.
Following the listing, and excluding any shares that may be issued due to the exercise of the over-allotment option or under the 2026 Pre-IPO Share Option Scheme, Dr. Li Mengxiong and Mr. Li Shuguang will have the right to exercise 27.71% of the voting rights in SENASIC directly and indirectly through Shanghai Chuangyingrui, Shanghai Ruixinchuang, Shanghai Yaojun, and Gongqingcheng SENASIC. Consequently, Li Mengxiong, Li Shuguang, Shanghai Chuangyingrui, Shanghai Ruixinchuang, Shanghai Yaojun, and Gongqingcheng SENASIC will constitute the single largest shareholder group of the company.
Dr. Li Mengxiong, aged 48, is a co-founder of SENASIC and serves as its Chairman, Executive Director, and Chief Executive Officer. Mr. Li Shuguang, aged 49, is also a co-founder and holds the positions of Vice President, Principal R&D Officer, and Executive Director.
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