YaoXin Micro (Shanghai) Electronics Technology Co., Ltd. has submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with Huatai International and China Merchants Securities International acting as joint sponsors. The company is a leading Chinese supplier of power devices and audio chips, operating an integrated business model covering design, development, and sales across multiple end markets. It focuses on providing high-quality, high-endurance power devices and audio chips for the automotive, consumer electronics, and energy & industrial sectors, including AI data center power supplies.
According to its prospectus, YaoXin Micro is the only semiconductor company in China utilizing a virtual IDM model for developing power devices and audio chips. This model allows the company to concentrate on product design while maintaining control over proprietary manufacturing processes through deep collaborations with wafer foundries and packaging and testing service providers. This approach enables process optimization, dynamic capacity adjustment, and the establishment of a comprehensive competitive advantage encompassing technology definition, supply chain autonomy, and quality control.
The company's power devices are core components for power conversion and circuit control, ensuring high performance in critical applications such as new energy vehicles, AI data center power systems, and energy electrification. Its technological capabilities have secured its position as a core supplier for several leading global automotive manufacturers, underscoring its leading status in China's automotive power device industry.
Additionally, YaoXin Micro supplies audio chips, including MEMS products and signal chain chips, which integrate advanced algorithms to meet complex audio processing requirements for various smart devices—from signal acquisition and conversion to processing. In the MEMS microphone chip sector, the company ranked third among global suppliers and first among domestic suppliers by shipment volume in 2024, capturing a 16.8% share of the global market.
Globally, AI data centers—a core infrastructure of the digital economy—are experiencing surging power demands and challenges related to power management during training and computing tasks. This makes the sector one of the fastest-growing markets for power devices. The global market for power devices used in AI data centers was valued at approximately $700 million in 2024 and is projected to grow at a compound annual growth rate of 23.9% from 2024 to 2029.
Driven by global carbon neutrality trends and the rapid expansion of advanced power transmission infrastructure, demand for power devices in energy and industrial applications continues to rise, particularly in photovoltaic inverters, energy storage converters, and smart grids.
Financially, YaoXin Micro reported revenues of approximately RMB 433 million, RMB 383 million, and RMB 541 million for 2023, 2024, and 2025, respectively. Gross profits for the same periods were RMB 36.778 million, RMB 12.85 million, and RMB 14.271 million.
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