According to a disclosure on the Hong Kong Stock Exchange on June 5, Shenzhen XiHua Technology Co., Ltd. has submitted an application for a main board listing, with ABCI acting as the sole sponsor. The company had previously filed an application for listing on December 3, 2025.
Company Overview
The prospectus indicates that XiHua Technology is a provider of edge-side AI chip products. Its display chip products primarily include AI Scaler and Scaler Touch and Display Driver Integration chips (STDI chips). Its sensing and control chip products mainly consist of Touch Microcontroller Units (TMCU), General-Purpose Microcontroller Units (MCU), Touch Integrated Circuits (touch chips), and Smart Cockpit Control Units (SCCU). According to a Frost & Sullivan report, the company's AI Scaler revenue has ranked first in China for four consecutive years since 2022.
The company's products have been adopted by numerous global mainstream automotive OEMs (through their Tier 1 suppliers) and well-known consumer electronics brands (via electronic system integrators and solution providers). Its mass-produced chip portfolio can meet diverse customer needs in consumer electronics, the automotive industry, and emerging markets such as embodied intelligence. Leveraging its edge-side AI technological advantages in display, sensing, and control, the company empowers innovation in global smart devices.
Scaler chips are image processing chips widely used in smartphone displays and automotive cockpit displays. According to a Frost & Sullivan report, the company developed the world's first Application-Specific Integrated Circuit architecture scaler, the AI Scaler, and holds key technologies in visually lossless compression, image quality enhancement, and high-speed interface transmission. Starting from the smartphone display application market, its market share for AI Scaler has grown steadily, and it has now become a leading product. In 2025, the company's AI Scaler shipments reached approximately 47 million units. According to Frost & Sullivan, in 2025, the company ranked first globally in both the overall scaler industry and the ASIC scaler industry by shipment volume. The global ASIC scaler market is a specialized segment of the global scaler market, which itself is a segment of the overall global display chip market.
According to the same source, the company's latest generation of automotive-grade TMCU maintains a leading position in China's sensing and control specification performance field. With excellent sensing accuracy and anti-interference capabilities, the company's TMCU has been successfully applied in mass-produced models from mainstream automotive OEMs, gaining recognition from the global automotive industry.
Financial Information
Revenue: During the track record period, the company achieved strong revenue growth. For the years 2023, 2024, and 2025, its revenue was approximately RMB 150 million, RMB 244 million, and RMB 346 million, respectively, representing a compound annual growth rate of 51.9% from 2023 to 2025.
Loss: For the years 2023, 2024, and 2025, the company recorded annual losses of approximately RMB 153 million, RMB 80.82 million, and RMB 94.546 million, respectively.
Gross Margin: For the years 2023, 2024, and 2025, the company's gross margin was 21.5%, 28.4%, and 21.0%, respectively.
Industry Overview
Benefiting from continuous technological iteration and advancement in the electronics industry, the global semiconductor chip market has maintained steady expansion, growing from RMB 3.6 trillion in 2021 to RMB 4.8 trillion in 2025. Looking ahead, supported by growing demand for high-performance electronic components and systems in consumer electronics, automotive, robotics, and industrial applications, the global semiconductor chip market is expected to continue expanding. It is projected to reach RMB 7.7 trillion by 2030, with a compound annual growth rate of 9.2% from 2026 to 2030.
From a functional perspective, semiconductor chips are typically categorized into four major types: integrated circuits, optoelectronic devices, discrete devices, and sensors. Among these, integrated circuits perform critical functions such as information processing and transmission, computational control, data storage, and power management, forming the technological backbone of intelligent and high-performance electronic systems. In 2025, integrated circuits accounted for approximately 88% of the global semiconductor market. Integrated circuits can be further divided into logic ICs, analog ICs, memory ICs, and microprocessors. The display chip market and the sensing and control chip market in which the company operates are primarily positioned within the integrated circuit and sensor categories. In the display chip market, scalers and STDI are classified as microprocessors, while TDDI belongs to analog integrated circuits. In the sensing and control chip market, touch chips and TMCU products are classified as sensors and microprocessors, respectively.
In terms of market size, the global scaler market continues to grow, driven by the expansion of emerging display technologies and the smartphone repair market. Shipments increased from 141 million units in 2021 to approximately 229 million units in 2025, and with continued display upgrades, are expected to reach 498 million units by 2030. During the same period, the market share of ASIC scalers is expected to increase from 37.6% to 45.7%. From a downstream application perspective, scaler demand mainly comes from smartphones, automotive, and other fields. In the smartphone sector, scalers are primarily used for signal protocol conversion between different screen models in the aftermarket repair and refurbishment market. Shipments are expected to grow from approximately 108 million units in 2025 to about 141 million units in 2030. In the automotive sector, driven by the adoption of smart cockpits and multi-screen display systems, shipments are expected to increase from 55.6 million units to 254 million units over the same period. In industrial and other application fields (including industrial displays and projectors), shipments are expected to grow from 65 million units in 2025 to approximately 103 million units in 2030.
Display driver chips convert control signals into pixel driving signals, achieving the final image output through precise voltage and current control, and determining display quality. Based on architecture design and functional integration level, display driver chips are typically categorized into DDIC, TDDI, and STDI. DDIC is a traditional display driver chip product widely used in terminals requiring display functions, including smartphones, personal computers, in-vehicle display systems, and industrial equipment. The global display driver chip market reached RMB 76.1 billion in 2025. Driven by AI integration and continued display upgrades, it is expected to grow at a compound annual growth rate of 3.2% from 2026 to 2030 to reach RMB 89 billion. From a downstream application perspective, smartphones remain the largest end-market for display driver chips, with the market size expected to reach RMB 42 billion by 2030. Driven by increased vehicle display penetration and screen upgrades, the automotive sector is gradually becoming a key growth area. It is expected to grow at a compound annual growth rate of 4.5% from 2026 to 2030, reaching RMB 8.1 billion by 2030. Meanwhile, due to the expanding application scope of industrial control and display systems, the industrial field is also expected to expand steadily, projected to grow at a compound annual growth rate of 3.4% over the same period, reaching RMB 4.6 billion by 2030.
With the expansion of smartphones, TWS earphones, automotive electronic devices, and other smart terminals, the global touch chip market maintains stable growth. Global shipments grew from 3.5 billion units in 2021 to 3.9 billion units in 2025, and are expected to further increase to 5.7 billion units by 2030, with a compound annual growth rate of 7.7% from 2026 to 2030. From a downstream sector perspective, smartphones remain the largest application market, with shipments expected to grow from 1.7 billion units in 2025 to a projected 2.3 billion units in 2030. The TWS earphone sector is expected to grow from 700 million units in 2025 to 900 million units in 2030. Automotive electronic devices are becoming a rapidly growing field, with shipments projected to increase from 300 million units in 2025 to 400 million units in 2030. Over the same period, other applications such as smart speakers, AR/VR devices, and smart home devices are also expected to continue expanding.
Board Information
The board of directors will consist of 7 directors, including 3 executive directors, 1 non-executive director, and 3 independent non-executive directors. The board is responsible for the management and operation of the company and is generally authorized for this purpose. Directors serve a term of three years and are eligible for re-election upon expiry of their term.
Shareholding Structure
XiChuang LeKang Limited Partnership, XiChuang LeYuan Equity Incentive Platform, XiChuang LeJia Equity Incentive Platform, and XiChuang LeXin Equity Incentive Platform are all controlled by XiChuang Technology (the general partner of the aforementioned entities). XiChuang Technology is controlled by Mr. Chen. As of the latest practicable date, the remaining equity in Shenzhen AiKa Robot Co., Ltd. is owned 49% by independent third party Zheng Run. As of the latest practicable date, the remaining equity in Shenzhen ShiYu XinLian Semiconductor Technology Co., Ltd. is owned 49% by independent third party Shenzhen XinLianSheng Optoelectronics Technology Co., Ltd.
Intermediary Team
Sole Sponsor: ABCI Capital Limited
Company Legal Advisors: For Hong Kong law and U.S. law: Baker McKenzie; For Chinese law: AllBright Law Offices (Shenzhen); For international sanctions law: Commerce & Finance Law Offices
Legal Advisors to the Sole Sponsor: For Hong Kong law: Tian Yuan Law Firm (LLP); For Chinese law: Han Kun Law Offices
Auditor and Reporting Accountant: Ernst & Young
Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch
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