According to a disclosure from the Hong Kong Stock Exchange on June 23rd, Shanghai Grelly Software Co., Ltd. has passed the hearing for a main board listing in Hong Kong. Guotai Junan International and CMBC Capital are acting as the joint sponsors.
As outlined in its prospectus, Grelly is a provider of intelligent manufacturing software solutions for China's pan-semiconductor industry. Since its establishment in 2007, the company's founder has focused on capturing opportunities within the semiconductor sector, aiming to become a leading IMSS provider with self-developed Computer Integrated Manufacturing Systems. In early 2023, the company successfully delivered a domestically produced CIM system for 12-inch front-end 18-nanometer processes, which included a core Manufacturing Execution System.
The market size for IMSS in China's pan-semiconductor industry grew from 1.3 billion yuan in 2021 to 2.5 billion yuan in 2025, representing a compound annual growth rate of 17.2%. It is projected to expand to 7.2 billion yuan by 2030, reflecting a CAGR of 25.0% from 2026 to 2030. Data-driven artificial intelligence large models are expected to be applied more extensively and deeply within IMSS for semiconductor manufacturing.
Domestic manufacturers are continuously making breakthroughs in product stability and technological integration. In response to market demands, the industry is transitioning from traditional production to holistic solutions incorporating AI-driven production, with Chinese manufacturers accelerating their global expansion.
Grelly specializes in the research, development, and commercialization of IMSS tailored for advanced manufacturing in the pan-semiconductor industry. Its solutions cover the entire value chain from production data collection and equipment connectivity to production process management, big data analytics, and AI applications. This enables its clients in the pan-semiconductor sector to achieve digital manufacturing.
By leveraging technologies such as artificial intelligence, the Internet of Things, automation, and big data analytics, the company's solutions help clients optimize production processes, enhance operational efficiency, and enable predictive decision-making.
According to a Frost & Sullivan report, based on generated revenue, Grelly ranked third in China's pan-semiconductor IMSS market in 2025, holding approximately a 12% share of the total market. The pan-semiconductor IMSS market is a segment of China's broader IMSS market, accounting for about 4.4% of the overall market by sales revenue in 2025. In the same year, based on IMSS revenue, the company ranked 16th in the broader Chinese IMSS market with a 0.5% share.
Regarding its financial performance, the company reported revenues of approximately 165 million yuan, 249 million yuan, and 300 million yuan for the years 2023, 2024, and 2025, respectively. Net losses for the same periods were approximately 127 million yuan, 103 million yuan, and 104 million yuan, respectively.
Comments