The Hong Kong stock market's hard tech sector has welcomed another highly sought-after new listing. According to the latest statistics, as of March 26th, Shanghai FOURSEMI Co., Ltd. (03625), set to list next Tuesday, March 31st, and dubbed the "first AI audio chip stock," has received unprecedented market enthusiasm. Its public offering segment attracted subscriptions from over 110,000 investors, with oversubscription exceeding 3,117 times, placing it among the top six IPOs in Hong Kong for the year. FOURSEMI conducted its bookbuilding from March 23rd to March 26th, planning a global offering of 12 million H shares. The final offer price was set between HK$40.00 and HK$50.00 per share, with a board lot size of 100 shares, making the maximum entry cost HK$5,050.43. The company expects to raise net proceeds of approximately HK$480 million, which will be primarily used for establishing a new R&D center, purchasing automated testing equipment, and supplementing working capital, aiming to further solidify its research and development moat in the power amplifier audio chip sector.
As a rare Fabless-model chip design enterprise 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 power amplifier audio chip integrating ASIC DSP, the first medium-to-high power audio chip, and the first power amplifier audio chip certified to the automotive-grade AEC-Q100 standard, earning significant industry recognition for its technical prowess. According to data from Frost & Sullivan, based on 2024 revenue, FOURSEMI ranks fourth among global power amplifier audio chip suppliers and holds the third position among Chinese suppliers. In terms of shipment volume, it ranks second in the Chinese market and is the leading supplier of dedicated chips for smart screens in China.
Regarding product portfolio and customer expansion, FOURSEMI has built a comprehensive product matrix covering consumer electronics, smart automobiles, and smart home applications. In the mobile phone sector, its products have successfully entered the supply chains of major brands like Samsung, Xiaomi, vivo, and Honor, notably being the only Chinese chip supplier integrated into Samsung's in-house development system. In the smart automotive field, the company has strategically partnered with well-known brands such as BYD, Changan, and Chery, achieving mass production and installation of its automotive-grade smart audio chips. Furthermore, it holds significant market share with smart home giants like Hisense, TCL, and Skyworth.
Financial data indicates a trend of rapid revenue growth for the company. From 2022 to 2024, its revenues were RMB 130 million, RMB 150 million, and RMB 355 million respectively, representing a 173% expansion over the two-year period. For the first ten months of 2025, revenue reached RMB 281 million, a year-on-year increase of 47.6%. Driven by technological innovation, FOURSEMI is transitioning from a leader in mobile phone audio chips to a platform-based company focused on "full-scenario smart interactive chips." Its upcoming listing on the Hong Kong stock exchange is expected not only to provide substantial capital but also to mark a new chapter in the globalization of Chinese audio chip enterprises.
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