It has been learned that, as disclosed by the Hong Kong Stock Exchange on June 4, Sg Micro Corp (Beijing) Co., Ltd. has passed the hearing for a main board listing in Hong Kong, with China International Capital Corporation Limited and Huatai International acting as joint sponsors.
According to the prospectus, the company is a leading analog integrated circuit (IC) enterprise in China. It designs, develops, and sells analog ICs and sensors with functions such as sensing, amplification, conversion, and driving, which serve as the fundamental building blocks for all electronic systems. Data from Frost & Sullivan indicates that based on 2025 revenue, the company ranked first among domestic firms in the Chinese analog IC market and eighth globally, holding a 1.8% market share.
As of the latest practicable date, the company possesses a portfolio of over 6,800 analog IC and sensor products, spanning 38 product categories. Leveraging robust design and process capabilities, it provides system-level solutions to accelerate time-to-market for products. The company's products are not only core components in end markets like industrial, networking, and consumer electronics but are also now facilitating widespread application in areas such as electric vehicles (EVs), data centers, robotics, renewable energy, and next-generation consumer devices.
The company's signal chain integrated circuits enable electronic devices to interpret the physical world. They receive signals from sensors and prepare them for data processing. These circuits can acquire, condition, and amplify signals from the physical world, subsequently converting them into high-precision digital signals. From the point of data acquisition to the final output, the company's products maintain signal integrity throughout, which is crucial for applications requiring precise measurement, low noise, and minimal error.
The company's power management integrated circuits are responsible for controlling how energy is delivered within electronic devices. They determine the amount of power received by different parts of a device, convert electricity to the voltage levels required by various components, and safely distribute power throughout the system. Simultaneously, they also protect against issues like power surges or abnormal electrical flow. By maintaining a stable power supply and precise regulation, the products help ensure reliable system operation and achieve efficient energy utilization.
The company's leadership in product portfolio is underpinned by the following core strengths: a comprehensive and expanding product portfolio. The company offers customers a wide and diverse range of analog ICs and sensors, all meticulously designed to work together out-of-the-box, thereby simplifying component selection and system architecture decision-making. Among its over 6,800 products, (i) 19 categories are signal chain products, covering the entire signal path from acquisition and conditioning to conversion and transmission, including amplifiers, comparators, analog switches, data converters, and EEPROMs; (ii) 17 categories are power management products, including DC/DC converters, low-dropout linear regulators (LDOs), AMOLED power chips, and lithium battery charging and protection chips; and (iii) sensors covering 2 categories, including temperature sensors and magnetic sensors. With an agile and customer-centric innovation cycle, the company maintains a rapid pace of product output, launching approximately 3,000 new products during its track record period and up to the latest practicable date.
Forward-looking analog design. The company's product development strategy focuses on differentiated solutions to fill key gaps in the high-performance analog market, particularly in application areas requiring high voltage tolerance, high integration, and novel power supply architectures. According to Frost & Sullivan, the company has introduced a series of analog products domestically that significantly enhance performance, efficiency, and system capabilities. Examples include a 60nA ultra-low quiescent current synchronous buck converter, an ultra-low noise operational amplifier with an input voltage noise density of 1.6nV/√Hz, an 18-bit SAR ADC with a sampling rate of 2MSPS and a signal-to-noise ratio (SNR) of 99 decibels, high-precision TEC controllers, and electro-absorption modulated laser (EML) bias power supplies.
Highly integrated analog performance. The company's analog innovations provide high precision, low noise, high-speed response, and low power consumption characteristics for high-performance and highly reliable systems. These products can maintain stable accuracy under various operating conditions, protect signal integrity in high-performance applications, and respond swiftly. The company's analog products are designed with energy efficiency in mind, achieving peak performance with ultra-low power consumption, making them ideal for demanding application scenarios.
System-level cost optimization. The company's product optimization goes beyond meeting specifications on a datasheet; it aims to deliver a lower total cost of ownership. Through superior quality, inherent reliability, and long-term lifecycle support, the company helps customers reduce over-design and effectively lower the risk of field failures.
According to Frost & Sullivan, the size of China's analog IC market increased from RMB 157.0 billion in 2021 to RMB 218.4 billion in 2025. It is expected to continue expanding at a compound annual growth rate (CAGR) of 12.2% from 2026 to 2030, reaching RMB 389.4 billion by 2030.
Financially, for the years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 2.616 billion, RMB 3.347 billion, and RMB 3.898 billion, respectively, representing a CAGR of 22.1% from 2023 to 2025. During the same period, annual profits were approximately RMB 270 million, RMB 491 million, and RMB 534 million, respectively.
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