Glori Software Co., Ltd. (Glori) from Shanghai submitted a listing application to the main board of the Hong Kong Stock Exchange on February 15, with Guotai Junan International and CMBC Capital acting as joint sponsors.
According to the prospectus, the company is a leading provider of smart manufacturing software solutions for the pan-semiconductor industry, focusing on the research, development, and commercialization of solutions tailored for advanced manufacturing applications in this sector. Since its establishment, the company has strategically concentrated on the semiconductor industry, utilizing new technologies such as artificial intelligence, big data, and automation to provide scenario-driven, full-stack smart manufacturing software solutions through independent R&D. Its solutions are deeply integrated with the advanced manufacturing processes and technologies of the pan-semiconductor industry, establishing competitive strengths and maintaining a long-term leading position in the field. According to Frost & Sullivan data, based on revenue generated from smart manufacturing software solutions in 2024, the company ranked first among domestic providers in China's pan-semiconductor smart manufacturing software market.
Since its founding in 2007, the company's founder, Mr. Sun, identified opportunities in the semiconductor industry's development, aiming to become a leading provider of smart manufacturing software solutions with its own independently developed Computer Integrated Manufacturing (CIM) system. In 2010, the company launched its first 8-inch semiconductor Manufacturing Execution System (MES). Furthermore, in early 2023, it successfully delivered a domestically produced CIM system for 12-inch front-end 18-nanometer processes, which included a core MES, making it one of the first domestic suppliers to achieve a breakthrough in providing full-factory, fully automated smart manufacturing software solutions for 12-inch wafer manufacturing.
Leveraging its scalable production capabilities, the company has successfully expanded into the display panel, printed circuit board (PCB), and photovoltaic (PV) sectors, positioning itself advantageously for further expansion within the pan-semiconductor industry. It has built a portfolio of smart manufacturing software solutions that integrate cutting-edge technologies, committed to continuously enhancing customer production efficiency by leveraging the characteristics of its existing solutions and applying new technologies.
In recent years, utilizing advancements in artificial intelligence, the company has continually optimized and upgraded its smart manufacturing software solutions. Drawing on its deep research and extensive expertise in the pan-semiconductor industry, it has launched AI-enabled smart manufacturing software solutions tailored for various advanced manufacturing scenarios within the sector. The company's AI models continuously learn from production and operational data, enabling self-perception, self-learning, and assisted decision-making to help production lines increase capacity and quality while reducing loss costs. By integrating advanced computer vision and reinforcement learning technologies, it provides closed-loop control solutions that comprehensively enhance factory efficiency.
The company serves a diverse client base across the entire pan-semiconductor industry. During the track record period, it established business relationships with over 290 customers in the pan-semiconductor sector, including approximately 160 customers in the semiconductor industry specifically. Additionally, the company has formed long-term partnerships with leading advanced manufacturing enterprises, including
According to the Frost & Sullivan report, in 2024, the company ranked first among domestic pan-semiconductor smart manufacturing software solution providers in the Chinese market. It is recognized as the first Chinese company to achieve comprehensive software solution coverage across all segments of the pan-semiconductor industry value chain, providing end-to-end solutions from materials and processing to components, assembly, and downstream applications, covering all pan-semiconductor industries.
Financial Information Revenue: For the years 2022, 2023, 2024, and the four months ended April 30, 2025, the company's revenue was approximately RMB 111 million, RMB 165 million, RMB 249 million, and RMB 81.05 million, respectively. Loss: For the same periods, the company's annual/period losses were approximately RMB 86.88 million, RMB 127 million, RMB 103 million, and RMB 43.343 million, respectively. Gross Profit Margin: The company's gross profit margins for these periods were 16.9%, 3.4%, 13.2%, and 6.1%, respectively.
Industry Overview Measured by sales revenue, the Chinese pan-semiconductor smart manufacturing software solutions market is expected to experience significant growth. The overall market size is projected to increase from RMB 1.1 billion in 2020 to RMB 6.6 billion in 2029, with a compound annual growth rate (CAGR) of 25.4% from 2024 to 2029. Within this market, the semiconductor segment is leading the growth, expected to expand from RMB 0.8 billion in 2020 to RMB 5.2 billion in 2029, with a CAGR of 26.2% from 2024 to 2029. The display panel segment is also showing strong growth, projected to increase from RMB 0.2 billion in 2020 to RMB 0.9 billion in 2029, with a CAGR of 24.2% from 2024 to 2029. Driven by renewable energy trends, the photovoltaic market is expected to grow from RMB 0.1 billion in 2020 to RMB 0.3 billion in 2029, with a CAGR of 20.0% from 2024 to 2029. The PCB segment is projected to rise from RMB 40 million in 2020 to RMB 0.3 billion in 2029, with a CAGR of 23.1% from 2024 to 2029.
The Chinese semiconductor smart manufacturing software solutions market is on an upward trajectory. Its total market size grew from RMB 0.8 billion in 2020 to RMB 1.6 billion in 2024, achieving a CAGR of 20.0%, indicating strong initial growth. The market is expected to expand further from 2024 to 2029, with a high CAGR of 26.2%, reaching RMB 5.2 billion by 2029.
The overseas pan-semiconductor smart manufacturing software solutions market is also projected to record considerable growth in sales revenue, with the total market size expected to expand from RMB 4.2 billion in 2020 to RMB 14.4 billion in 2029. This is based on a CAGR of 10.1% from 2020 to 2024, which is anticipated to accelerate to 18.6% from 2024 to 2029.
Board Information The board of directors comprises twelve members, including four executive directors, four non-executive directors, and four independent non-executive directors. According to the company's articles of association, directors (excluding employee representative directors) are elected and appointed by shareholders at general meetings, while employee representative directors are elected by the company's employee congress. Directors serve a term of three years and are eligible for re-election.
Shareholding Structure As of the latest practicable date (August 24, 2025), Mr. Sun, an executive director, chairman, and general manager, collectively controlled approximately 53.86% of the company's voting rights. This includes (1) approximately 30.18% held directly by him; (2) approximately 14.34% beneficially owned by Xinxiang Limited Partnership, controlled by Mr. Sun as the sole general partner; and (3) approximately 9.34% beneficially owned by Jingwei Limited Partnership, controlled by Mr. Sun as the sole general partner. Xinxiang Limited Partnership serves as the company's equity incentive platform, while Jingwei Limited Partnership is a holding platform for Mr. Sun, executive director Mr. Jiang Zhi, and certain financial investors of the company. Following the completion of the capital reorganization (assuming no share options are exercised), Mr. Sun, Xinxiang Limited Partnership, and Jingwei Limited Partnership will be able to exercise a total of approximately [Reorganization Percentage]% of the company's voting rights. Therefore, as of the latest practicable date, Mr. Sun, Xinxiang Limited Partnership, and Jingwei Limited Partnership constitute a group of controlling shareholders.
Intermediary Team Joint Sponsors: Guotai Junan Financing Limited, CMBC Capital Limited. Legal Advisers: Jingtian & Gongcheng LLP, Shanghai Jintiancheng Law Firm, Ashurst Horitsu Jimusho Gaikokuho Kyodo Jigyo. Legal Advisers to the Joint Sponsors and [Reorganization]: DeHeng Law Offices (Hong Kong) LLP, Beijing Guofeng Law Firm. Auditor and Reporting Accountant: Ernst & Young. Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch.
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