New stock news | Weichao Semiconductor submits application to Hong Kong Stock Exchange as a leading provider of Chinese power semiconductor devices.

According to the disclosure by the Hong Kong Stock Exchange on January 12, Shenzhen Weizhao Semiconductor Co., Ltd. (referred to as Weizhao Semiconductor) has submitted its listing application to the main board of the Hong Kong Stock Exchange, with GF SEC as its sponsor. Company Introduction The prospectus discloses that Weizhao Semiconductor is a leading Chinese provider of power semiconductor devices, focusing on the research, development, design, and sales of high-performance power semiconductor devices, especially WLCSP products, which are one of the company's main products. The company is known for its advanced semiconductor packaging technology, compact size, excellent heat dissipation performance, and impact resistance. Weizhao Semiconductor operates in a unique "fab-lite" mode, strategically combining the flexibility of outsourced standard manufacturing with internal manufacturing capabilities, allowing the company to maintain supply chain flexibility and achieve strict cost and quality control. The company's fab-lite model provides two core differentiation advantages, distinguishing it from traditional foundry and IDM companies. Unlike foundry companies that outsource all packaging processes, Weizhao Semiconductor has independent advanced packaging capabilities (especially WLCSP technology), enabling the company to achieve cost optimization and performance improvement. Furthermore, unlike IDM companies that operate in a heavy asset manner to complete all wafer manufacturing processes internally, Weizhao Semiconductor selectively retains control over specific high-value wafer manufacturing processes to balance the flexibility of light assets with direct control over key wafer manufacturing processes. According to Zhoushi Consulting data, Weizhao Semiconductor is one of the few power semiconductor device suppliers in China with internal capabilities for key wafer manufacturing processes and advanced packaging testing. In terms of power semiconductor device structure, Weizhao Semiconductor's medium and low-voltage products mainly include Trench MOSFET and SGT MOSFET, which are widely used in consumer electronics, automotive electronics, motor drives, industrial power supplies, etc. In the medium and low-voltage product segment, the company's WLCSP products are key components in lithium battery protection applications for smartphones, tablets, wearable electronic devices, etc., due to their small size, high heat dissipation performance, and strong impact resistance. The company's high-voltage products mainly include IGBT, SJ MOSFET, and Planar MOSFET, designed to meet the demand for high voltage, high power density, and reliability in harsh environments, widely used in automotive electronics, motor drives, and new energy applications. Financial Information Revenue The company's revenue for the fiscal years 2023, 2024, and the nine months ended September 30, 2025, was approximately RMB 575 million, RMB 624 million, and RMB 615 million, respectively. Annual/Period Profit The company's annual/period profit for the fiscal years 2023, 2024, and the nine months ended September 30, 2025, was approximately RMB 13.977 million, RMB 19.353 million, and RMB 40.254 million, respectively. Gross Profit Margin The company's gross profit margin for the fiscal years 2023, 2024, and the nine months ended September 30, 2025, was 15.2%, 17.4%, and 23.8%, respectively. Industry Overview The market size of China's power semiconductor device market increased from RMB 79.1 billion in 2020 to RMB 105.5 billion in 2024, with a compound annual growth rate of 7.5%. Driven by continued expansion of downstream demand, it is expected that by 2029, the market size of China's power semiconductor device market will reach RMB 169 billion, with a compound annual growth rate of 9.9%. The power semiconductor device market in China presents a development pattern where medium and low-voltage and high-voltage fields are developing in tandem. With mature process advantages and outstanding cost-effectiveness, medium and low-voltage power semiconductor devices continue to occupy a stable market position, with a market size of RMB 46.6 billion in 2024, and is expected to reach RMB 69 billion by 2029, with a compound annual growth rate of 8.1%. Benefiting from the intelligent upgrade of consumer electronics, the consumer sector achieved sales revenue of RMB 14.7 billion in the power semiconductor device market in 2024, and is expected to achieve a compound annual growth rate of 5.3% from 2024 to 2029. In addition, benefiting from the strong growth of new energy vehicles, the automotive sector achieved sales revenue of RMB 38.8 billion in the power semiconductor device market in 2024, and is expected to achieve a compound annual growth rate of 10.8% from 2024 to 2029. At the same time, benefiting from the continuous growth of renewable energy, the industrial sector achieved sales revenue of RMB 37.8 billion in the power semiconductor device market in 2024, and is expected to achieve a compound annual growth rate of 8.4% from 2024 to 2029. Emerging sectors are becoming a new growth driver for the power semiconductor device market. The rapid development of cutting-edge applications such as AI servers, smart grids, and intelligent robots from Siasun Robot & Automation is creating strong demand for power semiconductor devices, with a compound annual growth rate of 29.2% expected from 2024 to 2029. In the Chinese power semiconductor device market, MOSFET power semiconductor devices, with advantages such as fast switching speed, low conduction loss, and simple driving, hold the largest market share in the largest segment and maintain rapid growth. Its market size increased from RMB 34.6 billion in 2020 to RMB 46.7 billion in 2024, with a compound annual growth rate of 7.8%. It is expected that by 2029, the market size of China's MOSFET power semiconductor devices will reach RMB 81.8 billion, with a compound annual growth rate of 11.9% from 2024 to 2029. Board of Directors The board of directors will consist of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors. Equity Structure As of January 7, 2026, the company (i) is held by Mr. Li with 39.19%, and (ii) by Zhoushan Tuowei and Zhoushan Integrated with 13.06% and 9.53% respectively, all ultimately controlled by Mr. Li as their general partner. Intermediary Team Exclusive Sponsor: GF Securities (Hong Kong) Co., Ltd. Company Legal Advisor: For Hong Kong and US law: Pu Heng law firm (Hong Kong) Limited; for Chinese law: Global Law Firm Exclusive Sponsor Legal Advisor: For Hong Kong and US law: Orrick, Herrington & Sutcliffe LLP; for Chinese law: King & Wood Mallesons Law Firm Auditor and Reporting Accountant: Ernst & Young Certified Public Accountants Industry Consultant: Zhoushi Industry Consulting Co., Ltd. Compliance Advisor: Red Sun Capital Limited.