New stock news | Shanghai YiJing Information filed with the Hong Kong Stock Exchange as one of the top ten suppliers of solutions for global smartphone brands.

According to the disclosure by the Hong Kong Stock Exchange on April 2, Shanghai Yijing Information Technology Co., Ltd. (referred to as Shanghai Yijing Information) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC and BOCOM INTL as its joint sponsors. Company Profile According to the prospectus, the company is a provider of full-stack intelligent hardware product solutions in the AI era, and is one of the top ten global smartphone brand manufacturing solution providers by shipments in 2025, according to Frost & Sullivan data. The company offers one-stop global services from product definition, design development to production and delivery. Its capabilities cover product definition and planning, integrated development of software and hardware, coordination between devices and cloud, supply chain integration, manufacturing, and delivery. The company is committed to becoming a leading platform-based intelligent hardware company in its target areas, driving industry digitization through full-stack AIoT solutions, open innovation, and operational efficiency. With its Innovatech platform, the company has established a business system covering opportunity exploration, flexible design and manufacturing, and empowerment and linkage of ecological development. This enables the company to efficiently replicate and expand its capabilities in multiple fields, and quickly respond to customer needs through customized solutions. The company offers a diversified product portfolio, with core products including smartphones, tablets, and smartwatches, and has expanded into new generation AIoT products, including AI data collection terminals, AI payment terminals, AI glasses, Siasun Robot & Automation industry, and AIoT sub-components. The company's product solutions serve a wide range of vertical scenarios, including smart wearables, smart energy, smart logistics, smart travel, and smart payment. The company has established long-term partnerships with leading enterprises in the consumer electronics industry, including Shenzhen Transsion Holdings Co., Ltd., ZTE Corporation, and TCL Corporation. Transsion and ZTE Corporation are among the top ten global smartphone brand by shipment volume. According to Frost & Sullivan data, in 2025, by ODM shipments, the company ranks sixth among global smartphone ODM manufacturers. According to the same source, based on the compound annual growth rate of shipments from 2023 to 2025, the company is also the fastest growing provider among the top ten global smartphone manufacturing solution providers. Chinese companies dominate the global intelligent terminal manufacturing solution industry due to their agile R&D system, extreme cost control, and global delivery network. In 2025, the global smartphone shipments of intelligent terminal manufacturers reached 986.4 million units. According to Frost & Sullivan data, the company shipped 12 million smartphones in 2025, ranking tenth among all suppliers globally and sixth among ODM suppliers. The company has the highest compound annual growth rate in smartphone shipments from 2023 to 2025 among the top ten manufacturing solution providers. Financial Information Revenue In 2023, 2024, and 2025, the company's revenue was approximately RMB 2.225 billion, RMB 3.508 billion, and RMB 3.219 billion respectively. Profit In 2023, 2024, and 2025, the company's annual profit was RMB 56.158 million, RMB 62.076 million, and RMB 70.217 million respectively. Gross Margin In 2023, 2024, and 2025, the company's gross margins were 9.9%, 6.8%, and 9.5% respectively. Industry Overview From 2021 to 2023, the global intelligent terminal market experienced a period of continuous adjustment, with total shipments of intelligent terminal products decreasing from 1.774 billion units to 1.485 billion units. This trend was mainly driven by the softening of end-user demand caused by changes in the global macroeconomic environment, as well as supply chain fluctuations and periodic core chip shortages in the post-pandemic era. During this period, shipments of the three core categories of smartphones, consumer-grade tablets, and laptops all recorded declines. Smartphone shipments decreased from 1.355 billion units in 2021 to 1.164 billion units in 2023, laptop shipments decreased from 250 million units to 193 million units, and tablet shipments decreased from 169 million units to 129 million units. The market showed clear signs of recovery in 2024 and experienced stable growth in 2025, with global total shipments increasing from 1.58 billion units to 1.63 billion units. The rapid development of edge AI technology has become the core driver of industry recovery, accelerating product iterations and enabling the large-scale deployment of innovative products, including AI smartphones and AI personal computers. Short-term cyclical market fluctuations do not mean that long-term demand will continue to decline. With the drive of technological innovation and policy support, the market is expected to maintain stable growth. Total shipments are projected to increase from 1.63 billion units in 2025 to 1.85 billion units in 2030, with a compound annual growth rate of approximately 2.6% during the forecast period. Smartphones will remain the largest product sub-segment with a compound annual growth rate of 2.5%. The tablet computer market will record the highest compound annual growth rate of 3.9%, while the laptop computer market will maintain a growth rate of 2.4%. Global shipments of intelligent terminal products completed by manufacturing solution providers decreased from 1.4054 billion units in 2021 to 1.3204 billion units in 2025, with a compound annual growth rate of -1.5% during this period. This trend was mainly driven by phased adjustments in the global intelligent terminal market: from 2021 to 2023, the market experienced continued contraction due to fluctuations in the macroeconomic environment, weak consumer confidence, and the absorption of post-pandemic demand; in 2024 and 2025, the market gradually stabilized and rebounded with the recovery of end-user demand and support from the iterative technology of core intelligent terminal categories. Looking ahead, with the accelerated iteration of edge AI technology, continued upgrades of core product categories, and increasing willingness of brand manufacturers to cooperate with manufacturing solution providers, the global intelligent terminal manufacturing solution market is expected to maintain stable growth. The total shipments are expected to increase from 1.3204 billion units in 2025 to 1.5175 billion units in 2030, with a compound annual growth rate of 2.8% from 2025 to 2030. Smartphones are the core and largest category of the global intelligent terminal manufacturing solution market. In 2025, the shipments of smartphones delivered by manufacturing solution providers reached 986.4 million units, slightly lower than the 1.0267 billion units in 2021, accounting for 74.7% of the total market shipments, with a compound annual growth rate of -1.0% from 2021 to 2025. After experiencing market adjustments in 2022 and 2023, this category steadily rebounded in 2024 and 2025 due to a stabilizing macro environment and the replacement demand in the consumer market. With the deepening popularity of edge AI technology and the large-scale deployment of AI smartphones, this product category is expected to maintain a compound annual growth rate of 2.7% from 2025 to 2030, with shipments reaching 1.1245 billion units in 2030, and continuing to serve as the core pillar of the market. Board of Directors Information The board of directors consists of eight directors, including five executive directors and three independent non-executive directors. The term of office for directors is three years, and they are eligible for re-election after the term expires. According to relevant Chinese laws and regulations, the consecutive term of office for independent non-executive directors shall not exceed six years. Equity Structure As of the latest practicable date (March 26, 2026), Mr. Sun Bin (i) directly held 22.00% of the issued share capital of the company, and (ii) indirectly held a total of 55.83% of the issued shares of the company through four controlled limited partnerships (namely Shanghai Runsheng, Shanghai Gaozhu, Shanghai Yuchu, and Shanghai Yijia). Therefore, Mr. Sun Bin can control approximately 77.83% of the voting rights of the issued share capital of the company. Mr. Sun Bin, Shanghai Runsheng, Shanghai Gaozhu, Shanghai Yuchu, and Shanghai Yijia will be considered the controlling shareholders of the company after compilation. Intermediary Team Joint Sponsors: CICC Capital Limited, BOCOM INTL (Asia) Limited; Legal Advisors: JunHe LLP, Jingtian & Gongcheng Law Firm; Joint Sponsors and Compilers' Legal Advisors: Tian Yuan Law Firm, Jincheng Tongda & Neal Law Firm; Auditors and Reporting Accountants: KPMG Huazhen LLP; Industry Consultants: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch.