“Changguang Series” is set to see its first Hong Kong stock IPO. China’s CIS leader Changguang Chenzhenxin has passed the Hong Kong Stock Exchange hearing, with 2025 revenue of 857 million yuan.

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According to the Hong Kong Stock Exchange recently disclosed, Changchun Changguang Chenxin Microelectronics Co., Ltd. is undergoing a listing hearing on the Main Board of the Hong Kong Stock Exchange, with CITIC Securities and Guotai Junan International serving as joint sponsors.

Comprehensive | Prospectus  Editor | Echo

This article is for informational exchange only and does not constitute any trading advice.

According to the prospectus, Changguang Chenxin is a provider of CMOS image sensors (“CIS”). Since its establishment, the company has focused on the research and development of CIS. The company offers nine major product series, widely used in advanced technology fields such as industrial imaging, scientific imaging, professional imaging, and medical imaging. During the track record period, the company mainly designed and sold CIS to downstream customers in the industrial and scientific imaging industries, operating in a waferless model.

The company’s products play a crucial role in improving the performance and image quality of industrial cameras, scientific cameras, professional film cameras, and other imaging devices. For example, in industrial imaging applications, the company’s CIS is used in manufacturing inspection processes, such as alignment error detection in lithium battery production. When used in scientific imaging applications, the CIS is used for DNA sequencing imaging, confocal microscopy, and fluorescence cameras.

According to Frost & Sullivan, in 2024, Changguang Chenxin ranks third among global CIS companies in industrial imaging revenue, accounting for 15.2% of the global market share. Additionally, in 2024, the company ranks third in scientific imaging revenue among global CIS companies, with a 16.3% share of the global market. The industrial and scientific imaging CIS markets are dominated by a few international and regional leaders. As of 2024, industrial imaging CIS and scientific imaging CIS each account for approximately 2.1% and 0.8% of the global CIS market by revenue.

The company has always driven technological innovation, continuously overcoming key technical challenges while maintaining CIS development. In 2015, the company successfully developed the world’s first BSI sCMOS image sensor, then expanded into fields such as industrial imaging, professional imaging, and medical imaging.

Changguang Chenxin has built a comprehensive standard product portfolio, namely CMOS image sensors. As of the last practical date, this portfolio includes nine product series and over 50 standard products. Additionally, when standard off-the-shelf products on the market cannot meet the stringent requirements of target applications, the company provides customized sensor solutions. These custom solutions enable leading manufacturers in high-end industrial inspection, scientific imaging, medical imaging, or professional consumer applications to develop next-generation products equipped with customized CMOS image sensors.

The company’s CMOS image sensors can be categorized into area array sensors and line array sensors based on pixel arrangement. Area array sensors have pixels arranged in a two-dimensional matrix, allowing them to capture a complete 2D image in a single exposure. In contrast, line array sensors have pixels arranged in a line and capture 2D images by scanning objects that move perpendicular to the sensor’s direction at a constant speed.

The company’s products can also be classified by application scenarios, each with different technical and R&D focuses. Currently, the main application scenarios for the company’s projects include industrial imaging; scientific imaging; professional imaging; and medical imaging.

During the track record period, the company achieved revenue growth and profitability. Changguang Chenxin’s revenue increased from RMB 605 million in 2023 to RMB 673 million in 2024, an 11.3% increase, and further to RMB 857 million in 2025, a 27.3% increase. As of December 31, 2025, the company recorded gross profits of RMB 384 million, RMB 397 million, and RMB 573 million for the three years, with gross profit margins of 63.5%, 59.0%, and 66.9%, respectively.

For the three years ending December 31, 2025, the company recorded net profits of RMB 170 million, RMB 197 million, and RMB 293 million. The company’s operating cash flow remained positive and steadily grew, from RMB 208 million in 2023 to RMB 225 million in 2024, and further to RMB 466 million in 2025.

According to Frost & Sullivan, the global CIS market is expected to accelerate growth from 2024 to 2029, with total revenue projected to rise from RMB 139.1 billion in 2024 to RMB 210.3 billion in 2029, at a compound annual growth rate of approximately 8.6%.

Changguang Chenxin’s investors include Zhuhai Qixin, Hillhouse Yurun, Advanced Manufacturing, Guoce Xingchi, Xiamen Yuanfeng, Huashun Guangzhou, Shenzhen Jiusi, Juyuan Xincheng, Qin Hao, Wuhu Tuocheng, Suzhou Fangguang, Yibin Chendao, Shengyu Huatian, CAS Innovation Star, Changzhou Fangguang, Pingyang Yuanxin, CAS Pioneer, East Lake Guolong, Ningbo Yuxi, CAS Investment, Ningbo Chaoxing, and Jilin Yuanheng, among others.

The funds raised from this Hong Kong IPO of Changguang Chenxin are planned to be used for the following purposes: expected to increase R&D investment to drive continuous innovation in key application scenarios (industrial imaging, scientific imaging, professional imaging, and medical imaging) and support product iterations; expected to establish an advanced CMOS image sensor R&D center; expected to expand the company’s packaging and testing production lines; expected to expand overseas operations through strategic regional expansion; and expected to be used for operating capital and general corporate purposes.