New Stock News | Sihong Semiconductor ( 300661.SZ ) Files Again with Hong Kong Stock Exchange Focused on the Analog Integrated Circuit Field

According to the disclosure by the Hong Kong Exchanges and Clearing Limited on April 1, Shengbang Microelectronics( Beijing) Co., Ltd.( (abbreviated as: Shengbang Co., Ltd.)) submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with China International Capital Corporation as well as Huatai International as joint sponsor(s). This is the company’s second time submitting a filing to the Hong Kong Stock Exchange.

Company Introduction

The prospectus shows that Shengbang Co., Ltd.(300661.SZ) is a comprehensive analog integrated circuit(IC) company. It develops and sells high-performance analog integrated circuits and sensors with functions including sensing, amplification, conversion, and driving, forming the fundamental building blocks of all electronic systems.

According to information from Frost & Sullivan, based on revenue in 2025, the company ranks first among domestic companies in China’s analog integrated circuit market, and ranks eighth globally, accounting for 1.8% of market share.

As of now, the company has more than 6,800 types of analog integrated circuit and sensor products, covering 38 product categories. Its products are not only core components for end markets such as industrial, networking, and consumer electronics, but also help support broad applications in fields such as electric vehicles(EV), data centers, robotics, renewable energy, and next-generation consumer devices.

In particular, the company offers a diversified and differentiated portfolio of general-purpose and application-optimized analog products, covering two major areas: signal chain and power management—two pillars of the company’s product matrix.

Signal chain integrated circuits help electronic devices interpret the physical world. The company’s signal chain integrated circuits can collect, regulate, and amplify signals from the physical world, and then convert them into high-precision digital signals. From the data acquisition point to the final output end, the company’s products maintain signal integrity throughout the process, which is crucial for applications requiring precise measurement, low noise, and extremely small errors.

Power management integrated circuits are responsible for controlling how energy is delivered within electronic devices. They determine the power levels that different parts of the device receive, convert electricity into voltage levels required by different components, and safely distribute power throughout the system. At the same time, they can also protect against issues such as surge or abnormal power flow.

The company’s customers mainly include distributors and direct customers. For the years 2023, 2024, and 2025, during the period covered by the historical performance records, the top five customers accounted for 37.3%, 35.6%, and 33.1% of total revenue, respectively.

Supplier concentration is relatively high. During the period covered by the historical performance records, the company’s suppliers mainly include wafer foundries and packaging/testing service providers. In each of 2023, 2024, and 2025, the amounts the company purchased from the top five suppliers accounted for 92.4%, 92.3%, and 91.0% of the company’s total purchases for each respective year.

Financial Data

Revenue

For the years 2023, 2024, and 2025, the company’s revenue was approximately RMB 2.616 billion( (same below)), RMB 3.347 billion, and RMB 3.898 billion, respectively.

Profit

For the years 2023, 2024, and 2025, the company’s profits for the year were approximately RMB 270 million, RMB 491 million, and RMB 534 million, respectively.

Gross Margin

For the years 2023, 2024, and 2025, the company’s gross margin was 44.9%, 47.2%, and 46.2%, respectively.

Industry Overview

The global semiconductor market recorded significant growth from 2021 to 2025. The market size increased from RMB 3.6 trillion in 2021 to RMB 4.8 trillion in 2025, with a compound annual growth rate of 7.8%. From 2025 to 2029, the compound annual growth rate is expected to reach 9.2%, and the market size will reach RMB 7.7 trillion by 2030.

From the perspective of product structure, the global semiconductor market mainly consists of four categories: integrated circuits, discrete devices, sensors, and optoelectronic devices. Among them, integrated circuits are the largest component, accounting for 88.1% of the total market volume, and occupy an important position in the overall market.

Analog integrated circuits(, which include analog signal chips and mixed-signal chips), occupy an important position in the semiconductor industry chain. By their functional roles in circuits, they can mainly be divided into two categories: signal chain integrated circuits and power management integrated circuits.

In terms of market size, the global analog integrated circuit market grew rapidly from 2021 to 2025, driven by fast development in sectors such as industrial and energy, automotive, networking and computing, and consumer electronics. It increased from RMB 478.1 billion in 2021 to RMB 617.9 billion in 2025.

Looking ahead, the rapid adoption of artificial intelligence applications and the roll-out of assisted driving and new-energy vehicles will drive a new wave of growth. The global analog integrated circuit market is expected to reach RMB 927 billion by 2030.

As one of the largest consumption markets for analog integrated circuits globally, China’s market achieved significant growth from 2021 to 2025. The overall market size increased from RMB 158.0 billion in 2021 to RMB 218.4 billion in 2025, and is expected to reach RMB 389.4 billion by 2030.

From the perspective of sub-segment products, signal chain integrated circuits are expected to maintain a fast growth momentum in the future due to the widespread adoption of industrial automation, new-energy vehicles, and embodied intelligence. The market size is expected to rise from RMB 57.1 billion in 2021 to RMB 79.3 billion in 2025, and is expected to reach RMB 133.0 billion by 2030.

China’s power management integrated circuit market size increased from RMB 99.9 billion in 2021 to RMB 139.0 billion in 2025. In the future, benefited from ongoing upgrades in demand for efficient power solutions driven by AI infrastructure, power systems for new-energy vehicles, and intelligent devices, China’s power management integrated circuit market is expected to remain strong, reaching RMB 256.4 billion by 2030.

Looking at downstream applications, China’s analog integrated circuit market shows differentiated growth trends across major application areas. The automotive sector is expected to become the fastest-growing sub-market, while the networking and computing sector remains the largest downstream market. Meanwhile, industrial and energy applications continue to grow, and consumer electronics provides a solid demand base.

Both the global and China’s analog integrated circuit markets have long exhibited a relatively stable and fragmented competitive landscape. In 2025, in China’s analog integrated circuit market, the combined market share of the top eight global manufacturers was 37.3%; the company ranks first among Chinese manufacturers and eighth among global manufacturers. In the global analog integrated circuit market, the company ranks among the top fifteen global manufacturers.

Board Information

The company’s board of directors will consist of 7 directors, including 2 executive directors, 2 non-executive directors, and 3 independent non-executive directors. Directors serve a term of 3 years. Upon the expiry of their term, they may be re-elected and serve consecutive terms.

Equity Structure

As of March 22, 2026, pursuant to the acting-in-concert agreement and its supplemental agreements, Hongshun Xiangtai, Baoli Hongya, Hongwei International, Dr. Zhang, Ms. Zhang, Mr. Linlin, and Ms. Wen Li directly and indirectly control a total of 221,512,150 shares, representing approximately 35.69% of the company’s voting rights.

Intermediary Team

Joint Sponsors: China International Capital Hong Kong Securities Limited; Huatai Financial Holdings( Hong Kong) Co., Ltd.

Legal Advisors: For Hong Kong law and U.S. law: Cooley HK; for PRC law: Beijing JunHe Law Offices; for international sanctions law: Beijing JunHe Law Offices

Joint Sponsor Legal Advisors: For Hong Kong law and U.S. law: Gao Wei Shen Law Firm; for PRC law: Shihui Law Firm

Reporting Accountants and Independent Auditor: Ernst & Young

Industry Advisor: Frost & Sullivan

Compliance Advisor: Chuo Yao Capital Co., Ltd.

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