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LeiDi Network, Lei Jianping, March 23
Shanghai Fourier Semiconductor Co., Ltd. (abbreviated as &#34;Fourier&#34;, stock code: &#34;03625&#34;) has recently opened its initial public offering (IPO) and is preparing to list on the Hong Kong Stock Exchange on March 31, 2026.
Fourier's issuance range is HKD 40 to 50, with plans to issue 12 million shares, aiming to raise up to HKD 600 million.
Fourier's IPO does not have cornerstone investors.
10 months revenue of 280 million with a loss of 51.78 million
According to reports, Fourier Semiconductor is a provider of perceptual intelligent chips, established in 2016, with core team members averaging over 20 years of experience in leading international semiconductor companies.
Fourier Semiconductor's products include automotive intelligent audio chips, medium and high power intelligent audio chips, portable intelligent audio chips, haptic feedback chips, and power chips, which are applied in fields such as automotive electronics, television audio, mobile phones, tablets, portable computers, and smart speakers.
Fourier Semiconductor integrates digital, analog circuits, and intelligent audio algorithms, launching ASIC DSP intelligent audio chips in 2017, medium and high power intelligent audio chips in 2021, and automotive-grade intelligent audio chips certified by AEC-Q100 in 2023.
Fourier Semiconductor's mass production customers include well-known brands such as Samsung, Xiaomi, vivo, moto, and Honor. Relying on a mature supply chain system and the company's long-term investment and accumulation in audio, Fourier Semiconductor is opening up the signal chain and expanding deeper and broader in perceptual intelligent chips.
The prospectus shows that Fourier Semiconductor's revenues for 2022, 2023, and 2024 are projected to be 130 million, 150 million, and 355 million respectively; gross profits are projected to be 9.48 million, -124,000, and 46.56 million; gross margins are projected to be 7.3%, -0.1%, and 13.1%; and annual losses are projected to be 65.9 million, 94.13 million, and 56.84 million respectively.
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Fourier Semiconductor's revenue for the first 10 months of 2025 is 281 million, with a gross profit of 56.06 million and a gross margin of 20%. The annual loss is 51.78 million, with an annual loss rate of 18.4%.
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Fourier Semiconductor generated revenue of 145 million from adaptive power control audio chips in the first 10 months before 2025, accounting for 51.6%; revenue from portable amplifier audio chips was 110 million, accounting for 39.3%.
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As of October 31, 2025, Fourier Semiconductor had a net asset value of 116 million.
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As of October 31, 2025, Fourier Semiconductor held cash and cash equivalents of 73.46 million.
Xu Xiaolin controls 32.76% of the voting rights.
The executive directors of Fourier Semiconductor are Xu Xiaolin, Liu Baoliang, Qian Shun, and Ms. Yu Bingbing; the non-executive directors are Chen Binglin and Lin Enfeng; the independent non-executive directors are Liu Hongcan, Ms. Liu Liping, and Dai Xueguang.
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Before the IPO, Xu Xiaolin controlled 32.76% of the voting rights, including 8.86% directly beneficially owned by Xu Xiaolin, 12.62% beneficially owned by Shanghai Fourier Management (of which Xu Xiaolin serves as the general partner), 7.07% beneficially owned by Xiamen Fourier Management (of which Xu Xiaolin serves as the general partner), and 4.21% beneficially owned by Xiamen Fourier Chuangke (of which Xu Xiaolin serves as the general partner); Liu Baoliang controls 2.52% of the voting rights.
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Gan Sheng Investment holds 6.41%, Moqin Intelligent holds 6.36%, Hechuang Intelligent and Health holds 5.78%, Dacheng Chuanghong holds 4.7%, Ark Investment holds 4.6%, Junyi Kaixiang holds 3.53%, Chao Yue Moer holds 3.02%, and Junsheng Investment holds 2.92%;
Liu Changjiang holds 2.46%, Zhanxiang Information holds 1.98%, Xingtou Youxuan holds 1.85%, Wentianxia holds 1.69%, Weitai Shenghong holds 1.68%, Junyi Borui holds 1.47%, and Zhengchu Chuangye Investment holds 1.36%;
KuanLian Investment holds 1.32%, JunQing Investment holds 1.3%, ChuFeng Investment holds 1.22%, Huzhou Zhuozheng holds 1.11%, ShunKe Investment holds 1.05%, Ms. Jiang Yan holds 0.95%, YaHe XingHua holds 0.91%, ShunYing Investment holds 0.75%, JunXin RuiZhi holds 0.67%;
JiCui MeiBo and LongQi Intelligent hold 0.6% each, HaiSheng XianTing holds 0.58%, FuMiao Investment, Xiamen Innovation, Sanming Innovation, and HuiDe Investment hold 0.56% each, ShuiMu XinChi and FuRui ChuangXin hold 0.38% each, Deng TianShun holds 0.34%, CaiZhi ChuangYing holds 0.22%, ZhiYou Management holds 0.18%, and XinDa PuChuang holds 0.12%.
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After the IPO, Xu XiaoLin holds 7.91%, Shanghai Fourier Management holds 11.27%, Xiamen Fourier Management holds 6.32%, Xiamen Fourier ChuangKe holds 3.76%, Liu BaoLiang holds 2.25%;
GanSheng Investment holds 5.72%, MoQin Intelligent holds 5.68%, HeChuang Intelligent and Health holds 5.16%, DaChen ChuangHong holds 4.19%, FangZhou Investment holds 4.11%, JunYi KaiXiang holds 3.15%, ChaoYue MoEr holds 2.7%, and JunSheng Investment holds 2.61%;
Liu ChangJiang holds 2.19%, ZhanXiang Information holds 1.77%, XingTou YouXuan holds 1.65%, WenTianXia holds 1.51%, WeiTai ShengHong holds 1.5%, JunYi BoRui holds 1.32%, and ZhengChu ChuangYe Investment holds 1.21%;
KuanLian Investment holds 1.18%, JunQing Investment holds 1.16%, ChuFeng Investment holds 1.09%, Huzhou Zhuozheng holds 0.99%, ShunKe Investment holds 0.94%, Ms. Jiang Yan holds 0.85%, YaHe XingHua holds 0.81%, ShunYing Investment holds 0.67%, and JunXin RuiZhi holds 0.6%;
JiCui MeiBo and LongQi Intelligent hold 0.54% each, HaiSheng XianTing holds 0.52%, FuMiao Investment, Xiamen Innovation, Sanming Innovation, and HuiDe Investment hold 0.5% each, ShuiMu XinChi and FuRui ChuangXin hold 0.34% each, Deng TianShun holds 0.3%, CaiZhi ChuangYing holds 0.2%, ZhiYou Management holds 0.16%, and XinDa PuChuang holds 0.11%.
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Fourier Semiconductor Co., Ltd. (stock code: 03625) has opened its initial public offering (IPO) and plans to list on the Hong Kong Stock Exchange on March 31, 2026, aiming to raise HKD 600 million, with an issue price range of HKD 40 to 50, issuing 12 million shares. The company has incurred a loss of HKD 51.78 million over the past 10 months, with a revenue of HKD 280 million. Fourier focuses on smart audio chips, with clients including well-known brands such as Samsung and Xiaomi

Fourier opens for IPO: plans to raise HKD 600 million with no cornerstone investors, 10 months loss of HKD 51.78 million