Leidi Network, Lei Jianping, March 31
Shanghai FOURSEMI Co., Ltd. (abbreviated as &#34;FOURSEMI&#34;, stock code: &#34;03625&#34;) was listed on the Hong Kong Stock Exchange today.
FOURSEMI's issue price was HKD 40, issuing 12 million shares, with a total fundraising amount of HKD 480 million; after deducting the issuance expenses of HKD 57.3 million, the net fundraising amount was HKD 423 million.
FOURSEMI had no cornerstone investors for this listing.
FOURSEMI's opening price was HKD 85, an increase of 112.5% compared to the issue price; as of now, the company's market value is approximately HKD 9.4 billion.
10 months revenue of 280 million with a loss of 51.78 million
According to reports, FOURSEMI is a provider of perception intelligent chips, established in 2016, with core team members averaging over 20 years of experience in leading international semiconductor companies.
FOURSEMI'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 automotive electronics, TV audio, mobile phones, tablets, portable computers, smart speakers, and other fields.
FOURSEMI 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.
FOURSEMI'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, FOURSEMI is opening up the signal chain and expanding its perception intelligent chips in deeper and broader directions.
The prospectus shows that FOURSEMI's revenue for 2022, 2023, and 2024 is expected to be 130 million, 150 million, and 355 million respectively; gross profit is expected to be 9.48 million, -124,000, and 46.56 million; gross profit margins are expected to be 7.3%, -0.1%, and 13.1%; annual losses are expected to be 65.9 million, 94.13 million, and 56.84 million respectively.
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FOURSEMI's revenue for the first 10 months of 2025 was 281 million, with a gross profit of 56.06 million, a gross profit margin of 20%, and an annual loss of 51.78 million, with an annual loss rate of 18.4%
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FOURSEMI's revenue from adaptive power control audio chips in the first 10 months before 2025 was 145 million, 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, FOURSEMI's net asset value was 116 million.
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As of October 31, 2025, FOURSEMI held cash and cash equivalents of 73.46 million.
Xu Xiaolin controls 32.76% of the voting rights.
The executive directors of FOURSEMI 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 FOURSEMI Management (of which Xu Xiaolin serves as the general partner), 7.07% beneficially owned by Xiamen FOURSEMI Management (of which Xu Xiaolin serves as the general partner), and 4.21% beneficially owned by Xiamen FOURSEMI Innovation (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%, 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 each hold 0.6%, Haisheng Xianting holds 0.58%, Fumiaow Investment, Xiamen Innovation, Sanming Innovation, and Huide Investment each hold 0.56%, Shuimu Xinchih and Furui Chuangxin each hold 0.38%, Deng Tianshun holds 0.34%, Caizhi Chuangying holds 0.22%, Zhiyou Management holds 0.18%, Xinda Puchuang holds 0.12%.
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After the IPO, Xu Xiaolin holds 7.91%, Shanghai FOURSEMI holds 11.27%, Xiamen FOURSEMI holds 6.32%, Xiamen FOURSEMI 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%, Dacheng Chuanghong holds 4.19%, Fangzhou Investment holds 4.11%, Junyi Kaixiang holds 3.15%, Chaoyue Moore holds 2.7%, 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%, 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%, Junxin Ruizhi holds 0.6%;
Jicui Meibo and Longqi Intelligent each hold 0.54%, Haisheng Xianting holds 0.52%, Fumiaow Investment, Xiamen Innovation, Sanming Innovation, and Huide Investment each hold 0.5%, Shuimu Xinchih and Furui Chuangxin each hold 0.34%, Deng Tianshun holds 0.3%, Caizhi Chuangying holds 0.2%, Zhiyou Management holds 0.16%, Xinda Puchuang holds 0.11%
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03625

FOURSEMI Semiconductor was listed on the Hong Kong Stock Exchange today, with an issue price of HKD 40, raising a net amount of HKD 423 million and a market capitalization of approximately HKD 9.4 billion. The opening price was HKD 85, an increase of 112.5% from the issue price. The company was established in 2016 and focuses on smart audio chips, with revenue of HKD 280 million over 10 months and a loss of HKD 51.78 million. It is expected that revenue will reach HKD 355 million in 2024, with gross margins improving year by year

FOURSEMI Hong Kong stock listing: Market value exceeds HKD 9 billion, 10 months revenue of HKD 280 million, loss of HKD 51.78 million