According to Sing Tao Global Network, on December 16, Beijing Onmicro Electronics Technology Co., Ltd. (referred to as Onmicro, stock code 688790.SH) officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board.
As of the close, its stock price was reported at 216.05 yuan per share (RMB, the same below), an increase of 160.11% compared to the issue price of 83.06 yuan per share, with a total market value of 21.504 billion yuan.
Although it did not match the first-day performance of Moer Chuanchen (688795.SH), for investors participating in the new share subscription, Onmicro can still be considered a profitable stock. However, for investors who bought in the secondary market during the morning session, they might have lost 2,400 yuan on that day for one lot.
Previously, due to issues with the state-owned equity transfer process, a hidden shareholder network, and volatile financial data, Onmicro's IPO journey was shrouded in uncertainty. Now, with the successful listing, this company, which is labeled as a &#34;little giant&#34; specializing in innovation, will also face long-term tests from the capital market.
<h2>The Reality of Losses and Financial Shadows</h2>
Onmicro's core narrative revolves around &#34;domestic substitution.&#34; The company's main business is the research and development and sales of RF front-end chips, RF SoC chips, and other analog chips. In the 5G L-PAMiD module market, it claims to be among the top five globally and second domestically.
Its RF front-end products have entered the supply chains of mainstream mobile phone brands such as Honor, Samsung, Vivo, Xiaomi, and OPPO; RF SoC chips have also been successfully adopted by well-known clients such as Alibaba, Pinduoduo, and BYD. However, behind this compelling story, the company faces challenges in finance and operations that paint a different picture.
Continuous losses are the company's most significant label, which is also the reason for its inclusion in the &#34;Sci-Tech Growth Layer.&#34; From 2022 to the first half of 2025, the company's net profit attributable to the parent remained negative, with cumulative unrecouped losses exceeding 1.2 billion yuan by the end of June 2025.
The performance in the first half of 2025 saw a sharp decline, with revenue decreasing by 32.17% year-on-year. The company admitted that the performance fluctuations were related to major customers adjusting their procurement rhythms.
Onmicro's customer concentration remains high. From 2022 to 2024, the sales revenue from the top five customers accounted for nearly or over 70%. Among them, just two customers, Kexin Communication and Xinfai Electronics, contributed over 54% of the revenue in 2024. This reliance makes the company's performance highly susceptible to decisions made by a single customer.
It is worth mentioning that in the prospectus, the data for &#34;Customer A&#34; has attracted widespread market attention. In 2023, its contribution to sales revenue increased by 1325.68% year-on-year, 13% in 2024, but plummeted to -73.54% year-on-year in the first half of 2025.
This is more thrilling than a &#34;roller coaster,&#34; raising questions about business rationality. Onmicro explained that the customer was undergoing a &#34;phased adjustment of procurement rhythm,&#34; but some market participants believe that the explosive growth in 2023 may have been driven by abnormal transactions to meet performance targets before the IPO. The subsequent cliff-like decline raises concerns about the sustainability of its true demand
The company's inventory data also conveys another dangerous signal. From 2022 to 2024, despite a decline in the production and sales rate of over 13 percentage points, the inventory balance increased by 42.6%. Even more unusual is that the provision for inventory impairment decreased instead of increasing. This triple divergence of &#34;weak sales, surging inventory, and reduced impairment&#34; is extremely rare in financial analysis.
<h2>Capital Path and Governance Concerns</h2>
Before Onmicro went public, deeper market questions pointed to the company's historical evolution, involving a share transfer related to state-owned assets.
The story began in March 2015. At that time, Spreadtrum Communications, a subsidiary controlled by Tsinghua University, acquired 11.62% of the shares from Onmicro's original actual controller, Yang Qinghua.
What is special about this transaction is the obvious procedural flaws—no state-owned asset approval documents were obtained at the time of the investment, nor were the public transfer procedures carried out in accordance with the then-effective &#34;Regulations on the Supervision and Administration of State-owned Asset Transactions.&#34;
The &#34;get on the bus first and buy the ticket later&#34; model was replayed two years later during the withdrawal of shares. In November 2017, Spreadtrum Communications transferred all its shares to Beijing Xinke, controlled by Qian Yongxue, at a price of 10.76 yuan/share, still lacking a standardized state-owned asset approval process.
An even more intriguing change occurred six months later. In May 2018, Beijing Xinke's share transfer price to external investors had risen to 24.14 yuan/share—exactly double the previous acquisition price.
Did the company's fundamentals undergo a qualitative change sufficient to support a doubling of valuation during this six-month period? The prospectus did not provide a clear explanation. It only disclosed that in 2021, it received a retroactive approval from Tsinghua University stating that &#34;no loss of state-owned assets occurred.&#34; Additionally, Onmicro's control structure is also interesting. The actual controller, Qian Yongxue, set up &#34;special voting shares,&#34; allowing him to control the company's actual control with a low shareholding ratio.
<h2>Migration of Peer Companies to Hong Kong Stocks</h2>
After Onmicro went public, the market's attention turned to another domestic RF company still hovering at the entrance of the capital market—Fei Yu Technology. Onmicro's listing can be considered &#34;late&#34;; before it, peers such as Zhaosheng Microelectronics (300782.SZ), Weijie Chuangxin (688153.SH), and Tailin Microelectronics (688591.SH) had already completed their capital layout.
Feiyu Technology is also a bona fide &#34;veteran&#34; in China's RF front-end field. According to industry reports, based on the shipment volume of power amplifiers (PA) and modules in 2024, Feiyu Technology ranks first in the world.
In fact, however, this &#34;shipment champion&#34; has experienced a &#34;getting up early to catch a late bus&#34; scenario on its path to capitalization. As early as October 2022, Feiyu Technology submitted a listing application to the Shanghai Stock Exchange's Sci-Tech Innovation Board and completed two rounds of inquiry responses. However, in October 2024, the company voluntarily withdrew its application.
The industry generally believes that issues related to the actual controller, sci-tech attributes, and sustainable operating capabilities raised during the inquiries made the company feel the pressure to continue advancing. According to information from the China Securities Regulatory Commission's official website, in February this year, Feiyu Technology also filed for guidance registration with the Shenzhen Securities Regulatory Bureau, but ultimately submitted an application to the Hong Kong Stock Exchange in August
Nearly four months have passed, and there has been no further information.
Unlike Onmicro, Feiwu Technology has achieved a turnaround in performance during its nearly three years of preparation for listing. From 2019 to 2024, the company achieved revenues of 116 million yuan, 364 million yuan, 916 million yuan, 1.02 billion yuan, 1.717 billion yuan, and 2.457 billion yuan, respectively; the corresponding net profits were -120 million yuan, -175 million yuan, -341 million yuan, -361 million yuan, -193 million yuan, and 76.3 million yuan.
Reporter Ye Zi from Sing Tao reported from Shanghai

688790

Onmicro Technology Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with its stock price rising 160.11% from the issue price, reaching a total market value of 21.504 billion yuan. Despite the company's ongoing losses, investors remain actively engaged. The company primarily focuses on radio frequency chips and has entered the supply chains of several well-known brands, but it faces financial challenges, high customer concentration, and significant performance fluctuations

Onmicro's stock surged 1.6 times upon listing, continuous losses have not deterred investors in the STAR Market