【New Stock IPO】Fourier Semiconductor Passes Hong Kong Stock Exchange Listing Review as Domestic Audio Chip Leader; Transsion ("King of African Phones") and Fujian State-owned Capital are Pre-IPO Investors

Under the wave of domestic substitution in the semiconductor industry, leading companies in niche fields are preparing to list in Hong Kong. Fourier Semiconductor, a supplier specializing in audio power amplifier chips and haptic feedback chips, is currently undergoing a listing hearing on the Hong Kong Stock Exchange, indicating that an IPO process could commence in the near future. Cathay Securities and Orient Securities are serving as joint sponsors.

The updated preliminary IPO document cites industry reports that, based on 2024 revenue, the company ranks:

• 4th in the global market for audio power amplifier chip suppliers.
• 3rd in China for audio power amplifier chips; 5th for haptic feedback chips.

Audio power amplifier chips are used across various industries such as consumer electronics and smart vehicles. When products receive electrical signals, these chips filter noise, analyze and preprocess signals, then amplify power and tune audio signals according to scene requirements, enhancing audio output quality, reducing power consumption, and protecting speakers. Haptic feedback chips detect user touch inputs and control motor vibrations, mainly providing vibration effects at the device level. Different voltages drive different motors to achieve varied tactile feedback.

Narrowed Losses in the First 10 Months of Last Year

As of October 2025, the company reported a loss of 51.776 million RMB for the ten months ending that date, widening from a loss of 46.876 million RMB in the same period of 2024. Revenue was 2.8 billion RMB, down 2.79% year-over-year. Excluding share-based compensation and other items, adjusted net loss was 33.168 million RMB, narrower than the adjusted loss of 40.34 million RMB in 2024. Gross profit margin was 20%, an increase of 6.6 percentage points year-over-year.

Major Clients Include Samsung, Xiaomi, Vivo, Moto, Honor

Notably, the company’s top five clients account for 88.2% of revenue. The company also openly acknowledges the risk of client concentration; if major clients significantly reduce orders or cease business relations, the company could face substantial losses. According to available data, clients include brands such as Samsung, Xiaomi, Vivo, Moto, and Honor.

Fourier Semiconductor completed its previous financing round in August 2022, with a valuation of 2.775 billion RMB, representing a 2.77% increase over the pre-investment valuation and a 1.04-fold increase compared to the last round in March 2022. Pre-IPO investors include Transsion Holdings, known as the “King of Phones in Africa” (Shanghai: 688036), holding about 1.98%; and Fujian Investment & Development, a provincial state-owned capital investment company, holding approximately 1.11%.

Proposed Issuance of Up to 38.33 Million Shares

According to the listing filing approved by the China Securities Regulatory Commission, the company plans to issue no more than approximately 38.33 million overseas-listed ordinary shares. Simultaneously, the domestic unlisted shares that have been filed for full circulation will be converted, with 41 shareholders planning to transfer a total of 98.89 million domestic unlisted shares into overseas-listed shares for trading on the Hong Kong Stock Exchange, including holdings by Transsion Holdings and Fujian Investment & Development.

The funds raised will be used to establish a new R&D center; purchase automated testing equipment and build internal automated testing lines; recruit supply chain management engineers; seek strategic acquisitions and partnerships; support product marketing and sales; and for operational capital and general corporate purposes.