Xingchen Technology Rushes for Hong Kong Stocks: Annual Revenue of 2.97 Billion, Profit of 300 Million, Dividend of 130 Million

StarrySky Technology recently updated its prospectus and is preparing to list on the Hong Kong Stock Exchange.

StarrySky Technology listed on the Shenzhen Stock Exchange in March 2024, at an issue price of 16.16 yuan, raising 681 million yuan. As of Friday’s close, the company’s share price was 69.2 yuan, and its market value was 29.2 billion yuan.

StarrySky Technology will distribute a cash dividend of 3 yuan for every 10 shares to all shareholders (including tax). No bonus shares will be issued and no capitalization of capital reserve to increase share capital will be made. The company expects to distribute 126 million yuan in cash dividends (including tax).

Once it is listed on the Hong Kong market, StarrySky Technology will form an “A+H share” structure.

Annual revenue: 2.97 billion yuan

StarrySky Technology is a fabless designer and supplier of visual AI SoCs. Its primary business is the design, R&D, and sales of on-device AI SoC chips.

Guided by the core concept of “vision + AI” and “perception + computing,” the company’s SoC chip downstream applications cover various intelligent sensing terminal devices, mainly including intelligent security, intelligent IoT, and intelligent automotive cockpits.

StarrySky Technology’s revenue in 2023, 2024, and 2025 was 2.02 billion yuan, 2.353 billion yuan, and 2.97 billion yuan, respectively; gross profit was 710 million yuan, 848 million yuan, and 1.011 billion yuan, respectively; and profit during the period was 200 million yuan, 256 million yuan, and 308 million yuan, respectively.

In 2025, StarrySky Technology’s intelligent security revenue was 1.934 billion yuan, accounting for 65.1%; its intelligent IoT revenue was 658 million yuan, accounting for 22.2%; its intelligent automotive revenue was 318 million yuan, accounting for 10.7%; and its Bluetooth SoC revenue was 27.42 million yuan, accounting for 0.9%.

As of December 31, 2025, StarrySky Technology’s cash and cash equivalents were 280 million yuan.

Spending 200 million yuan to acquire Fu Rui Kun

At the end of August 2025, StarrySky Technology announced that it plans to acquire 53.3087% of the equity interest in Shanghai Fu Rui Kun Microelectronics Co., Ltd. (referred to as “Fu Rui Kun”) by cash, with a transaction consideration of 214 million yuan.

After the company acquires 53.3087% of Fu Rui Kun’s equity, Fu Rui Kun will become a controlling subsidiary of the company and will be included in the scope of the company’s consolidated financial statements.

After completion of this transaction, both parties will jointly cooperate to carry out R&D of AIOT intelligent IoT chips.

After the acquisition is completed, Li Chuanli will still hold 19.4919% of Fu Rui Kun’s equity, Jie Dedong will hold 3.0513%, Jiaxing Fuliu Enterprise Management Partnership (Limited Partnership) will hold 17.8588%, Shanghai Fu Rui Kun Yuan Enterprise Management Partnership (Limited Partnership) will hold 1.6892%, Jiaxing Junde Equity Investment Partnership (Limited Partnership) will hold 2.6%, and Shanghai Shanda Investment Management Co., Ltd. will hold 2%.

The announcement shows that Fu Rui Kun’s revenue in 2024 was 99.75 million yuan, its net loss was 6.66 million yuan, and its net loss after non-recurring items was 8.20 million yuan; in the first half of 2025, revenue was 58.75 million yuan, net profit was 2.30 million yuan, and net profit after non-recurring items was 1.31 million yuan.

MediaTek is the major shareholder

StarrySky Technology’s executive directors are Lin Yongyu, Chen Lijing, and Xiao Peijun, respectively. The non-executive directors are Ms. Chen Xuanni and Ms. Zhou Ai, respectively. The independent non-executive directors are Wang Xiaojian, Yi Ruofeng, and Zhao Ruiqun, respectively.

SigmaStar Technology holds 28.74%, Elite Star Holdings holds 8.41%, Xiamen Xinchen Investment Partnership (Limited Partnership) holds 4.4%, and Kunqiao Capital Equity Investment Management (Shenzhen) Co., Ltd. – Kunqiao (Shenzhen) Semiconductor Technology Industry Equity Investment Fund Partnership (Limited Partnership) holds 4.2%;

As of December 31, 2025, StarrySky Technology’s equity structure

Shicheng Investment Co., Ltd. holds 4.2%, Kunqiao Capital Equity Investment Management (Shenzhen) Co., Ltd. – Kunqiao (Shenzhen) Semiconductor Technology Industry Equity Investment Fund Partnership (Limited Partnership) holds 2.95%, Xiamen Yaocen Investment Partnership (Limited Partnership) holds 2.47%, Treasure Star holds 2.23%, Supreme Star Holdings holds 2.09%, and Xiamen Hancheng Investment Partnership (Limited Partnership) holds 2.01%.

The indirect equity holder of SigmaStar Technology Inc. is MediaTek; MediaTek indirectly holds a 17.92% property interest in Kunqiao (Shenzhen) Semiconductor Technology Industry Equity Investment Fund Partnership (Limited Partnership);

Elite Star Holdings Limited holds 99.90% of the property interest in the limited partnership of Xiamen Jianshen Investment Partnership (Limited Partnership) (as the limited partner). Xiamen Xinchen Investment Partnership (Limited Partnership), Xiamen Yaocen Investment Partnership (Limited Partnership), and Xiamen Hancheng Investment Partnership (Limited Partnership) are parties acting in concert;

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