New Stock News | Helin MicroNano(688661.SH) Files for Listing Again on the Hong Kong Stock Exchange, the First Domestic Company to Achieve Large-Scale Production of Coaxial Probes

According to a disclosure made by the Hong Kong Exchanges and Clearing Limited on April 2, Suzhou Helin Weina Technology Co., Ltd. (abbreviated as “Helin Weina (688661.SH)”) submitted an application for listing to the Hong Kong Stock Exchange’s Main Board. Guotai Junan International and CICC Capital (International) are the joint sponsors. The company previously filed its listing application with the Hong Kong Stock Exchange on September 26, 2025.

Company Profile

As shown in the prospectus, Helin Weina is one of the world’s leading suppliers of micro- and nano-manufacturing solutions, offering a comprehensive product portfolio that mainly covers MEMS micro- and nano-manufacturing components, semiconductor test probes, and micro transmission systems.

According to data from Frost & Sullivan, based on revenues in 2025, the company ranks second in the global MEMS acoustic module micro- and nano-manufacturing components market, with a market share of 12.4%. In the global semiconductor final test (“FT”) probe market, it ranks first among enterprises within China and fourth among all global suppliers, with a market share of 6.6%. On March 23, 2026, Helin Weina is one of the few leading companies in mainland China that exports semiconductor final test probes to overseas markets, and it is also the first company in mainland China to achieve large-scale production of coaxial probes.

The company designs and manufactures high-precision micron-level components and systems for the semiconductor and advanced manufacturing industries. The company’s principal products include: (i) MEMS micro- and nano-manufacturing components, which are miniature structural devices, including shielding covers for acoustic and pressure sensors, micro-mechanical structures, and miniature connectors.

The company’s MEMS components are integrated into smartphones, AR/VR head-mounted devices, medical hearing aids, and Bluetooth speakers, for voice capture, noise control, and barometric pressure sensing; (ii) semiconductor test probes, which are critical consumables that form electrical connections between testing equipment and chips during design verification, wafer-level testing, and post-packaging testing.

The company’s probes are used to test the logic, memory, analog, power, and radio-frequency devices of drivers for 5G smartphones and AI / data-center computing; and (iii) micro transmission systems, which are precision mechanical components, including micro-motors, gears, and related parts, capable of transmitting power and converting motion within compact spaces.

The company’s micro transmission systems are used as transmission devices in household robots and smart home appliances that require silent operation, durability, and precise motion control. With a customer-oriented R&D culture, the company integrates product design with end-use application scenarios through joint development with customers. It has successfully entered the core supply chain of leading consumer electronics and semiconductor companies and expanded its business into downstream application areas such as AI, high-performance computing, robotics, and 5G.

Financial Information

Revenue

In fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 286 million, RMB 568 million, and RMB 864 million, respectively.

Gross Profit

In fiscal years 2023, 2024, and 2025, the company recorded gross profit of approximately RMB 59.70 million, RMB 89.77 million, and RMB 158 million, respectively.

Gross Profit Margin

In fiscal years 2023, 2024, and 2025, the company recorded gross profit margins of 20.9%, 15.8%, and 18.3%, respectively.

Industry Overview

Micro- and Nano-Manufacturing Market

As one of the most important application industries for micro- and nano-manufacturing, the global semiconductor market reached RMB 5,136.0 billion in 2025 and is expected to grow to RMB 7,755.3 billion by 2030. The compound annual growth rate from 2026 to 2030 is 8.1%. Within the semiconductor industry, semiconductor testing consumables are crucial to ensuring production efficiency and yield. With micro- and nano-manufacturing technology, such consumables meet the stringent requirements of semiconductor production for accuracy, reliability, and consistency. The global semiconductor testing consumables market size reached RMB 27.9 billion in 2025, and is expected to expand to RMB 37.2 billion by 2030. The compound annual growth rate from 2026 to 2030 is 6.0%.

In addition to the semiconductor testing consumables market, the MEMS market is another major application area for emerging micro- and nano-manufacturing technologies in the semiconductor sector. In 2025, the global MEMS market size reached RMB 124.6 billion and is expected to grow to RMB 170.9 billion by 2030, with a compound annual growth rate of 6.7% from 2026 to 2030. Benefiting from advantages such as miniaturization, high precision, and high reliability, MEMS devices are increasingly widely used in fields such as semiconductors, consumer electronics, and automotive electronics, driving continuous demand for advanced micro- and nano-manufacturing capabilities.

Market Size of Global and China MEMS Micro- and Nano-Manufacturing Components

The global MEMS micro- and nano-manufacturing components market mainly includes key sub-segments such as acoustic modules, optical modules, pressure sensors, inertial sensors, and other components. In recent years, the global MEMS micro- and nano-manufacturing components market has experienced rapid expansion, with a compound annual growth rate of 6.4% from 2021 to 2025. In 2025, the revenue of the global MEMS micro- and nano-manufacturing components market reached RMB 7.5 billion. Looking forward, the market is expected to maintain strong momentum of growth, with a forecast compound annual growth rate of 6.7% from 2026 to 2030.

Within the sub-segments, MEMS micro- and nano-manufacturing components for acoustic modules have shown the highest growth rate due to strong downstream demand, achieving a notable compound annual growth rate of 7.3% from 2021 to 2025. MEMS acoustic modules mainly include microphone modules and miniature speaker modules. Currently, the market share of miniature speaker components is relatively small. However, with the commercialization of embodied AI technology, this sub-segment is expected to grow exponentially, becoming a key driving force behind the expansion of the MEMS acoustic module micro- and nano-manufacturing components market. In 2025, the revenue of the global MEMS acoustic module micro- and nano-manufacturing components market reached RMB 1.1 billion. The market is expected to maintain steady growth, with a forecast compound annual growth rate of 8.7% from 2026 to 2030.

Driven by strong policy support for the MEMS and micro- and nano-manufacturing industries in China, the acceleration of localization along the MEMS industrial chain, and growing demand in emerging areas, the market size of MEMS micro- and nano-manufacturing components in China expanded from RMB 518 million in 2021 to RMB 817 million in 2025, with a compound annual growth rate of 12.1% from 2021 to 2025. Supported by increasing demand for high-precision MEMS components in emerging fields such as domestic intelligent automobiles and IoT terminals, and by the acceleration of localization across the MEMS industrial chain, the market size is expected to grow from RMB 920 million in 2026 to RMB 1,542 million in 2030, with a forecast compound annual growth rate of 13.7% from 2026 to 2030.

Market Size of Global and China Semiconductor Test Probes

In recent years, the global semiconductor test probe market has exhibited a cyclical growth pattern, mainly driven by the inherent volatility of the semiconductor industry, recording a compound annual growth rate of 3.0% from 2021 to 2025. In 2025, the revenue of the global semiconductor test probe market reached RMB 12.1 billion. Looking forward, the market is expected to maintain strong growth momentum, with a forecast compound annual growth rate of 6.6% from 2026 to 2030. Among sub-segments, the FT probe industry has demonstrated particularly strong growth momentum. This acceleration is mainly attributable to two key factors: the surge in AI computing demand driving a substantial increase in GPU shipments, thereby significantly boosting FT probe demand; and advanced packaging technology bringing strong testing demand, leading to a significant rise in probe utilization. As a result, the FT probe market recorded a compound annual growth rate of 3.5% from 2021 to 2025, and is expected to maintain steady growth, with a forecast compound annual growth rate of 7.5% from 2026 to 2030.

Supported by policies for semiconductor self-sufficiency, rapid expansion of domestic wafer-fab capacity, strong demand for AI chips and automotive semiconductors, and acceleration of high-performance final test probe import substitution, the China FT probe market increased from RMB 600 million in 2021 to RMB 798 million in 2025, with a compound annual growth rate of 7.5% from 2021 to 2025. Looking ahead, supported by rising demand for advanced packaging and high-compute chips testing, the market size is expected to grow from RMB 911 million in 2026 to RMB 1,384 million in 2030, with a forecast compound annual growth rate of 11.0% from 2026 to 2030.

Board Information

The board is responsible for and has general authority over the management and operation of the company’s business. The board currently consists of seven directors, including three executive directors, one non-executive director, and three independent non-executive directors, namely: all directors are elected by the general meeting of shareholders, with a term of three years.

Equity Structure

As of March 23, 2026, Mr. Luo and Suzhou Heyang (controlled by Mr. Luo in the capacity of a general partner) jointly control the exercise of voting rights attached to an aggregate of approximately 38.04% of the total issued share capital of the company, comprising (i) approximately 33.33% of the voting rights held directly by Mr. Luo, and (ii) approximately 4.71% of the voting rights held directly by Suzhou Heyang.

Intermediary Teams

Joint sponsors: Guotai Junan Financing Limited; CICC Capital (International) Financing Limited

Company legal counsel: For Hong Kong laws: Tian Yuan Law Firm (Limited Liability Partnership); for PRC laws: Jiangsu Shiji Tongren Law Firm; for PRC laws on data compliance: Beijing Jingtian Gongcheng Law Firm; for international sanctions laws: Tongshang Law Firm (Limited Liability Partnership)

Legal counsel to joint sponsors: For Hong Kong legislation: JunHe Law Offices; for PRC laws: Jincheng Tongda Law Firm

Auditors and reporting accountants: Ernst & Young

Industry consultants: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch

Compliance consultant: Rijin Capital Co., Ltd.

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