Fourier Hong Kong Stock Listing: Market Cap HKD 9 billion, 10 months revenue HKD 280 million, loss HKD 51.78 million

Lei Digang News Lei Jianping March 31

Shanghai Fourier Semiconductors Co., Ltd. (the “Fourier,” stock code: “03625”) listed on the Hong Kong Stock Exchange today.

Fourier’s offer price was HK$40. It issued 12 million shares and raised a total of HK$480 million; after deducting listing expenses payable for the IPO, the net proceeds were HK$423 million.

Fourier has no cornerstone investors for this listing.

Fourier’s opening price was HK$85, up 112.5% from the offer price; its closing price was HK$80, up 100% from the offer price. Based on the closing price, the company’s market capitalization was HK$8.96 billion.

10 months of revenue 280 million yuan, net loss 51.78 million yuan

According to the introduction, Fourier Semiconductors is a provider of sensing intelligence chips. It was established in 2016, and the core team members on average have more than 20 years of industry experience at international leading semiconductor companies.

Fourier Semiconductors’ products include automotive intelligent audio chips, mid-to-high power intelligent audio chips, portable intelligent audio chips, tactile feedback chips, power chips, and more. They are used in areas such as in-vehicle electronics, TV sound systems, mobile phones and tablets, laptops, and smart speakers.

Fourier Semiconductors integrates digital and analog circuits as well as intelligent audio algorithms. In 2017, 2021, and 2023, it respectively launched ASIC DSP intelligent audio chips, mid-to-high power intelligent audio chips, and automotive-grade intelligent audio chips certified through AEC-Q100.

Fourier Semiconductors’ volume production customers include well-known brands such as Samsung, Xiaomi, vivo, moto, and Honor. Leveraging a mature supply-chain system, along with the company’s long-term investments and accumulation in the audio field, Fourier Semiconductors is accelerating the signal chain and expanding toward deeper and broader directions for sensing intelligence chips.

The prospectus shows that Fourier Semiconductors’ revenue in 2022, 2023, and 2024 was RMB 130 million, RMB 150 million, and RMB 355 million, respectively. Gross profit was RMB 9.48 million, -RMB 124k, and RMB 46.56 million, respectively. Gross profit margin was 7.3%, -0.1%, and 13.1%, respectively. Net losses during the year were RMB 65.90 million, RMB 94.13 million, and RMB 56.84 million, respectively.

Fourier Semiconductors’ revenue for the first 10 months of 2025 was RMB 281 million. Gross profit was RMB 56.06 million, with a gross profit margin of 20%. The net loss during the year was RMB 51.78 million, and the net loss ratio for the year was 18.4%.

For the first 10 months of 2025, Fourier Semiconductors’ revenue from adaptive power control audio chips was RMB 145 million, accounting for 51.6%; revenue from portable power amplifier audio chips was RMB 110 million, accounting for 39.3%.

As of October 31, 2025, Fourier Semiconductors’ net asset value was RMB 116 million.

As of October 31, 2025, the cash and cash equivalents held by Fourier Semiconductors were RMB 73.46 million.

Xu Xiaolin controls 32.76% of voting rights

Fourier Semiconductors’ executive directors are Xu Xiaolin, Liu Baoliang, Qian Shun, and Ms. Yu Bingbing; its non-executive directors are Chen Binglin and Lin Enfeng; its independent non-executive directors are Liu Hongcan, Ms. Liu Liping, and Dai Xueguang.

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 Fourier Management (with Xu Xiaolin serving as its general partner), 7.07% beneficially owned by Xiamen Fourier Management (with Xu Xiaolin serving as its general partner), 4.21% beneficially owned by Xiamen Fourier Chuangke (with Xu Xiaolin serving as its general partner); and Liu Baoliang controlling 2.52% of voting rights.

Gan Sheng Investment held 6.41%, Moqin Intelligent held 6.36%, Hechuang Intelligent and Health held 5.78%, Dachen Chuanghong held 4.7%, Ark Investment held 4.6%, Junyi Kaixiang held 3.53%, Beyond Moer held 3.02%, Junsheng Investment held 2.92%;

Liu Changjiang held 2.46%, Zhanxiang Information held 1.98%, Xingtou Preferred held 1.85%, Wenshijian held 1.69%, Weitai Shenghong held 1.68%, Junyi Borui held 1.47%, and Zhengchu Entrepreneurship Investment held 1.36%;

Unionlian Investment held 1.32%, Junqing Investment held 1.3%, Chufeng Investment held 1.22%, Huzhou Zhuosheng held 1.11%, Shunke Investment held 1.05%, Ms. Jiang Yan held 0.95%, Yahexinghua held 0.91%, Shunying Investment held 0.75%, and Junxin Ruizhi held 0.67%;

Jicui Meibai and Longqi Intelligent held 0.6% each, Haisheng Xianting held 0.58%, Fumiao Investment, Xiamen Innovation, Sanming Innovation, and Huide Investment held 0.56% each, Shuinuxinchij, and Furui Chuangxin held 0.38% each, Deng Tianshun held 0.34%, Caizhi Chuangying held 0.22%, Zhiyou Management held 0.18%, and Xinda Puchuang held 0.12%.

After the IPO, Xu Xiaolin’s shareholding was 7.91%, Shanghai Fourier Management’s shareholding was 11.27%, Xiamen Fourier Management’s shareholding was 6.32%, Xiamen Fourier Chuangke’s shareholding was 3.76%, and Liu Baoliang’s shareholding was 2.25%;

Gan Sheng Investment’s shareholding was 5.72%, Moqin Intelligent’s shareholding was 5.68%, Hechuang Intelligent and Health’s shareholding was 5.16%, Dachen Chuanghong’s shareholding was 4.19%, Ark Investment’s shareholding was 4.11%, Junyi Kaixiang’s shareholding was 3.15%, Beyond Moer’s shareholding was 2.7%, and Junsheng Investment’s shareholding was 2.61%;

Liu Changjiang’s shareholding was 2.19%, Zhanxiang Information’s shareholding was 1.77%, Xingtou Preferred’s shareholding was 1.65%, Wenshitian’s shareholding was 1.51%, Weitai Shenghong’s shareholding was 1.5%, Junyi Borui’s shareholding was 1.32%, and Zhengchu Entrepreneurship Investment’s shareholding was 1.21%;

Unionlian Investment’s shareholding was 1.18%, Junqing Investment’s shareholding was 1.16%, Chufeng Investment’s shareholding was 1.09%, Huzhou Zhuosheng’s shareholding was 0.99%, Shunke Investment’s shareholding was 0.94%, Ms. Jiang Yan’s shareholding was 0.85%, Yahexinghua’s shareholding was 0.81%, Shunying Investment’s shareholding was 0.67%, and Junxin Ruizhi’s shareholding was 0.6%;

Jicui Meibai and Longqi Intelligent held 0.54% each, Haisheng Xianting held 0.52%, Fumiao Investment, Xiamen Innovation, Sanming Innovation, and Huide Investment held 0.5% each, Shuinuxinchij and Furui Chuangxin held 0.34% each, Deng Tianshun held 0.3%, Caizhi Chuangying held 0.2%, Zhiyou Management held 0.16%, and Xinda Puchuang held 0.11%.

Endless information and precise interpretation—available on the Sina Finance app