Jinghe Integrated is sprinting for Hong Kong stocks: annual revenue of 10.4 billion yuan, net profit down 3% year-on-year. Hua Qin Technology spent 2.4 billion yuan last year to buy old shares.

Source: Lei Di

Lei Di Network Lei Jianping April 7

Hefei Jingyuan Integrated Circuit Co., Ltd. (referred to as “Jingyuan Integration”) recently updated its prospectus, preparing for listing on the Hong Kong Stock Exchange.

Jingyuan Integration was listed on the STAR Market in May 2023 and is the first pure wafer foundry company in Anhui Province to successfully enter the capital market.

As of today’s close, Jingyuan Integration’s stock price is 28.31 yuan, with a market value of 56.8 billion yuan. Once listed in Hong Kong, Jingyuan Integration will form an “A+H” dual listing pattern.

Annual revenue of 10.4 billion yuan, net profit down 3% year-on-year

Jingyuan Integration was established in May 2015, jointly built by Hefei Construction Investment Holding (Group) Co., Ltd. and Lijing Innovation Investment Holding Co., Ltd.

The company mainly engages in 12-inch wafer foundry business, focusing on research and development of advanced industry processes, providing customers with different process platforms and multiple process nodes for wafer manufacturing.

In terms of wafer process nodes, Jingyuan Integration has achieved mass production of 150nm to 40nm process platforms, with 28nm OLED products under continuous validation, and the 28nm logic process platform has been completed.

In terms of process platform applications, the company currently has technical capabilities for wafer foundry in DDIC, CIS, PMIC, Logic, MCU, and other process platforms. Its products are mainly used in consumer electronics, automotive electronics, industrial control, artificial intelligence, Internet of Things, and storage fields.

The prospectus shows that Jingyuan Integration’s revenue for 2023, 2024, and 2025 will be 7.18B, 9.12 billion, and 10.39B yuan respectively; gross profit will be 1.46B, 2.3 billion, and 2.36B yuan; gross profit margins will be 20.3%, 25.2%, and 22.7%, respectively.

Jingyuan Integration’s profit for 2023, 2024, and 2025 will be 119 million, 482 million, and 466 million yuan; the annual profit margins will be 1.7%, 5.3%, and 4.5%.

In 2025, Jingyuan Integration’s net profit is expected to decrease by 3.3% year-on-year; the profit margin will decrease by 0.8 percentage points year-on-year.

As of December 31, 2025, Jingyuan Integration held cash and cash equivalents of 2.28B yuan.

Huaqin Technology invests 2.4 billion yuan to become the fourth largest shareholder

The executive directors of Jingyuan Integration are Cai Guozhi and Zhu Caiwei; non-executive directors are Lu Qinhang, Ms. Chen Xiaobei, Guo Zhaozhi, and Qiu Wensheng; independent non-executive directors are Professors An Guangshi, Lin Zhiteng, and Chen Ting.

As of December 31, 2025, Hefei Construction Investment Holding (Group) Co., Ltd. held 23.34% of the shares, Hefei Core Screen Industry Investment Fund (Limited Partnership) held 16.37%, Lijing Innovation Investment Holding Co., Ltd. held 13.07%, and Huaqin Technology Co., Ltd. held 6%.

Shareholding in the China Merchants Bank-Huaxia SSE Science and Technology Innovation Board 50 ETF was 1.95%, and the ICBC-Yi Fangda SSE Science and Technology Innovation Board 50 ETF was 1.82%.

As of December 31, 2025, Jingyuan Integration’s shareholding structure

Central Clearing and Settlement Co., Ltd. in Hong Kong holds 1.25%, CITIC Securities-CSI SSE Science and Technology Innovation Board Chips ETF holds 1.13%, Shenzhen Nanshan Small and Medium Enterprise Development Fund (Limited Partnership) holds 0.66%, and Yin Hua Fund-China Life Insurance Co., Ltd.-Dividend Insurance-Yin Hua Fund Guoshou Shares Growth Stock Portfolio (Available for Sale) holds 0.65%.

Hefei Core Screen and Hefei Construction Investment are acting concertedly.

As of June 30, 2025, Lijing Innovation Investment Holding Co., Ltd. held 19.08%, Midea Innovation Investment Co., Ltd. held 2.44%;

The China Merchants Bank-Huaxia SSE Science and Technology Innovation Board 50 ETF held 2.21%, and ICBC-Yi Fangda SSE Science and Technology Innovation Board 50 ETF held 1.66%.

As of June 30, 2025, Jingyuan Integration’s shareholding structure

Beijing Jichuang North Technology Co., Ltd. held 1.32%, Anhui Chuanggu Equity Investment Fund Management Co., Ltd.-Hefei Zhong’an Zhixin Equity Investment Partnership (Limited Partnership) held 0.97%, CITIC Securities-CSI SSE Science and Technology Innovation Board Chips ETF held 0.95%, and Central Clearing and Settlement Co., Ltd. in Hong Kong held 0.91%.

Compared to previous data, Midea Innovation has exited the shareholder list, and Huaqin Technology has become the fourth largest shareholder.

The reason is that on August 29, 2025, Jingyuan Integration announced that on July 29, 2025, it signed a “Share Transfer Agreement” with Huaqin Technology, whereby Lijing Venture Capital transferred its 120,368,109 shares (6.00% of the total share capital) at 19.88 yuan per share to Huaqin Technology.

Based on this, Huaqin Technology invested a total of 2.39B yuan to acquire shares, becoming the third largest shareholder.