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

(Source: LeiDi Intelligent Driving)

LeiDi Net Lei Jianping March 28

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

StarCheng Technology listed on the Shenzhen Stock Exchange in March 2024, with an issue price of 16.16 yuan and raised 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.

StarCheng Technology will distribute cash dividends to all shareholders of 3 yuan for every 10 shares (including tax), with no bonus shares and no capital reserve to increase share capital. The company expects to distribute cash dividends of 126 million yuan (including tax).

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

Annual revenue 2.97 billion

StarCheng Technology is a fabless design house and supplier of a visual AI SoC. Its main business is the design, R&D, and sales of AI SoC chips on the edge side.

Around the core concepts of “visual + AI” and “perception + computing,” the downstream applications of its SoC chips cover various smart perception terminal devices, mainly including intelligent security, smart IoT, and smart automotive.

StarCheng 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.

StarCheng Technology’s 2025 smart security revenue was 1.934 billion yuan, accounting for 65.1%; its smart IoT revenue was 658 million yuan, accounting for 22.2%; its smart 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, StarCheng Technology’s cash and cash equivalents were 280 million yuan.

Spending 200 million to acquire FuRuiKun

At the end of August 2025, StarCheng Technology announced that it plans to acquire 53.3087% of the equity of Shanghai FuRuiKun Microelectronics Co., Ltd. (abbreviated as “FuRuiKun”) by cash. The transaction consideration is 214 million yuan.

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

After completion of this transaction, both parties will jointly cooperate to complete the R&D of AIOT smart IoT chips.

After the acquisition is completed, Li Chuanli will still hold 19.4919% of FuRuiKun’s equity, Ji DeDong will hold 3.0513%, Jiaxing Fuliu Enterprise Management Partnership (Limited Partnership) will hold 17.8588%, Shanghai FuRuiKun 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 FuRuiKun’s revenue in 2024 was 99.75 million yuan, net loss was 6.66 million yuan, and 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

StarCheng Technology’s executive directors are Lin Yongyu, Chen Lijing, and Xiao Peijun; its non-executive directors are Ms. Chen Xuanni and Ms. Zhou Ai; and its independent non-executive directors are Wang Xiaojian, Yi Ruofeng, and Zhao Ruiquan, 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 Industrial Equity Investment Fund Partnership (Limited Partnership) holds 4.2%;

As of December 31, 2025, StarCheng Technology’s shareholding structure

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

SigmaStar Technology Inc.’s indirect right holders are MediaTek; MediaTek indirectly holds 17.92% of the property share in Kunqiao (Shenzhen) Semiconductor Technology Industrial Equity Investment Fund Partnership (Limited Partnership);

Elite Star Holdings Limited holds 99.90% of the property share of the limited partner Xiamen JianChen Investment Partnership (Limited Partnership) in Xiamen XinChen Investment Partnership (Limited Partnership); Xiamen XinChen Investment Partnership (Limited Partnership), Xiamen YaоChen Investment Partnership (Limited Partnership), and Xiamen HanChen Investment Partnership (Limited Partnership) are parties acting in concert;

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