Naxin Microelectronics (688052.SH) Makes Second Bid for Main Board Listing, Aims to Rank Among China

ZC Asia has learnt that, according to information disclosed by the Hong Kong Stock Exchange on 27 October, Suzhou Naxin Microelectronics Co., Ltd. (abbreviated as Naxin Microelectronics (688052.SH)) has resubmitted its listing application to the Main Board of the Hong Kong Stock Exchange. China International Capital Corporation Limited, CITIC Securities Co., Ltd. and CCB International Limited are acting as joint sponsors. This marks the company's renewed attempt following its initial filing in April 2025.

As a leading Chinese analogue chip enterprise, Naxin Micro adopts a fabless business model, concentrating on chip R&D and design while outsourcing wafer fabrication and packaging/testing to third-party partners. The company's product portfolio focuses on three key application areas: automotive electronics, energy solutions, and consumer electronics. It is committed to providing customers with high-performance, highly reliable chip products and solutions.

In terms of its product portfolio, the company has established three core categories: sensor products, signal chain chips, and power management chips. This forms a complete technological chain spanning perception, signal processing, system power supply, and power drive, playing a pivotal role in enabling connectivity between the physical and digital worlds.

According to Frost & Sullivan research, based on 2024 analogue chip revenue, Naxin Micro ranks 14th globally among analogue chip companies and fifth among Chinese analogue chip manufacturers, holding a 0.9% market share.

The company highlights five core strengths in its prospectus: firstly, its leading position within China's analogue chip sector, having established a comprehensive product portfolio centred on key downstream applications; secondly, its advantageous standing in automotive chips, having successfully overcome the industry's high entry barriers; thirdly, exceptional product performance underpinned by deep technical expertise; fourthly, a rigorous quality control system ensuring product reliability; Finally, it relies on a forward-thinking management team and a highly skilled workforce.

Financial data indicates that between 2022 and 2024, the company's revenue stood at RMB 1.67 billion, RMB 1.311 billion, and RMB 1.96 billion respectively. In 2024 and the first half of 2025, revenue reached RMB 849 million and RMB 1.524 billion respectively. Comprehensive income fluctuated during the same period, recording CNY 250 million, CNY -305 million, and CNY -404 million from 2022 to 2024, respectively. For 2024 and the first half of 2025, these figures stood at CNY -266 million and CNY -75.586 million.

As the global semiconductor industry landscape continues to evolve and China's leading position in the new energy vehicle sector expands, whether Naxin Micro's Hong Kong listing can leverage capital market forces to achieve new breakthroughs warrants ongoing market attention.

Disclaimer: The content herein is for reference only and does not constitute any form of investment advice. Should any information contained herein prove inaccurate, incomplete, or potentially misleading, please refer to the company's official announcements. Market risks exist; investment requires caution.