Hong Kong stock "third generation semiconductor" first share.

Innoseco (Suzhou) Technology Co., LTD. (hereinafter referred to as Innoseco) was officially listed in Hong Kong. The listing marks the official entry of Innosecco into the capital market as a leading company in the field of gallium nitride power semiconductors, and becomes the first share of the Hong Kong stock "third-generation semiconductor".

Public information shows that, founded in 2017, Inosech is committed to the development of gallium nitride power semiconductor industry, has the world's largest gallium nitride power semiconductor production base, is the world's first to achieve the mass production of 8-inch silicon-based gallium nitride wafers, and is the world's only company with the full voltage spectrum of silicon substrate gallium nitride semiconductor products.

According to public information, Innosecco issued a total of 453.64 million H shares in the Hong Kong IPO, priced at HK $30.86, raising a total of about HK $1.4 billion, to expand the production capacity of 8-inch gallium nitride wafers, increase research and development investment, and expand the global distribution network of gallium nitride products.

With one of the largest gallium nitride power semiconductor production bases in the world, Innosecco currently maintains a leading position in the shipment of gallium nitride discrete devices. According to the prospectus, as of June 30, 2024, in terms of converted gallium nitride discrete devices, the company has shipped more than 850 million cumulative devices. In terms of revenue, Innosecco's market share in 2023 is 33.7%.

At the bell ringing ceremony, Dr. Luo Weiwei, chairman of Innoseco, said, "Innoseco is the world's largest gallium nitride chip manufacturer. This listing on the Hong Kong Stock Exchange is an important milestone in the development of the company, marking our broader vision and more determined pace to enter the global market. Innosecco believes GaN can change the world and make our planet a greener place to live."

Since 2023, gallium nitride power semiconductors have entered a prosperous period of development, which provides a broad development point for Innosecco. Performance data show that from 2021 to 2023, the company's operating income increased from 68 million yuan to 593 million yuan, with a compound annual growth rate of 194.8%. In the first half of 2024, Innosecco achieved operating income of RMB386 million, an increase of more than 25% year-on-year.

Innosecco opened at HK $31, up 0.5 per cent from its offer price, but has since fallen below that price, giving it a market capitalisation of about HK $27bn. The company's IPO attracted well-known institutions including ST, Jiangsu State-owned Enterprise mixed reform Fund, Suzhou high-end equipment industry special fund as cornerstone investors, a total of 100 million US dollars of shares.

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