As display driver chips move from backstage to center stage in the era of smart screens, VIEWTRIX TECH (03310) is poised to seize the initiative in the Hong Kong market, aiming to become the first domestic OLED driver chip stock. On May 27, VIEWTRIX TECH officially listed on the Hong Kong Stock Exchange, receiving an enthusiastic welcome from capital. The stock price surged over 80% during the session. By the midday break, the share price had jumped 79.72% to HK$37.4, propelling its market capitalization past HK$15.9 billion.
Beyond the strong first-day performance, the subscription for VIEWTRIX TECH's shares was exceptionally robust. The company offered 52.8592 million H shares globally, with 10% for the Hong Kong public offering and 90% for the international offering. The final offer price was set at HK$20.81 per share, raising approximately HK$1.019 billion net. The Hong Kong public offering was oversubscribed by approximately 3,559.68 times, while the international offering was oversubscribed by 7.05 times, demonstrating strong investor confidence.
As a benchmark enterprise in China focused on OLED display driver chip design, VIEWTRIX TECH primarily targets two key sectors: AMOLED for mobile devices and Micro OLED for the metaverse. Operating under a Fabless (chipless) asset-light model, the company focuses on full-stack in-house R&D. Its product portfolio includes AMOLED display driver chips for smartphones and Micro OLED display backplanes and driver chips for VR/AR metaverse devices. Through technological breakthroughs, market share gains, and deep integration with leading clients, VIEWTRIX TECH has now entered the top tier of global OLED display driver chip designers.
With its official listing on the Hong Kong Stock Exchange, VIEWTRIX TECH is embarking on a new chapter, strategically positioning itself as the "first Chinese mainland OLED display driver chip stock on the Hong Kong market." An analysis of its latest prospectus reveals its investment value as a core industry leader.
**Securing Key Sectors and Building a Moat with Technology** If screens are the windows to the digital world, then driver chips are the keys. VIEWTRIX TECH holds keys to both AMOLED and Micro OLED, unlocking a golden era for display chips.
On one hand, as AMOLED becomes the main battlefield for smartphone displays, the AMOLED market is steadily expanding at a compound annual growth rate exceeding 15%. From 2020 to 2024, global AMOLED display driver chip sales grew from approximately 724 million units to 1.292 billion units, representing a CAGR of 15.6%. Concurrently, the market share of Chinese panel manufacturers continues to rise. In 2024, China's top five panel makers accounted for 51.3% of global AMOLED panel sales, presenting unprecedented market opportunities for domestic AMOLED display driver chip companies.
More critically, the localization rate of display driver chips in mainland China is accelerating rapidly. According to the prospectus, mainland China's share of global display driver chip sales is projected to increase from 45.3% in 2020 to 60.0% by 2029. In the core AMOLED sector, import substitution has only just begun, providing a long-term and solid demand foundation for VIEWTRIX TECH.
On the other hand, driven by the VR/AR industry boom, the Micro OLED market is growing rapidly and becoming one of the fastest-growing segments in the display chip field. Micro OLED uses a single-crystal silicon wafer as the driving backplane, leveraging mature CMOS processes to directly integrate pixel arrays and driving circuits on a silicon substrate, achieving monolithic integration of the display and driver chip. This makes it a core display solution for AR/VR headsets. Data from the prospectus shows that driven by demand for downstream XR devices, global Micro OLED display backplate/driver sales grew significantly from 600,000 units in 2020 to 2.5 million units in 2024, a CAGR of 41.1%. This figure is projected to reach 26.7 million units by 2029, with a CAGR of 60.6%.
Facing this substantial industry potential, VIEWTRIX TECH has proactively pursued a dual-engine strategy of Fabless operations and full-stack in-house R&D. The company has moved beyond simply building a technological moat, extending its advantages into the industrial ecosystem and achieving a deep strategic layout.
The company employs a Fabless business model, concentrating resources on chip design. It completes production and packaging through strategic partnerships with wafer foundries, OSAT companies, and display panel manufacturers. This asset-light, high-barrier structure allows it to benefit from industry growth while avoiding the massive capital requirements of wafer manufacturing.
Technologically, VIEWTRIX TECH possesses industry-leading full-stack in-house display driver technology covering chip design, driver compensation algorithm development, and pixel compensation circuit layout. Its products, such as the Real-RGB high-resolution AMOLED display driver chip and LTPO display driver chip, are industry firsts. Building these technological barriers is supported by significant R&D investment. According to the prospectus, R&D expenses from 2023 to 2025 were RMB 177 million, RMB 242 million, and RMB 266 million, accounting for 24.6%, 27.2%, and 24.1% of revenue, respectively.
With this forward-looking and efficient technological layout, VIEWTRIX TECH has rapidly transitioned from a top player in mainland China to a core global contender. According to a Frost & Sullivan report, based on 2024 sales volume, VIEWTRIX TECH ranks third in the mainland China smartphone AMOLED display driver chip market with a 12.4% share, and is the largest mainland Chinese supplier in this segment. Furthermore, the company is a major supplier in the Micro OLED display backplate/driver field, holding a 40.7% global market share and ranking second worldwide in 2024.
As the localization rate of display driver chips continues to rise, VIEWTRIX TECH, firmly positioned as a leader, is not only a core beneficiary of the import substitution wave but also a key force for Chinese display chip companies breaking through in the global market.
**Dual-Engine Drive and Customer Barriers: Entering a Period of Strategic Harvest** Financially, amidst the wave of import substitution and industrial upgrade for display driver chips, VIEWTRIX TECH is charting a path of high growth and high barriers through its "dual-engine" product matrix and deeply integrated network of leading clients.
Regarding its product matrix, VIEWTRIX TECH has long focused on its core OLED driver business, avoiding blind diversification, resulting in a layered structure with current support and future growth engines.
First, mobile phone AMOLED driver chips are the company's reliable revenue source. In 2025, this segment contributed RMB 800 million in revenue, accounting for 72.6% of total revenue. Based on 2024 sales volume, VIEWTRIX TECH is the third-largest player and the top mainland Chinese supplier in the mainland China smartphone AMOLED display driver chip market. This foundational business continues to solidify its base amid the import substitution wave.
Second, Micro OLED display backplates/drivers represent VIEWTRIX TECH's potentially undervalued second growth curve. The revenue share of this business surged from less than 9% in 2024 to 26.7% in 2025, showing remarkable growth. The company holds an absolute advantage in the Micro OLED sector. As the consumer-grade VR/AR wave, led by products like Apple's Vision Pro, fully emerges, the growth potential for Micro OLED far exceeds current figures.
Building on this, VIEWTRIX TECH has established deep ties with leading clients, creating a high-barrier moat. According to Frost & Sullivan, the company is the first mainland Chinese AMOLED display driver chip design company to pass brand customer certification and the only one to have cumulative sales exceeding 10 million units to downstream brand customers. It has successfully entered the supply chains of all major domestic AMOLED panel manufacturers. Simultaneously, the company has formed stable relationships with leading Micro OLED panel makers, being a primary supplier of Micro OLED display backplates/drivers to them.
Integrating display driver chips into top-tier supply chains requires rigorous certification, and once established, partnerships exhibit strong stickiness. With its robust product capabilities, VIEWTRIX TECH is deeply integrated with global terminal brands, leading domestic panel makers, and mainstream VR/AR manufacturers, resulting in a high-quality and concentrated customer structure. This strategic synergy is likely to yield two positive effects: high order certainty and a safety cushion for sustained volume growth.
Numbers serve as the ultimate test. According to the prospectus, VIEWTRIX TECH's revenue is on a rapid upward trajectory. From 2023 to 2025, revenue grew from RMB 720 million to RMB 1.106 billion, representing a three-year CAGR of approximately 24%, with a year-on-year increase of 24.1% in 2025. As shipment volumes continue to expand, the company's economies of scale are accelerating. Its adjusted net loss narrowed from RMB 217 million in 2023 to RMB 146 million in 2025, indicating that a turning point towards profitability is on the horizon.
From a strategic investment perspective, VIEWTRIX TECH's current losses are not a passive burden but a deliberate choice—trading current profits for future market share and accepting temporary losses for long-term strategic positioning. As revenue continues to grow and losses narrow significantly, the positive cycle of economies of scale has begun.
**Summary** From an investment value standpoint, VIEWTRIX TECH's scarcity is evident: its position as the third-largest player in the mainland China AMOLED display driver chip market, its global second-place share of 40.7% in the Micro OLED sector, its full-stack in-house technology system, and its significant exposure to the high-growth AR/VR market. It is not merely a story of catching up with "import substitution" but one of securing a seat at the global display driver chip table and defining the rules.
Given these powerful scarce attributes, VIEWTRIX TECH's investment value holds considerable promise. While the company is currently in a phase of strategic losses, these losses do not represent a diminution of value but rather a prepayment for growth. As economies of scale continue to materialize and the gates to profitability open, the value reassessment of VIEWTRIX TECH is likely to exceed expectations. Similar growth stories are not uncommon in the semiconductor industry. For instance, Cambricon, after years of focused investment and consecutive losses, reached a profitability inflection point, with its stock price once becoming the highest-priced on the A-share market, serving as a compelling precedent.
Therefore, for investors who understand its strategic logic, the current VIEWTRIX TECH is not an unsolved puzzle but a ticket to the golden age of display chips.