SG Micro Corp's (03661) initial public offering has concluded following its subscription period from June 17 to June 23, 2026.

Market data indicates the IPO attracted a substantial margin financing total of HK$51.8 billion.

Against a public offering fundraising target of HK$460 million, this represents an oversubscription rate of approximately 111.6 times.

The company planned a global offering of 54,001,200 H shares, with 10% allocated to the Hong Kong public offering and 90% for international placement, both subject to reallocation, and included a 15% over-allotment option.

The maximum offer price was set at HK$85.20 per share, with a board lot of 100 shares, resulting in an entry cost of around HK$8,605.92 per lot.

The offering could raise up to approximately HK$4.6 billion.

SG Micro Corp is expected to commence trading on Friday, June 26, with China International Capital Corporation and Huatai International acting as joint sponsors.

The company secured cornerstone investment agreements with a group of institutional investors, including GIC Private Limited, JPMAMAPL, CPE Ginkgo, and Da Cheng International.

Other cornerstone investors include Dajia Life Insurance, DAMSIMF, First Sentier Investors, GF Fund Management, GF Fund Management (Hong Kong), and Golden Continent.

The list continues with Harvest International Asset Management, HHLRA, HHLRA, Huadeng Technology, Singapore Huaqin, Sungrow Power, ICBC Wealth Management, iSoftStone HK, LMR Master Fund, and Millennium Capital.

Further participants are Ninety One Asia, Ocean Fine Industrial, China Post Wealth Management, Taikang Life, Value Partners Hong Kong Limited, and Value Partners Limited.

These cornerstone investors have collectively agreed to subscribe to $293 million, equivalent to roughly HK$22.955 billion, of the offered shares.

Company Overview and Market Position

According to its prospectus, SG Micro Corp is a leading Chinese analog integrated circuit company.

The firm designs, develops, and sells analog ICs and sensors that perform sensing, amplification, conversion, and driving functions, serving as fundamental building blocks for electronic systems.

Frost & Sullivan data ranks the company first among domestic firms in China's analog IC market by 2025 revenue and eighth globally, holding a 1.8% market share.

As of the latest practicable date, SG Micro Corp boasts a portfolio of over 6,800 analog IC and sensor products across 38 categories, leveraging its design and process capabilities to provide system-level solutions that accelerate product time-to-market.

Its products are core components in end markets like industrial, networking, and consumer electronics, and are increasingly used in electric vehicles, data centers, robotics, renewable energy, and next-generation consumer devices.

Product Technology and Applications

The company's signal chain ICs help electronic devices interpret the physical world by receiving and conditioning signals from sensors for data processing.

These ICs capture, condition, and amplify real-world signals, converting them into high-precision digital signals while maintaining signal integrity from acquisition to output, which is critical for applications requiring precision measurement, low noise, and minimal error.

Its power management ICs control energy delivery within electronic devices, determining power allocation, converting electricity to required voltage levels, and safely distributing it throughout a system while protecting against surges or abnormal power flow.

By ensuring stable power supply and precise regulation, these products contribute to system reliability and efficient energy use.

Financial Performance and Use of Proceeds

For the fiscal years 2023, 2024, and 2025, SG Micro Corp reported revenues of approximately RMB 2.616 billion, RMB 3.347 billion, and RMB 3.898 billion, respectively, achieving a compound annual growth rate of 22.1% from 2023 to 2025.

Annual profits for the same periods were approximately RMB 270 million, RMB 491 million, and RMB 534 million.

The company intends to allocate roughly 60% of the net proceeds to enhance R&D capabilities and expand its product portfolio over the next five years.

About 26.0% is earmarked for strategic investments or acquisitions aimed at integrating industry resources.

An estimated 6% will be used to expand its overseas sales network over the next five years, particularly strengthening sales and marketing capabilities in Europe, Japan, South Korea, and Singapore.

The remaining 8.0% is allocated for working capital and general corporate purposes.