According to the Hong Kong Stock Exchange filing on July 28, Giantec Semiconductor Corporation (688123.SH) has submitted a new listing application to the Main Board of the Hong Kong Stock Exchange, with CICC as its sole sponsor. The company previously filed for a Hong Kong listing on January 26, 2026.

Company Profile

The prospectus shows that Giantec Semiconductor is a high-performance non-volatile memory chip design company operating in a fabless model. It focuses on the design process and outsources wafer manufacturing, packaging, and testing, developing and supplying key non-volatile memory chips, camera motor driver chips, near-field communication (NFC) chips, and integrated solutions for clients.

According to Frost & Sullivan, from 2023 to 2025, Giantec Semiconductor was the world's third-largest EEPROM supplier and the second-largest DDR5 SPD chip supplier by revenue. Its product portfolio now covers a wide range of storage applications, including AI infrastructure, automotive electronics, industrial control, and consumer electronics. The company has developed a product line centered on non-volatile memory chips, camera motor driver chips, and NFC chips, which are widely used by downstream end customers, including global memory module giants, leading automotive companies in China and abroad, and major smartphone manufacturers.

In 2025, Giantec Semiconductor held over 40% of the global DDR5 SPD chip market by revenue and a 14.8% share of the global EEPROM market by revenue. During the track record period, the company served a broad customer base, many of which are global leaders in memory modules, automotive electronics, industrial control, and consumer electronics. For the years 2023, 2024, 2025, and the three months ended March 31, 2026, the top five customers accounted for 57.7%, 57.5%, 55.5%, and 43.6% of total revenue, respectively.

On the supply side, the company's suppliers mainly include third-party wafer foundries and outsourced semiconductor assembly and test (OSAT) companies. Currently, Giantec Semiconductor engages four wafer foundries and 33 OSAT companies. The company has a high degree of reliance on its suppliers. During each period of the track record, purchases from the top five suppliers accounted for 90.1%, 91.3%, 85.0%, and 81.9% of total purchases in 2023, 2024, 2025, and the three months ended March 31, 2026, respectively.

Financial Data

Revenue: For the years 2023, 2024, 2025, and the three months ended March 31, 2026, the company achieved revenue of approximately RMB 703 million, RMB 1.028 billion, RMB 1.221 billion, and RMB 280 million, respectively.

Profit: For the years 2023, 2024, 2025, and the three months ended March 31, 2026, the company's profit for the year/period was approximately RMB 82.695 million, RMB 276 million, RMB 356 million, and RMB 32.53 million, respectively.

Gross Margin: For the years 2023, 2024, 2025, and the three months ended March 31, 2026, the company's gross margin was 46.6%, 54.8%, 57.3%, and 48.9%, respectively.

Industry Overview

Non-volatile memory chips are semiconductor memories that can retain stored data even after power is removed. By product type, they mainly include EEPROM and NOR Flash. By application scenario, they are primarily used in storage module companion chips, automotive electronics, and consumer electronics. The global non-volatile memory chip market size decreased from USD 65.5 billion in 2022 to USD 40 billion in 2023, then rapidly recovered to USD 92.9 billion in 2025, with a compound annual growth rate (CAGR) of 6.6% from 2021 to 2025. Driven by explosive growth in downstream markets such as AI servers, AI PCs, automotive electronics, and consumer electronics, the global market size for non-volatile memory chips is expected to reach USD 135.9 billion by 2030.

EEPROM and NOR Flash are core non-volatile memory chip categories. The EEPROM chip market size grew from USD 785 million in 2021 to USD 897 million in 2025, a CAGR of 3.4%. The NOR Flash chip market size grew from USD 2.782 billion in 2021 to USD 3.259 billion in 2025, a CAGR of 4.0%. With the stable growth of the overall non-volatile memory chip market, the EEPROM and NOR Flash chip market sizes are expected to grow to USD 1.629 billion and USD 4.767 billion, respectively, by 2030.

Benefiting from the explosive growth of new energy vehicles, the automotive electronics EEPROM market size grew rapidly from USD 367 million in 2021 to USD 457 million in 2025, a CAGR of 5.6%. With the recovery and upgrade of downstream application demand, the consumer electronics EEPROM and automotive electronics EEPROM market sizes are expected to grow to USD 135 million and USD 744 million, respectively, by 2030.

In 2025, within the overall Chinese non-volatile memory chip market, EEPROM and NOR Flash accounted for 1.1% and 3.2% of the market by revenue, respectively. In specific application areas, in 2025, by revenue, the automotive electronics and consumer electronics segments held respective market shares of 69.1% and 11.9% in the Chinese EEPROM market, and 45.4% and 39.7% in the NOR Flash market.

The global EEPROM market is highly concentrated. By 2025 revenue, Giantec Semiconductor was the world's third-largest EEPROM supplier and the largest Chinese EEPROM supplier. In the consumer electronics segment, the company was ranked first globally with a 40.4% share in the consumer electronics camera module EEPROM market and a 20.0% share in the consumer electronics LCD panel EEPROM market. Additionally, in the global automotive electronics EEPROM segment, Giantec Semiconductor was the world's third-largest automotive EEPROM supplier and the largest Chinese automotive EEPROM supplier.

Board of Directors

The company's board will consist of seven directors, including three executive directors and four independent non-executive directors. Directors serve a term of three years and are eligible for re-election upon expiration of their term. According to relevant Chinese laws and regulations, independent non-executive directors cannot serve more than two consecutive terms.

Shareholding Structure

Mr. Chen Zuotao is the company's chairman and executive director. Mr. Chen Zuotao, Mr. Chen Zuoning (Mr. Chen Zuotao's brother), Tianhao Technology, and Tianhao Investment constitute the company's single largest shareholder group, holding approximately 21.03% of the company's issued share capital. Mr. Chen Zuotao indirectly holds interests in 33,414,920 A shares of the company through Tianhao Technology, which directly owns 33,414,920 A shares. Tianhao Investment controls Tianhao Technology and holds approximately 99.99% of Tianhao Technology's equity. Mr. Chen Zuoning (Mr. Chen Zuotao's brother) owns the remaining 0.01% of Tianhao Technology. Mr. Chen Zuotao and Mr. Chen Zuoning hold 99.9% and 0.1% of Tianhao Investment, respectively.

Intermediary Team

Sole Sponsor: China International Capital Corporation Hong Kong Securities Limited

Company's Legal Counsel: For Hong Kong and US law: Jones Day; For international sanctions law: DLA Piper Singapore Pte. Ltd.; For PRC law: Global Law Office

Sole Sponsor's Legal Counsel: For Hong Kong law: King & Wood Mallesons; For PRC law: King & Wood Mallesons

Independent Auditor and Reporting Accountant: Ernst & Young

Industry Consultant: Frost & Sullivan (Beijing) Inc., Shanghai Branch