On September 29, 2025, Rayson HI-TECH (SZ) Co., Ltd. ("Rayson HI-TECH"), a company based in Futian District, Shenzhen, Guangdong Province, submitted its prospectus to the Hong Kong Stock Exchange for a planned listing on the Hong Kong Main Board.

**Core Business**

Established in 2016, Rayson HI-TECH operates as a leading independent global manufacturer of embedded storage products, specializing in the research, development, design, production and sales of embedded storage products and other storage solutions. The company's embedded storage product portfolio includes DRAM-based products (DDR, LPDDR), NAND Flash-based products (eMMC, UFS), and multi-chip package (MCP) embedded storage products (eMCP, uMCP, ePOP). Other products primarily consist of solid-state drives and memory modules. Beyond product sales, the company provides testing and storage technology services to select customers as complementary storage solutions.

According to Frost & Sullivan reports, based on 2024 shipment volumes, Rayson HI-TECH ranks second among all independent manufacturers in the global embedded storage market with a 1.6% market share. The company holds the top position among all independent memory manufacturers in the global LPDDR market with a 2.6% market share, and ranks second among all independent memory manufacturers in the global memory market equipped with proprietary embedded controller chips.

The company's products serve diverse end-market applications across consumer electronics, including smartphones, laptops, tablets, educational electronics, smart homes, wearable devices, intelligent robots, as well as industrial applications and smart cockpit systems, providing high-performance, high-reliability and high-durability data access capabilities for these terminals.

**Shareholder Structure**

According to the prospectus, prior to the Hong Kong listing, Rayson HI-TECH's shareholder structure shows Mr. Wen Jianwei as the controlling shareholder, collectively controlling approximately 54.97% of the shares.

Other shareholders include Allwinner Technology (300458.SZ), Shanghai Linxin Investment, Hefei Jianto Capital, Fortune Venture Capital, Qinghe Private Equity, and Shenzhen Qianhai Huaqiang Financial Holdings.

**Board and Management**

Rayson HI-TECH's board consists of 9 directors, including:

**4 Executive Directors:** - Mr. Wen Jianwei (Chairman of the Board, General Manager) - Mr. Gong Hui (Deputy General Manager) - Mr. Cheng Yiyimin (Deputy General Manager) - Mr. Lai Nai (Deputy General Manager)

**1 Non-Executive Director:** - Mr. Wang Zanzhang (Fortune Venture Capital Business Partner, Fortune Entity Director Representative)

**4 Independent Non-Executive Directors:** - Mr. Xie Chunhua (Former SF Express Executive, Executive Director and General Manager of Ruiyu Investment Consulting) - Ms. Wu Bihong (Senior Partner at King & Wood Mallesons) - Ms. Han Yan (Professor at School of Integrated Circuits, Zhejiang University) - Mr. Yuan Chenjie (Partner at Sirius Future Capital Private Equity Investment)

The supervisory board comprises 3 supervisors: - Mr. Cui Cheng (Chairman of Supervisory Board, Director of Application R&D Department) - Ms. Liao Yating (Procurement Manager) - Mr. Xie Denghuang (Hardware Development Engineer)

Additional senior management beyond executive directors includes: - Mr. Li Jiaxi (Chief Financial Officer, Board Secretary) - Mr. Li Zhenqing (Deputy General Manager)

**Financial Performance**

The prospectus reveals that for the years 2022, 2023, 2024, and the first six months of 2025, Rayson HI-TECH achieved revenues of RMB 2.096 billion, RMB 2.402 billion, RMB 3.714 billion, and RMB 2.060 billion respectively, with corresponding net profits of RMB 44 million, RMB 37 million, RMB 89 million, and RMB 115 million respectively.

**Advisory Team**

The key intermediaries for Rayson HI-TECH's IPO include: - China Merchants Securities International and Guotai Junan International as exclusive sponsors - KPMG as auditor - Jingtian & Gongcheng as PRC legal counsel - Maples and Calder as Hong Kong legal counsel - Jun Ze Jun as sponsor's PRC legal counsel - Zhong Lun Law Firm (Hong Kong) as sponsor's Hong Kong legal counsel - Altus Capital as compliance advisor - Frost & Sullivan as industry consultant