As the global display industry enters the "post-LCD era," technological diversification and deep restructuring of production capacity have intensified the race between capital and innovation.
At this critical juncture, HKC Corporation (hereinafter referred to as "HKC") made two major moves in the fall of 2025. On October 9, its Mianyang LED direct-display factory commenced operations, marking a key step in the company's industrialization of cutting-edge display technologies like MicroLED. On December 22, the company responded to an exchange inquiry and updated its IPO materials for the Shenzhen main board, solidifying its progress toward capital markets.
Established in 2001, HKC is a leading technology company specializing in semiconductor displays, with businesses spanning R&D, manufacturing, and sales of display panels and smart terminals. Its product portfolio includes multi-size TV and IT panels, as well as various smart display devices, widely used in consumer electronics, commercial displays, automotive electronics, industrial control, and IoT.
After over two decades of development, HKC has become one of the world's top three suppliers of large-size LCD panels and one of China's most vertically integrated display industry players.
According to Sigmaintell research data, in 2024, HKC ranked third globally in TV panel shipment area, fourth in monitor panels, and third in smartphone panels. Notably, it led the 85-inch LCD TV panel market in shipment area, demonstrating its dominance in large-size high-end displays.
As an industry leader, HKC completed its IPO guidance in early June and submitted its main board IPO application to the Shenzhen Stock Exchange on June 30.
On July 3, the company was selected for on-site inspection in the second batch of IPO candidates by the Securities Association of China.
Facing this critical IPO milestone, HKC advanced steadily with robust internal controls and standardized operations. After updating its IPO materials on November 28, it disclosed inquiry responses and an updated prospectus on December 22, signaling steady progress in its capital market journey.
Alongside its IPO efforts, HKC achieved breakthroughs in next-gen display technologies. The October 9 launch of its Mianyang LED direct-display factory marked a pivotal step in MicroLED industrialization.
Dubbed the "ultimate display," MicroLED still faces global challenges in yield rates, costs, and supply chain readiness. HKC's Mianyang factory, equipped with smart manufacturing and automated production lines, improved efficiency by over 30%, achieving industry-leading yield and consistency.
With rapid global growth in MicroLED and direct-display applications, HKC plans to expand capacity from 2025 to 2026, enhancing delivery capabilities and order responsiveness to solidify its high-end display advantage.
This marks HKC's strategic shift from a top-tier manufacturer to a "global semiconductor display ecosystem builder."
Financial performance remains a key IPO focus. HKC's revenue surged from CNY 26.97 billion in 2022 to CNY 35.82 billion in 2023 and CNY 40.28 billion in 2024. In H1 2025, revenue reached CNY 18.99 billion, reflecting sustained scale effects.
Profitability showed even more dramatic improvement. After a CNY 1.42 billion net loss in 2022 due to industry cyclicality, net profit rebounded to CNY 2.58 billion in 2023 and CNY 3.32 billion in 2024, with H1 2025 hitting CNY 2.16 billion—a "V-shaped" recovery underscoring its resilience.
Innovation drives this growth. HKC holds core technologies in panel performance, process upgrades, and next-gen displays.
In TV panels, its exclusive MMG multi-size cutting technology, including 116-inch panels on Gen 8.6 lines, boosts material efficiency and large-size flexibility. In April 2025, it launched the world's first 116-inch Mini LED giant screen, reinforcing its high-end leadership.
In OLED, its first product passed verification and secured mass orders, using oxide backplane tech to meet industry benchmarks, transitioning from R&D to commercialization.
Leveraging technology, HKC expands its product lineup, capitalizing on large-size scale advantages with a "size + performance" dual-drive strategy to serve global brands and boost earnings.
Annual capacity exceeds 7 million large panels and 20 million smart terminals. New facilities in Zhengzhou, Guizhou, and Liuyang (Mini-LED) further support growth.
Strong profitability also stems from operational excellence. Vertical integration ensures cost control, supply chain security, and tech agility. Smart manufacturing—like AI inspection in Chuzhou and embodied robotics via subsidiary partnerships—enhances yield and cuts costs through integrated systems like MES and SAP.
Industry projections suggest China's next-gen display market will exceed CNY 1.2 trillion by 2030, with an 8% CAGR, indicating ample growth potential.
Competition is shifting from capacity/price battles to tech-driven quality upgrades. High-end tech like OLED and Micro OLED is proliferating, while AI integration is transforming panels into "smart screens" with adaptive capabilities, making "AI + displays" a new growth frontier.
HKC's multi-tech strategy—spanning mainstream a-Si TFT-LCD, Gen 8.6 oxide breakthroughs, OLED R&D, and Mini LED industrialization—positions it to meet diverse market needs.
Supply-side consolidation favors leading players like HKC, enabling rational capacity planning, demand-based production, and pricing stability.
Its IPO, targeting CNY 8.5 billion for OLED and Mini LED projects in Changsha and Mianyang, will fuel next-gen tech capabilities.
With full industry chain integration and partnerships with Samsung, LG, Xiaomi, and Hisense, HKC aims higher. Embracing "5G + AI + IoT," it targets smart education, office, transport, security, and healthcare, advancing its vision of "enriching visual experiences" toward an "everything displays" future.
(Details subject to company announcements.)