Biyiwei, IPO!

On May 26, Biiwin Microelectronics (stock code: "688045"), a full-solution power management chip company, went public on the Shanghai Stock Exchange, officially listing on the STAR Market . A total of 17.2623 million new shares were issued at an offering price of RMB 55.15 per share. The stock opened at RMB 70.00 per share today, with an increase of 26.93% .

Full-solution power management chip supplier

According to public information, Biiwin Micro was founded in 2014. Its main business is the design and sales of power management chips, with products widely used in LED lighting, general-purpose power supplies, home appliances, IoT, and other fields. According to the prospectus, the company currently has over 700 models of power management chips in production and has become a major domestic supplier of full-solution power management chips.

In the past two years, driven by rapid growth in downstream demand for analog chips and continuously increasing recognition of the company's products, the company's revenue and profit have continued to grow. According to disclosures, the company's revenue from 2019 to 2021 was RMB 348 million, RMB 429 million, and RMB 887 million respectively, with a Year-on-year (YoY) growth rate of 106.52% in 2021. The net profit attributable to shareholders of the parent company over the past three years was RMB 21.5966 million, RMB 38.5621 million, and RMB 240 million respectively, with a Year-on-year (YoY) growth rate of 521.61% in 2021.

Additionally, the company preliminarily estimates that from January to June 2022, it will achieve Revenue of approximately RMB 380 million to RMB 500 million, representing a Year-on-year (YoY) change of approximately 0.44% to 32.16%; it is expected to achieve Net profit attributable to shareholders of the parent company of approximately RMB 68.5 million to RMB 97 million, representing a Year-on-year (YoY) change of approximately -26.58% to 3.96%.

Biyiwei's power management chips are categorized into four types by application area: LED lighting driver control chips, general-purpose power management chips, home appliance and IoT power management chips, and motor drive control chips. With years of deep expertise in the power management chip sector, the company's products have gained widespread recognition from industry customers. Particularly in the niche segment of power management for LED lighting, the company has captured the market with its technologically advanced industry-leading position, achieving sales of 2.267 billion units and a domestic market share of 17.17% in 2020. In addition to general light source lighting products, the company continues to invest in developing related products with higher value-added in areas such as medium-to-high-power lighting, smart lighting, home appliances, and IoT power.

Biyiwei stated that the company's development strategy is driven by technological innovation and guided by market demand, focusing on the R&D, sales, and related technical services of analog integrated circuits, committed to providing users with complete products and solutions. In the future, the company will continue to focus on the power management chip sector, closely aligning with the national integrated circuit industry development strategy, enhancing innovation capabilities and market share in the power management chip field, and striving to maintain a leading position in these areas.

It is worth mentioning that Biiwin Micro's total fundraising from this issuance amounted to RMB 952 million, with the net actual proceeds reaching RMB 861 million, achieving a 32.92% oversubscription.

With this fundraising, the company will mainly invest in the development and industrialization of power management series control chips, motor drive control chips, and the construction of R&D centers, promoting the technological upgrade of existing products and the exploration of new application areas, enhancing R&D capabilities and improving the company's core competitiveness.

Taking the development and industrialization project of power management series control chips as an example, Biiwin plans to optimize, upgrade, iterate, and improve its product series based on its existing products in LED lighting, general-purpose power supplies, home appliances, and IoT fields through this project. The total investment of the project is RMB 276.7156 million, with a construction period of 36 months, and it is planned to purchase office space in Nanshan District, Shenzhen for implementation.

This listing on the STAR Market not only raises funds for new project construction and enhances the company's competitiveness, but also boosts brand awareness through the capital market. The oversubscription of nearly 33% fully reflects investors' confidence in the company's long-term growth. As projects are gradually implemented, new products begin to ramp up production, and new fields continue to be explored, the company's development prospects are promising.

The controlling shareholder and actual controller of Biiwin Micro is Xie Pengcun. He delivered a speech at the IPO ceremony: "The company has over 700 products on sale, widely used in LED lighting, adapters, fast charging, industrial power supplies, home appliances, IoT, network terminals, service robots, and other fields. The company follows trends, emphasizes quality, and is customer-centric, focusing deeply on power management chips and motor drive control chips to provide complete and excellent products and services to customers and consumers." Before the IPO, Xie Pengcun also stated that Biiwin Micro's product application areas will gradually expand from consumer electronics and industrial control to communications, computers, and automotive electronics.

The main market players in this field include domestic manufacturers such as BPS, Silan Microelectronics, and Mingwei Microelectronics, as well as foreign manufacturers such as Texas Instruments (TI).