Sharing IPO Progress of LED-Related Companies

Recently, the IPO of Beijing Chipone Technology Co., Ltd. (hereinafter referred to as "Chipone"), a leading domestic display chip manufacturer, has been accepted by the Shanghai Stock Exchange. The company plans to list on the STAR Market . Huatai Securities serves as the lead underwriter, and China International Capital Corporation serves as the joint lead underwriter.

Chipone is an internationally leading display chip design company, focusing on the R&D, design, and sales of display chips, covering mainstream display technologies such as LCD, LED, and OLED. Its main products include panel display driver chips, power management chips, LED display driver chips, and control chips, widely used in smartphones, televisions, laptops, tablets, monitors, wearable devices, and various indoor and outdoor LED displays.

Benefiting from the increase in global display panel shipments, the market size of panel display driver chips has also rapidly expanded. ChipON, which has been deeply engaged in this field for many years, has also gained substantial benefits.

In terms of financial data, from 2019 to 2021, Chipone's Revenue was RMB 1.447 billion, RMB 2.380 billion, and RMB 5.674 billion respectively, with a compound annual growth rate of 98.00%. Among them, the Year-on-year (YoY) increase in 2021 exceeded 138.40%. In 2019, the net loss attributable to shareholders of the parent company was RMB 154 million. In 2020, it turned losses into profits, with a Net profit of RMB 53 million. The Net profit in 2021 increased by 1649% compared to 2020, reaching RMB 932 million.

To date, Chipone has ranked first among global or mainland Chinese manufacturers in multiple细分 segments of display chips. In the panel display driver chip segment, according to Omdia's 2021 statistics, Chipone ranked first among mainland Chinese manufacturers in market share for global smartphone LCD display driver chips and smartphone LCD TDDI chips, and second among mainland Chinese manufacturers in market share for global large-size LCD panel display driver chips. In the power management chip segment, according to Cinno Research's 2021 statistics, Chipone ranked first among global manufacturers in market share for display panel power management chips in mainland China. In the LED display driver chip segment, according to TrendForce statistics, Chipone consistently ranked first among global manufacturers in market share for global LED display driver chips from 2019 to 2021.

招股书显示，集创北方此次IPO拟募资60.1亿元，将主要用于显示触控集成芯片研发及产业化项目、显示及多媒体处理芯片研发及产业化项目、OLED显示驱动芯片研发及产业化项目、小间距LED显示驱动芯片研发及产业化项目、大尺寸LCD 显示驱动芯片研发及产业化项目、电源管理芯片研发及产业化项目、硅基OLED 显示驱动芯片研发及产业化项目以及集成电路测试中心建设项目。

Among them, the "R&D and Industrialization Project for Small-Pitch LED Display Driver ICs" plans to carry out R&D and industrialization of small-pitch LED display driver ICs, including Micro LED display driver ICs, Mini LED local dimming driver ICs, and Micro LED display control ICs. These ICs are mainly applied in terminals such as HDR LCD TVs, monitors, and laptops.

It is worth mentioning that after completing a CNY 6.5 billion Series E financing round in December 2021, Chipone's post-money valuation reached CNY 31.445 billion.

Recently, the China Securities Regulatory Commission disclosed the filing report for the initial public offering (IPO) and listing tutoring of Nanchang Kaixun Optoelectronics Co., Ltd. (hereinafter referred to as: Kaixun Optoelectronics). The report shows that CITIC Securities signed a listing tutoring agreement with Kaixun Optoelectronics on June 28 and will serve as the tutoring institution for Kaixun Optoelectronics' initial public offering and listing.

Kaixun Optoelectronics was established in 2015 in the Jiangxi Airport Economic Zone. As a key high-tech enterprise introduced by Nanchang, it focuses on the R&D, production, and sales of quaternary LED epitaxial wafers, chips, and high-efficiency gallium arsenide solar cell epitaxial wafers.

The official website shows that the Kaixun Optoelectronics Industrial Park covers an area of 130 mu, with a total project investment estimated at 800 million yuan. The goal is to build it into the largest gallium arsenide battery and quaternary LED production base in the country within 5 to 8 years.

In early 2020, Kaixun Optoelectronics established its wholly-owned subsidiary, Nanchang Kaijie Semiconductor. Kaijie Semiconductor's main products include reverse-polarity red LED epitaxial wafers and chips, red Mini LED epitaxial wafers and chips, infrared LED epitaxial wafers and chips, VCSEL epitaxial wafers and chips, among other series. It currently has one MOCVD equipment unit. In 2021, Kaijie Semiconductor achieved sales exceeding 15 million yuan.

It is worth noting that Kaixun Optoelectronics was once a participating company of Changelight. Changelight invested in Kaixun Optoelectronics in 2017, and later transferred its 24.6525% equity stake in Kaixun Optoelectronics to Jiyuan Zhongjun Materials Co., Ltd. in November 2019, for a transfer price of approximately RMB 111 million.

Subsequently, Kaixun Optoelectronics completed its Series A and Series A+ financing rounds in June and December 2021, respectively. Currently, Kaixun Optoelectronics has embarked on its IPO journey. If it successfully goes public in the future, its capital and business scale will grow significantly, accelerating the realization of its goal to build the nation's largest quaternary LED production base.

Source: IPO Zaozhidao, LEDinside, etc., compiled