Renowned Micro-OLED enterprise officially lists on the Hong Kong Stock Exchange!

On May 27, Yunyinggu Technology Co., Ltd. (abbreviated as "Yunyinggu Technology", stock code: 3310.HK) was officially listed on the Main Board of the Hong Kong Stock Exchange, marking the arrival of the "first mainland OLED display driver chip stock" in the Hong Kong stock market.

(Image source: Internet)

On its first day of listing, Yunyinggu Technology's stock performance was strong, with an opening price of HK$25.48, a 22.44% increase from the issue price (HK$20.81). As of press time, the highest price reached HK$38.60, an increase of 85.49%, achieving a "strong start" on the first day of listing, fully demonstrating the capital market's high recognition of the company's core value and growth potential.

Yunyinggu Technology was established in 2012, founded by Gu Jing, with its headquarters located in Nanshan District, Shenzhen, Guangdong. Since its establishment, Yunyinggu has completed more than ten rounds of financing. Its investors include well-known enterprises in the technology and display sectors such as Huawei Hubble, Xiaomi Group, Qualcomm, BOE, and Visionox. The company has also attracted support from institutions such as Sequoia Capital, CITIC Capital, Qiming Venture Partners, and CDB Innovation & Technology.

Yunyinggu operates under a Fabless model and is a semiconductor enterprise focused on the research, design, and sales of OLED display driver ICs. The company’s core business covers two high-growth display segments. The first major business is AMOLED display driver ICs for smartphones, which are currently its core products. Its downstream customers include display panel manufacturers and major global and Chinese smartphone brands targeting premium and mass-market segments, with a client portfolio covering leading smartphone brands such as Xiaomi and Huawei.

The second major business is Micro-OLED silicon-based display driver backplane ICs for VR/AR devices, serving as the primary growth engine for the future. Yunyinggu’s Micro-OLED products have pioneered consumer-grade applications, including VR glasses, mobile viewing devices, and head-mounted displays used with drones. The company’s Micro-OLED business is growing rapidly. Sales volume reached 16,468 units in 2025, nearly five times the level in 2024.

Data shows that, based on 2024 sales volume, the company ranked third in the mainland China smartphone AMOLED display driver IC market, with a market share of 12.4%, placing it first among domestic manufacturers. Additionally, the company is the world’s second-largest supplier in the Micro-OLED display backplane/driver segment, with a market share of 40.7%.

Yunyinggu’s IPO price was HK$20.81, with 52.8592 million shares issued, raising a total of HK$1.1 billion; after deducting non-recurring listing expenses of HK$80.93 million, the net proceeds amounted to HK$1.019 billion. Approximately 47.0% of the funds raised in this Hong Kong IPO is intended to support the research and optimization of AMOLED TDDI ICs and expand their application scenarios. About 33.0% will be used to support the research and optimization of Micro-OLED and Micro-LED display driver backplanes. Around 10.0% will be allocated for strategic investments or acquisitions to seize future development opportunities. The remaining 10.0% will be used for working capital and other general corporate purposes, including daily operations and general corporate expenses.

In terms of performance, although Yunyinggu's revenue has shown a year-on-year upward trend in recent years, the company remains in a loss-making state. From 2022 to 2025, the company's revenues were RMB 551 million, RMB 720 million, RMB 891 million, and RMB 1.106 billion respectively; the annual losses were RMB 123 million, RMB 232 million, RMB 309 million, and RMB 230 million respectively.

Regarding the reasons for the losses, Yunyinggu explained that the company started its AMOLED display driver chip business in 2018, requiring substantial upfront investment in R&D and talent recruitment to establish a foundation in this advanced technology field. Meanwhile, due to the long development cycle and high complexity of AMOLED display driver chips, this business is still in a growth stage and has not yet fully realized its profit potential.

According to the prospectus, the company's R&D expenditures from 2023 to 2025 were RMB 177 million, RMB 242 million, and RMB 266 million respectively.

However, the company's gross profit margin has increased year by year, the profit space is gradually being restored, and the trend of improved operations is clear.

Against the backdrop of the accelerated evolution of AI terminals and the continuous upgrading of new display technologies, the display driver chip industry is ushering in a new round of development opportunities. Leveraging the empowerment of the capital market, Yunyinggu Technology is expected to further strengthen its technological and market advantages in the two core tracks of AMOLED display driver chips and Micro-OLED display backplanes/drivers, accelerating its advance into the first tier of the global display driver chip industry.