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Before Second Attempt to List on HKEX, Performance of Semiconductor 'Little Giant' Suddenly Deteriorates

Shenzhen Vanguard Semiconductor, a state-level "little giant" specializing in power semiconductor devices, has once again filed for a listing on the Hong Kong Stock Exchange main board, with GF Securities as the sole sponsor. This is its second attempt this year. Backed by prominent investors like Intel Asia-Pacific, OPPO, Xiaomi, and CATL, the company's post-investment valuation soared over 500% to approximately RMB 2.9 billion in just two and a half years. However, a month before its application, China's securities regulator raised six inquiries, focusing on the fairness of share prices for recent new shareholders and potential conflicts of interest related to two employee incentive platforms, suggesting concerns over improper benefit transfers. Financially, the company's performance shifted in the first five months of 2026, recording a net loss of RMB 510,000 compared to a profit of RMB 26.53 million a year earlier. Its overall gross margin also dropped from 22.4% to 17.9%. This was attributed to a decline in revenue share from its high-margin WLCSP products, driven by conservative smartphone maker procurement plans amid market adjustments, leading to a situation of increased revenue but decreased profitability. Furthermore, Vanguard Semiconductor's distribution network underwent a significant overhaul, with the number of authorized distributors plummeting from 658 to 103 within three years, mostly terminated for failing performance metrics. Sales remain heavily reliant on distributors, accounting for 84.1% of revenue in early 2026. Concurrently, customer and supplier concentration risks are rising, with the top five customers contributing 67.9% of revenue. While industry observers note that high customer concentration is common, attention is drawn to whether shareholder relationships, such as with Huaqin Technology's affiliate holding a 2.12% stake, extend to the client level.

marsbit07/17 12:10