ChipNews reported on September 14, according to the China Securities Regulatory Commission (CSRC) website, on September 10, Shenzhen AMOLED display driver chip design leader Yunyinggu Technology completed the registration for listing tutoring and filing at the Shenzhen Securities Regulatory Bureau, initiating the process for an A-share IPO. The tutoring institution is GF Securities.
Yunyinggu Technology was founded in May 2012 with a registered capital of 436 million yuan. Its legal representative is founder Gu Jing. The controlling shareholders, Shenzhen Yishi No. 1 Enterprise Management Center (Limited Partnership), Shenzhen Yisheng No. 1 Enterprise Management Center (Limited Partnership), and Shenzhen Yisheng No. 2 Enterprise Management Center (Limited Partnership), collectively hold 16.68% of the shares.
The company was listed on the Hong Kong Stock Exchange on May 27 this year. As of the close of trading yesterday, its total market value was 10.5 billion Hong Kong dollars.
According to the prospectus, Gu Jing earned his bachelor's and master's degrees from Tsinghua University and a Ph.D. from Harvard University in the United States. He serves as the executive director, chairman, general manager, and chief executive officer of Yunyinggu Technology.
Yunyinggu Technology was designated as a "Little Giant" enterprise under the Specialized, Refined, Differential, and Innovative (SRDI) program in 2025. Its investors include Xiaomi Yangtze River Fund and Tianjin Jinmi controlled by Lei Jun, Huawei's Hubble Technology, BOE Technology, Qualcomm China, among others.
In 2022, 2023, 2024, and 2025, Yunyinggu Technology's revenues were 551 million yuan, 720 million yuan, 891 million yuan, and 1.106 billion yuan, respectively. Net losses were 124 million yuan, 232 million yuan, 309 million yuan, and 230 million yuan, respectively. R&D expenses were 188 million yuan, 177 million yuan, 242 million yuan, and 266 million yuan, respectively.
Changes in Yunyinggu Technology's revenue, net profit, and R&D expenditure from 2022 to 2025 (Chart by ChipNews)
Its adjusted net losses for 2023, 2024, and 2025 were 146 million yuan, 224 million yuan, and 217 million yuan, respectively.
According to the interim results announcement, in the first half of 2026, Yunyinggu Technology's revenue was 318 million yuan, with a net loss of 151 million yuan. It has not yet achieved profitability.
Yunyinggu Technology began focusing on the R&D and design of AMOLED display driver chips in 2017. In 2021, it successfully achieved mass production and began supplying AMOLED display driver chips to one of China's largest AMOLED panel manufacturers, becoming the first company in mainland China to supply AMOLED display driver chips to mainstream consumer electronics brand companies.
The company mainly provides two types of products: (1) AMOLED display driver chips, primarily used in smartphones; and (2) Micro-OLED display backplanes/drivers, primarily used to support AR/VR head-mounted devices.
According to data from Frost & Sullivan, Yunyinggu Technology is the first company in mainland China to master the specialized knowledge of advanced technologies required for developing and designing AMOLED display driver chips and Micro-OLED display backplanes/drivers. It is the earliest independent Micro-OLED display backplane/driver manufacturer to apply Micro-OLED technology to consumer-grade VR/AR devices, and also the first company globally to provide Micro-OLED display backplanes/drivers with ultra-high resolution and ultra-high display refresh rates.
A Frost & Sullivan report shows that based on 2024 sales volume, Yunyinggu Technology is the fifth largest globally and the largest in mainland China among AMOLED display driver chip manufacturers.
Based on 2024 sales, the company is the fifth largest supplier, the third largest independent supplier in the global smartphone AMOLED display driver chip market, and the largest supplier among those based in mainland China.
It is also the first company in mainland China to pass brand customer certification and the only one to have cumulatively sold over 10 million units of AMOLED display driver chips to downstream brand customers.
The global Micro-OLED display backplane/driver market is highly concentrated. Based on 2024 sales volume, Yunyinggu Technology ranks second, with a market share of 40.7%.
In 2025, global display leader BOE was Yunyinggu Technology's fourth-largest customer, accounting for 7.9% of its total sales.
Yunyinggu Technology had previously initiated an A-share IPO process in January 2023 and submitted an application for listing on the STAR Market in June of the same year but withdrew the application shortly after. Now, just over three months after its Hong Kong listing, the company has restarted the process for a return to an A-share IPO, aiming to leverage both capital markets to broaden fundraising channels and continue securing capital to build its technological moat and mature commercial layout in the display driver field.
This article is from the WeChat public account "ChipNews", author: ZeR0, editor: Moying
