Shanghai FourSemi Semiconductor Co., Ltd. (FourSemi, 03625.HK) has launched its Hong Kong IPO, with the subscription period running from March 23 to March 26. The company plans a global offering of 12,000,000 H shares, with a 15% overallotment option. The indicative price range is HK$40.00–50.00 per share, with a lot size of 100 shares and an estimated minimum subscription amount of approximately HK$5,050.43. The listing is expected on March 31 on the Main Board of the Hong Kong Stock Exchange. Cathay Securities Financing Limited and Orient Securities (Hong Kong) Limited act as joint sponsors.

FourSemi: A Leading Chinese Supplier of Power Amplifier Audio Chips

Allocation: Approximately 5% of the offering (600,000 shares) for Hong Kong public subscription, and approximately 95% (11,400,000 shares) for international placement.

Price Range: HK$40.00–50.00 per share

Lot Size: 100 shares

Subscription Period: March 23–26 (expected pricing date: March 27)

Expected Listing Date: March 31

IPO Sponsors: Cathay Securities Financing Limited, Orient Securities (Hong Kong) Limited

Company Overview

Shanghai FourSemi Semiconductor specializes in power amplifier audio chips and haptic feedback chips. Operating under a fabless model, its products are widely used in smartphones, tablets, smart wearables, and smart vehicles. According to Frost & Sullivan, based on total shipments in 2024, FourSemi ranks third globally in power amplifier audio chips and second in China; for power amplifier audio chips used in smart displays, it ranks first in China.

Financial Information

According to the prospectus, FourSemi recorded revenues of approximately RMB 130 million, RMB 150 million, and RMB 355 million in 2022, 2023, and 2024, respectively, with net losses of approximately RMB 65.9 million, RMB 94.13 million, and RMB 56.84 million during the same period. For the ten months ended October 31, 2025, revenue amounted to approximately RMB 281 million, with a net loss of approximately RMB 51.78 million.Assuming the mid-point price of HK$45.00 and no exercise of the clawback or overallotment option, the company expects to raise net proceeds of approximately HK$480 million. The funds are intended to be used for establishing a new R&D center to enhance power amplifier audio chip capabilities (approx. 46.8%), purchasing automated testing equipment and building internal testing lines (approx. 17.8%), pursuing strategic acquisitions and partnerships (approx. 17.3%), product marketing and sales (approx. 8.1%), and supplementing working capital (approx. 10.0%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for FourSemi via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select FourSemi, tap "Public Offer," enter your subscription quantity, and submit your order.

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