Gpixel Changchun Microelectronics Inc. (03277.HK) has launched its Hong Kong IPO, with the subscription period running from April 9 to April 14, 2026. The company plans to offer 65,294,200 H shares globally, with a 15% over-allotment option. The offer price is set at HK$39.88 per share, with a board lot of 100 shares, and an entry cost of approximately HK$4,028.23. Trading is expected to commence on the Main Board of the Stock Exchange of Hong Kong on April 17. CITIC Securities (Hong Kong) and Guotai Junan Financing are the joint sponsors.

Gpixel: Ranked Third Globally in the Industrial and Scientific Imaging CIS Market

Offer structure: Approximately 10% for the Hong Kong public offer (6,529,500 shares) and 90% for the international placing (58,764,700 shares).

Offer Price: HK$39.88 per share; Board lot: 100 shares; Entry cost: approximately HK$4,028.23.

Offer Period: April 9–14 (Expected pricing date: April 15).

Listing Date: April 17.

IPO Sponsors: CITIC Securities (Hong Kong) Limited and Guotai Junan Financing Limited.

Company Profile

Gpixel is a provider of CMOS image sensors (CIS), focusing on high-end segments including industrial imaging, scientific imaging, professional imaging, and medical imaging. The company operates under a fabless business model and offers a portfolio spanning nine product series and over 50 standard products. According to Frost & Sullivan, based on 2024 revenue, the company ranked third globally in the industrial imaging CIS market, with a market share of 15.2%, and also third in the scientific imaging CIS market, with a market share of 16.3%.

Financial Information

According to the offering documents, Gpixel recorded revenues of approximately RMB 605 million, RMB 673 million, and RMB 857 million for the years 2023, 2024, and 2025, respectively, with net profits of approximately RMB 170 million, RMB 197 million, and RMB 293 million for the corresponding periods.Based on the offer price of HK$39.88 per share and assuming the over-allotment option is not exercised, the company expects net proceeds of approximately HK$2.504 billion. The net proceeds are intended to be allocated as follows: Approximately 55% for increasing R&D investment to drive product iteration; Approximately 21% for establishing an advanced CMOS image sensor R&D center; Approximately 4% for expanding packaging and testing production lines; Approximately 10% for enhancing overseas operations through strategic regional expansion; Approximately 10% for working capital and general corporate purposes.

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 Gpixel 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 Gpixel, tap "Public Offer," enter your subscription quantity, and submit your order.

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