Huicheng Co., Ltd. plans a secondary IPO in Hong Kong: increased revenue in 2025 but no profit growth, A-share market capitalization of 16.6 billion yuan

NightAirdropper · 2026-03-01T05:01:16+00:00

Huicheng Co., Ltd. announced plans to list H-shares in Hong Kong, aiming to deepen its internationalization strategy, expand its capital scale, and attract talent. The company's main business is high-end integrated circuit packaging and testing, with clients including display driver chip design companies. By 2025, the company's revenue is projected to reach 1.783 billion yuan. Listing H-shares requires multiple reviews and approvals, with specific details yet to be determined.

NightAirdropper

2026-03-01 05:01:16

Abstract generation in progress

Huicheng Co., Ltd. Wu Wenting On February 27, Huicheng Co., Ltd. announced that to deepen its internationalization strategy, expand the company’s capital scale, continuously attract and gather outstanding talent, and further enhance the company’s overall competitive strength, the company is planning to issue offshore listed shares (H-shares) and list on the Hong Kong Stock Exchange. The company is currently discussing the specific steps for this H-share listing with relevant intermediary agencies, and the details have not yet been finalized.

According to relevant regulations, after the specific plan is confirmed, this H-share listing will need to be submitted for review by the company’s board of directors and shareholders’ meeting, and will require filing or approval from relevant government and regulatory agencies such as the China Securities Regulatory Commission, Hong Kong Stock Exchange, and the Hong Kong Securities and Futures Commission. Whether this H-share listing can pass the review, filing, and approval procedures and be ultimately implemented remains uncertain.

Huicheng Co., Ltd. mainly provides high-end advanced packaging and testing services for integrated circuits. Currently, the focus of its testing and packaging is on display driver chips, which are one of the core components of LCD panels.

The company’s main clients are display driver chip design companies. These clients purchase wafers and commission the company to provide bumping, wafer testing (CP), chip-on-glass (COG), and chip-on-film (COF) packaging services. After processing, the display driver chips are sold by the clients to downstream applications, mainly used in LCD and OLED display panels and modules, as well as in smartphones, high-definition TVs, and other terminal products.

By 2025, Huicheng Co., Ltd. is expected to achieve total revenue of 1.783 billion yuan, an 18.79% increase year-over-year; net profit attributable to the parent company will be 155 million yuan, a 2.79% decrease year-over-year.

As of the time of publication, Huicheng Co., Ltd. was trading at 19.08 yuan, with a total market value of approximately 16.579 billion yuan.

Related company: Huicheng Co., Ltd. SH688403

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