The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on July 14, Shenzhen Weizhao Semiconductor Co., Ltd. (abbreviation: Weizhao Semiconductor) submitted a listing application to the main board of the Hong Kong Stock Exchange, and GF Securities is the sole sponsor. The company submitted a listing application to the Hong Kong Stock Exchange on January 12, 2026.
Company profile
According to the prospectus, Weizhao Semiconductor focuses on the R&D, design and sales of high-performance power semiconductor devices. In particular, WLCSP products (one of the company's key products) use advanced semiconductor packaging technology and are famous for their small product size, strong heat dissipation, and strong impact resistance.
The company's power semiconductor devices are components used to control, convert and manage electricity to different devices, and are composed of the following (i) medium- and low-voltage products, mainly including Trench MOSFETs and SGT MOSFETs. According to the packaging method, they can be further divided into WLCSP and non-WLCSP products, and are widely used in consumer electronics, automotive electronics and industrial power supplies, and (ii) high-voltage products, mainly including IGBT, SJ MOSFETs and PlanAR MOSFETs, which are designed to withstand higher voltages and operate reliably in harsher environments, are widely used in automotive electronics and industrial applications.
The breakdown of revenue by product is as follows:
The company is concerned about the driving role of WLCSP technology in improving the performance and downstream application of power semiconductor devices, and strategically arranges WLCSP technology. WLCSP is an advanced packaging technology that requires no resin or wire bonding. WLCSP has many advantages, including compact size, excellent electrical performance, and excellent cooling capacity, and is widely used in high-performance applications such as smart cockpits and smart wearables. According to Insight Consulting data, the company's WLCSP products have the following characteristics: (i) the package thickness is as low as 0.095mm, which is far thinner than traditional packaging; (ii) the chip-to-package area ratio is close to 1:1, which is larger than traditional packaging; and (iii) the size is about 66% smaller than traditional BGA/QFN packages.
The company focuses on product design, development and sales, and also outsources most wafer manufacturing, packaging and testing processes to trusted third party partners. At the same time, the company retains autonomous capabilities for several key wafer manufacturing and packaging and testing processes, mainly including (i) key back-end wafer processing steps (mainly including wafer coating, back grinding and back metal), which is essential to achieve low on-resistance, efficient heat dissipation and high current carrying capacity of the device, and directly affects product yield and reliability; and (ii) the packaging and testing process of WLCSP, which ensures autonomous control of advanced packaging technology.
Based on this model, the company can discover and solve technical problems at an early stage of development, implement design and process modifications more efficiently, and reduce dependence on third-party packaging and testing service providers, thereby shortening the turnaround time between product design, prototype verification and engineering iteration, thereby speeding up product development and product iteration. This hybrid business model combines the flexibility of outsourced standardized manufacturing with in-house manufacturing capabilities, enabling the company to maintain supply chain flexibility and achieve effective cost and quality control.
Power semiconductor devices are the core components of power conversion and circuit control, and their development is highly related to the downstream market. Benefiting from the steady development of consumer electronics demand, the spread of new energy vehicles and the accelerated deployment of renewable energy, and the rise of AI technology, the industry is experiencing strong growth. According to Insight Consulting, the size of China's power semiconductor device market will increase from RMB 80.7 billion in 2021 to RMB 109 billion in 2025, with a compound annual growth rate of 7.8%. It is expected to reach RMB 180.4 billion in 2030, and the CAGR is 10.4%.
Demand for miniaturization, weight, and high performance of electronic products continues to rise, driving the evolution of packaging technology, especially WLCSP technology. With technology maturity and cost optimization, WLCSP is expected to expand into a wider range of semiconductor products and drive industry innovation. According to Insight Consultancy data, the size of China's WLCSP MOSFET industry increased from RMB 2.1 billion in 2021 to RMB 3.1 billion in 2025, with a compound annual growth rate of 9.4%. It is expected to reach RMB 5.5 billion in 2030, and the CAGR is 14.3%.
Financial data
Revenue:
In the five months ending May 31 in 2023, 2024, 2025, and 2026, the company achieved revenue of approximately $575 million, 624 million yuan, 814 million yuan, 347 million yuan, and 353 million yuan, respectively.
Profit:
For the five months ending May 31 in 2023, 2024, 2025, and 2026, the company's annual profits were 13.977 million yuan, 19.353 million yuan, 505.16 million yuan, 26.529 million yuan, and -510,000 yuan, respectively.
Gross profit margin:
For the five months ending May 31 in 2023, 2024, 2025, and 2026, the company's gross margins were approximately 15.2%, 17.4%, 23.6%, 22.4%, and 17.9%, respectively.
Industry Overview
The global semiconductor industry has always been cyclical. Over the past 10 years, the market grew by more than 20% in 2017 and 2021, and recorded growth of less than 5% in 2016 and 2022. Fluctuations in the growth rate are mainly driven by changes in terminal market demand and corresponding inventory adjustments in the downstream industry. China's power semiconductor device market grew from RMB 80.7 billion in 2021 to RMB 109 billion in 2025, with a compound annual growth rate of 7.8% during the period. Driven by the continued expansion of downstream demand, China's power semiconductor device market is expected to reach RMB 180.4 billion by 2030, with a compound annual growth rate of 10.4% from 2026 to 2030.
Benefiting from the intelligent upgrading of consumer electronics, the consumer sector achieved sales revenue of RMB 14.4 billion in the power semiconductor device market in 2025, and is expected to reach a compound annual growth rate of 4.0% from 2026 to 2030. Furthermore, benefiting from the strong growth of new energy vehicles, the automotive sector achieved sales revenue of RMB 45.6 billion in the power semiconductor device market in 2025, and is expected to reach a compound annual growth rate of 12.1% from 2026 to 2030. At the same time, benefiting from the continued growth of renewable energy, the industrial sector achieved sales revenue of RMB 33.1 billion in the power semiconductor device market in 2025, and is expected to reach a compound annual growth rate of 7.0% from 2026 to 2030.
Emerging fields are becoming a new driving force for the growth of the power semiconductor device market. The rapid development of cutting-edge applications such as AI servers, smart grids, and embedded intelligent robots is creating strong demand for power semiconductor devices. The compound annual growth rate is expected to reach 30.3% from 2026 to 2030.
In the Chinese power semiconductor device market, MOSFET power semiconductor devices have stabilized their largest market share and maintained rapid growth due to their advantages such as fast switching speed, low conduction loss, and simple driving. Its market size grew from RMB 36 billion in 2021 to RMB 49 billion in 2025, with a compound annual growth rate of 8.0% during the period. It is estimated that by 2030, China's MOSFET power semiconductor device market will reach RMB 92.3 billion, and the compound annual growth rate from 2026 to 2030 will reach 13.1%.
In China's medium- and low-voltage power semiconductor device industry, medium- and low-voltage MOSFET power semiconductor devices continue to occupy the largest market share. Sales revenue of RMB 27.2 billion was achieved in 2025, and sales revenue of RMB 50 billion is expected to be achieved in 2030, with a compound annual growth rate of 12.5% from 2026 to 2030.
Driven by demand for the rapid development and implementation of scenarios such as high-end consumer electronics, smart wearables, and smart cockpits, the market size of China's WLCSP MOSFET industry continues to grow rapidly. In terms of revenue, the market size of China's WLCSP MOSFET industry grew from 2.1 billion yuan in 2021 to 3.1 billion yuan in 2025, with a compound annual growth rate of 9.4% during the period. In the future, driven by the continuous penetration of fully intelligent cockpits and smart wearable devices, the market size of China's WLCSP MOSFET industry is expected to grow to 5.5 billion yuan by 2030, with a compound annual growth rate of 14.3% from 2026 to 2030. WLCSP MOSFETs are widely used in high-end consumer electronics, automotive electronics, and drones due to their advantages in miniaturization and integration. In terms of revenue, WLCSP MOSFETs currently account for 11.3% of China's medium- and low-voltage MOSFET discrete device market in 2025, and penetration is expected to accelerate in the future as demand for smart wearables and automotive electronics increases.
In 2025, the market size of China's power semiconductor device industry in terms of revenue reached RMB 109 billion. The non-IDM market pattern is still fragmented. With the development of domestic downstream industries such as consumer electronics, new energy, and photovoltaics, and the gradual implementation of domestic substitution policies, the localization rate is expected to increase further. In 2025, in terms of revenue, the company ranked sixth among the top ten domestic power semiconductor device non-IDM suppliers in China, with a market share of 0.7%.
Board Information
The board of directors will be composed of nine directors, including four executive directors, two non-executive directors and three independent non-executive directors.
Shareholding structure
As of the last practical date, Zhoushan Tuowei was 88% owned by Mr. Li (as his general partner) and 12% held by Mr. Li's spouse, Ms. Wu Shaodan (as its limited partner). According to Zhoushan Tuowei's partnership agreement, the general partner is responsible for the day-to-day management of the partnership and can exercise the voting rights held by Zhoushan Tuowei in the company.
As of the last practical date, Mr. Li (as his general partner) held about 90.15% and 35 limited partners held about 9.85%. Each of these limited partners was a current employee of the company and an independent third party holding less than 10% of Zhoushan Integrated's partnership interests. According to the partnership agreement of Zhoushan Integrated, the general partner is responsible for the daily management of the partnership and can exercise the voting rights held by Zhoushan Integrated Company.
As of the last practical date, Weizhu Yexin is owned by the CEO of our main subsidiary, Mr. Zhang Xiaoqing (as its general partner), and about 97.57% by 20 limited partners, each of whom are current employees of the company and independent third parties, and do not hold more than one-third of their partnership interests. According to Weizhu Yexin's partnership agreement, the general partner is responsible for the daily management of the partnership and can exercise the voting rights that Weizhu Yexin holds in the company.
Intermediary team
Sole sponsor: Guangfa Finance (Hong Kong) Co., Ltd.
Company's legal advisors: Hong Kong and US law: Pratt & Whitney (Hong Kong) Limited Liability Partnership; China Law: Global Law Firm; Law relating to US Overseas Investment and International Sanctions: Hogan Lovells Cadwalader International LLP
Sole Sponsor's Legal Adviser: Hong Kong and US Law: Ouhua Law Firm; Related to Chinese Law: Jingtian Gongcheng Law Firm
Auditors and reporting accountants: Ernst & Young
Industry Advisor: Insight Industry Consulting Co., Ltd.