【New Share 2577 Subscription】Inosco IPO IPO Information

Futu Information News December 18,$ Innoseco (02577.HK) $ The announcement was made that the Company intends to offer 45.364 million shares worldwide in the IPO from 18 December 2024 to 23 December 2024 and is expected to be listed on 30 December 2024.

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Inosco Financial Profile

In 2021, 2022, and 2023, Inosco had operating revenues of RMB0.068 billion, 0.136 billion and $5.93 billion, respectively, and losses in the respective periods were RMB3.3998 billion and RMB2.201 billion.

Industry Overview

Power supplies are the basis of all modern industrial fields, and power semiconductors are the core components of power supplies. Gallium nitride (GaN) is a wide-band gap semiconductor material with high frequency and low conductivity resistance that has become at the heart of the continuous transformation of the power semiconductor industry. Compared to silicon and other semiconductor materials, gallium nitride has the significant advantages of high frequency, high electron migration rate, strong radiation resistance, low conduction resistance, and no reverse recovery loss. GALLIUM NITROGEN POWER SEMICONDUCTOR CHIPS CAN EFFECTIVELY REDUCE ENERGY LOSS, IMPROVE ENERGY CONVERSION EFFICIENCY, REDUCE SYSTEM COSTS, AND ACHIEVE SMALLER DEVICE SIZES.

Developing trends in various downstream applications and the pain points of current silicon material products offer huge growth potential for gallium nitride power semiconductors, namely: consumer electronics - upgrading traditional consumer electronics for increased efficiency and convenience; electric vehicles - simplifying device structures and improving the electronic management of electric vehicles Systems; Renewable Energy — Deploy solar power generation and energy storage systems for safer, more economical and sustainable operation; data centers — meet growing computing needs with more efficient and integrated energy transmission and control chips.

In 2023, the global market size for gallium nitride power semiconductors was RMB 1.8 billion, with a penetration rate of 0.5% in the power semiconductor market and 1.4% of the global power semiconductor discrete components market. 2023 is considered to be the start of index level growth in the gallium nitride industry, as the technology grows more mature and downstream applications expand. By 2028, the global market size for gallium nitride power semiconductors is expected to reach RMB 50.1 billion, increasing the share of the global power semiconductor market to 10.1%.

Eno Cyckistone Investors

In terms of cornerstone investors, STMicroelectronics Limited (STHK), Jiangsu Government-owned Enterprise Hybrid All Manufacturing Reform Fund (Limited Partnership) (Jiangsu Enterprise Mixing Fund), Jiangsu Suzhou High-end Equipment Industry Specialized Parent Fund (Limited Partnership) (Suzhou High-end Equipment), Suzhou Oriental Founding Investment Management Co., Ltd. (East CFU has agreed, subject to certain conditions, to subscribe or induce a total subscription of approximately US$0.1 billion at the offering price.

Financing purposes for Inosco

In terms of financing, Inosco expects net proceeds from global sales to be approximately HK$1.363 billion (based on the average issue price of HK$32.26). According to the tender offer, Inosco intends to make the global sale of funds for the following purposes: to expand the capacity of 8-inch GMP wafers, to purchase and upgrade production equipment and machinery, and to recruit producers; to repay bank loans; to develop and expand the product portfolio to increase penetration of G2 products in the end-market; Expand the global distribution network for gallium nitride products; and for use as working capital and other general corporate purposes.

Read more:Prospectus of Inosicco

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