Chinese niche memory-chip leader Ingenic Semiconductor has debuted on the HKEX on 25 August, raising around HKD3.13 billion (USD399 million), following its 2011 Shenzhen Stock Exchange IPO and achieving a dual listing in the Chinese mainland and Hong Kong. Freshfields, Zhong Lun Law Firm, Sheppard Mullin and Han Kun Law Offices advised on the transaction.
Ingenic issued 31.29 million H shares at HKD100 each, with its market capitalisation exceeding HKD50 billion after trading opened. Guotai Junan International acted as the sole sponsor.
Freshfields advised Ingenic on Hong Kong and US law, with partners Howie Farn and David Yi leading the team. Zhong Lun acted as PRC legal counsel, led by partner Xu Zhigang, with non-equity partners Zhu Junquan and Li Ziwei as signing lawyers. Equity partner Chen Jihong and non-equity partner Chen Jian advised on data compliance matters. Sheppard Mullin counselled on international sanctions and US outbound investment laws.
Han Kun advised the sponsor on both PRC and Hong Kong law. The Chinese mainland team was led by partner Lu Zaiguang and the Hong Kong team by partner Ethle Tang.
The prospectus said proceeds would mainly be used to strengthen technological innovation and product development in memory, computing and analogue chips, pursue strategic investments and acquisitions, expand the company’s sales network and product promotion, and fund working capital and general corporate purposes.
Beijing-headquartered Ingenic was founded in 2005 and initially focused on low-power computing chips. Following its acquisition of memory semiconductor company Beijing ISSI in 2020, it developed into a diversified chipmaker spanning automotive-grade memory, edge computing and analogue connectivity.
Its products are used in automotive electronics, industrial and medical applications and artificial intelligence of things.
Market researcher Frost & Sullivan said Ingenic ranked seventh globally and second among companies headquartered in the Chinese mainland in niche dynamic random-access memory by revenue in 2025.
