IPO News | "Wireless Sensing SoC Company" SENASIC launches IPO, scheduled to list on June 17; minimum subscription amount HK$3,709.04 per lot

Futu News, June 9: $SENASIC (06675.HK)$ announced that the offering will run from June 9 to June 12. The company plans to globally offer approximately 53.407 million shares and expects to list on June 17.

Company Overview

SENASIC (Shanghai Senasic Electronics) is a global leading supplier in the wireless sensing SoC sector, dedicated to delivering innovative sensing chips. According to Frost & Sullivan, by projected revenue in 2025, the company ranks as the world’s third-largest automotive wireless sensing SoC provider and the largest in China. Per the same source, the automotive wireless sensing SoC market is a sub-segment of the broader wireless sensing SoC market, with the top two players collectively holding over 50% of the global automotive wireless sensing SoC market share.

The company’s commercial success stems from its unparalleled automotive-grade mass production experience. Automotive-grade mass production capability serves as a critical benchmark for evaluating a sensing chip provider’s ability to fulfill commitments, given the stringent performance, reliability, and compatibility requirements of automotive applications, which necessitate extensive testing and validation by OEMs. According to Frost & Sullivan, the entire process—from initial design to mass production—for automotive-grade chips typically takes between 3.5 and 5.5 years. The company’s early establishment and mature development of automotive-grade mass production capabilities have safeguarded its competitive advantage, accelerated its execution speed in entering the market, and provided robust support for its industry-leading efficient commercialization.

Financial Summary

In 2023, 2024, and 2025, SENASIC’s revenue amounted to RMB 223.5 million, RMB 347.5 million, and RMB 477.9 million, respectively. During the same periods, the company recorded gross profit of RMB 37.1 million, RMB 70.6 million, and RMB 133.6 million, and net losses of RMB 355.8 million, RMB 351.3 million, and RMB 330.6 million, respectively.

Use of Proceeds

Regarding the use of proceeds, SENASIC expects the net proceeds from the global offering to be approximately HKD 907 million (assuming the over-allotment option is not exercised and based on an issue price of HKD 18.36 per share). According to the prospectus, SENASIC intends to allocate the proceeds from the global offering as follows:

Approximately 40% will be used to expand the company’s business scale and accelerate the commercialization of its products, particularly its smart tire chips, smart battery cell chips, and smart general-purpose sensor chips; approximately 30% will be allocated to enhancing the company’s research and development capabilities in advanced and foundational technologies related to smart tire chips, smart battery cell chips, and smart general-purpose sensor chips; approximately 10% will be used to expand the company’s international and domestic sales networks and strengthen its global market position; approximately 10% will be dedicated to strategic investments or acquisitions to achieve long-term growth objectives; and approximately 10% will be used for working capital and other general corporate purposes.