Fourier Semiconductor goes public on the Hong Kong Exchange, with Futu supporting the leader in AI audio chips
On March 31, 2026, Shanghai Fourier Semiconductor Co., Ltd. (Stock Code: $FOURSEMI (03625.HK)$), a leading supplier of power amplifier audio chips and haptic feedback chips in China, officially listed on the main board of the Hong Kong Exchange, successfully entering the international capital market and moving into a new phase of global financing and brand development.
In this IPO, Fourier Semiconductor globally offered12 million H shares, with an issue price ofHKD 40, with a total fundraising amount ofapproximately 480 million Hong Kong dollars, and net proceeds ofabout 423 million Hong Kong dollars. Notably, the Hong Kong public offering received an enthusiastic response from the market, with the public offering portion achievingApproximately 3,117.43 times oversubscribed, received approximately118,500 copiesApplication, subscription amount exceedsHK$90 billion. Futu, as the underwriter for this offering,Joint Bookrunners, leveraging its advantages as a technology-driven brokerage and its ecosystem of global investors to efficiently aggregate high-quality subscription capital. This provided strong support for the company’s smooth listing on the Hong Kong stock market, along with continuous and stable liquidity support.
AsHong Kong's "First AI Audio Chip Stock"Fourier Semiconductor operates under a fabless, light-asset business model, focusing on the R&D, design, and sales of smart audio and haptic feedback chips. Its products are widely used in smartphones, tablets, smart wearables, smart homes, and smart vehicles, among other applications.
According to the Frost & Sullivan report, based on shipment volume in 2024, the company ranks among the top three globally in the power amplifier audio chip sector and ranks second in the Chinese market.The domestic market share for smart screen dedicated audio chips is number one.In terms of revenue in 2024, the company ranks fourth among global power amplifier audio chip suppliers, third among Chinese power amplifier audio chip suppliers, and fifth among Chinese haptic feedback chip suppliers.The company's mass production clients include leading domestic and international brands such as Samsung, Xiaomi, vivo, moto, and Honor, with significant customer barriers.
Technologically, Fourier Semiconductor was among the first batch of domestic companies to achieve mass production of SmartPA intelligent audio amplifier chips and was also among the first to launch automotive-grade audio chips, successfully breaking the long-term monopoly of overseas giants. The core team members have an average of over 20 years of experience at leading international semiconductor companies, and the R&D team consists of 91 people, accounting for 61.1% of the total workforce. The company’s self-developed FS5024E automotive-grade smart audio chip has obtained AEC-Q100 certification, with fully localized wafer and packaging/testing processes, firmly placing it among the top domestic players in automotive audio chips.Additionally, the company launched the first domestically produced portable power amplifier audio chip integrated with ASICDSP and the first medium-to-high power audio chip. Several core technologies fill domestic gaps.
Financially, the prospectus shows that the company achieved revenuesof 130 million yuan, 150 million yuan, and 355 million yuan in 2022, 2023, and 2024 respectively.In 2024, year-on-year growth was as high as136.34%; gross profits were respectivelyRMB 9.479 million, -RMB 0.124 million, RMB 46.556 million, gross margin turned from negative to positive and increased to13.1%; net losses wereRMB 65.902 million, RMB 94.130 million, RMB 56.844 million, with the losses continuously narrowing, making the turning point towards profitability clearly visible. In the first ten months of 2025, the company achieved revenue of RMB 281 million, gross profit of RMB 56.057 million, and a gross margin of 20.0%, with ongoing improvements in operational quality.
The proceeds from this IPO will focus on five core directions:46.8%to establish new research and development centers over the next five years, enhancing amplifier audio chip R&D capabilities and technological competitiveness;17.8%for the procurement of automated testing equipment and construction of internal automated testing verification lines, as well as hiring supply chain management engineers;17.3%for seeking strategic acquisitions and collaborations to strengthen industry integration;8.1%for marketing and sales activities of products;10%To be used as working capital and for general corporate purposes, continuously strengthening the technical barriers, product portfolio, and global expansion.
As a leading digital financial technology company, Futu, supported by an investor ecosystem of over 29.18 million and a comprehensive corporate service system, is able to provide companies with end-to-end services throughout the pre-IPO, IPO, and post-IPO phases. These include a one-stop ESOP option management solution, Hong Kong and US stock IPO distribution, investor relations (IR) and public relations (PR), financial public relations services, international placement, secondary trading services, and other core services.
As of Q4 2025, more than half of the top ten companies in terms of Hong Kong IPO fundraising amounts have collaborated with Futu. Nearly half of the Hong Kong IPO projects in Q4 were in cooperation with Futu. The total subscription amount for Hong Kong IPOs on the Futu platform reached 3.5 trillion Hong Kong dollars in Q4, firmly ranking first in the market. Futu’s capabilities in US IPOs have attracted attention, as all retail clients who subscribed to popular new stocks such as Bullish, Figure, and Gemini were successfully allocated shares.
As of Q4 2025, Futu's corporate services have reached 1,161 clients, providing IPO distribution and IR services to 600 enterprises. It has assisted 387 companies, including Meituan, Kuaishou, Xiaomi, Baidu, KE Holdings, JD Health, and Bilibili, in successfully listing in Hong Kong and the United States. Futu has cumulatively signed contracts with 830 ESOP clients, and a total of 1,300 listed companies are now hosted on the Futu platform.
In the future, Futu will fully leverage its resources and market influence to provide more professional and efficient services to a wider range of clients!
*Securities-related businesses such as IPO distribution are provided by licensed subsidiaries under Futu.
*Data source: Market value calculated based on the first day of listing.
*Data source: Futu's Q4 2025 earnings report
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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