Changguang CenturyCore was listed on the Hong Kong Stock Exchange, rising 75.53% on its first day, with a market value of approximately HKD 30.4 billion.

Source | Beiduo Business & Beiduo Finance

On April 17, 2026, Changchun Changguang CenturyCore Microelectronics Co., Ltd. (referred to as 'Changguang CenturyCore,' stock code: 03277), a CIS (CMOS image sensor) provider, $GPIXEL (03277.HK)$ was listed on the Hong Kong Stock Exchange. In this listing, Changguang CenturyCore publicly issued 65.2942 million shares at an offering price of HKD 39.88 per share, raising a total of approximately HKD 2.6 billion.

On the first day of listing, the opening price of Changguang CenturyCore was HKD 72.00 per share, an increase of 80.54% compared to the offering price, and it once rose to HKD 85.00 per share during trading. At the close, the stock price of Changguang CenturyCore was HKD 70.00 per share, an increase of 75.53% compared to the offering price, with a market value of approximately HKD 30.4 billion.

It is worth noting that Changguang Chenxin's IPO has attracted 24 cornerstone investors who collectively subscribed to shares worth 166 million US dollars (approximately 1.301 billion Hong Kong dollars). The cornerstone investors include CPE Peepal, HHLRA, UBS, Arc Avenue, Boyu Capital, Fullgoal Fund, GF Fund, and others.

According to Beiduo Business and Beiduo Finance, Source Code Capital participated in the company’s investment before its IPO and has been accompanying it ever since, further reinforcing its position as a cornerstone investor. Zhang Xun, Managing Director of Source Code Capital, stated: “As the only domestic breakthrough provider of high-end CMOS image sensors — one of the most critical components for metrology and inspection equipment — Changguang Chenxin’s listing not only validates China’s technological prowess in addressing semiconductor bottlenecks but also marks a new phase in the self-reliance of China’s semiconductor equipment supply chain. With its position among the top three globally in industrial and scientific imaging, the company is transitioning from ‘domestic substitution’ to ‘global leadership.’ Identifying and supporting the growth of such a strategically valuable and globally competitive enterprise once again demonstrates Source Code Capital’s long-term commitment to hard technology.”

According to the prospectus, Changguang Chenxin is a CMOS image sensor (CIS) provider mainly focused on the development of high-performance CMOS image sensors. Currently, the company offers nine major product series applicable in industrial imaging, scientific imaging, professional photography, and medical imaging fields.

According to the Frost & Sullivan report, in 2024, based on industrial imaging revenue, Changguang Chenxin ranked third among global CIS companies and first among Chinese CIS companies, accounting for 15.2% of the global market share; based on scientific imaging revenue in 2024, it ranked third globally and first in China with a 16.3% share of the global market.

The prospectus shows that Changguang Chenxin's revenue increased by 11.3% from 605 million yuan in 2023 to 673 million yuan in 2024, and further grew by 27.3% to 857 million yuan in 2025. In 2023, 2024, and 2025, the company's net profits were approximately 170 million yuan, 197 million yuan, and 293 million yuan respectively.

It is evident that Changguang Chenxin exhibits strong profitability. According to Beiduo Business and Beiduo Finance, during the reporting period, the company's gross profits were approximately 384 million yuan, 397 million yuan, and 573 million yuan, with gross margins of 63.5%, 59.0%, and 66.9%, respectively, which are relatively high.

Through this IPO, Changguang Chenxin's fundraising plan will focus on three key areas: 'technology, capacity, and market.' While increasing R&D investment, driving innovation and iteration of products in primary application scenarios, and establishing a CIS research and development center, the company will continue to expand its packaging and testing production lines while enhancing regional expansion and overseas operational capabilities.

In fact, Changguang Chenxin invests heavily in R&D. In 2023, 2024, and 2025, the company's R&D expenses were 132 million yuan, 130 million yuan, and 186 million yuan respectively, totaling over 400 million yuan over three years; the R&D expense ratios were 21.7%, 19.3%, and 21.7%, respectively.

Currently, Changguang Chenxin’s image sensors have been exported to more than 30 countries and regions worldwide. The company has subsidiaries in Hangzhou and Dalian in China, as well as in Antwerp, Belgium, and Tokyo, Japan, forming a global business layout.

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