IPO News | Aogee Technology (688220.SH) reports that the Hong Kong Stock Exchange ranks first in the world in cellular connectivity chip shipments

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on September 11, Aojie Technology (688220.SH) submitted a listing application to the main board of the Hong Kong Stock Exchange, with Cathay Pacific Haitong and Morgan Stanley as co-sponsors.

Company profile

According to the prospectus, Aojie Technology is a platformless semiconductor company that has built an integrated technology platform supported by multi-standard cellular baseband technology, AI computing technology, and complex SoC design capabilities. The company's platform supports three collaborative businesses: wireless connectivity chips, smart SoC and ASIC customized solutions with cellular connectivity as the core, which can meet the rapidly changing needs of customers in the AI era.

According to Frost & Sullivan, in 2025, the company ranked first in the global cellular chip market in terms of shipment volume, with a market share of 37.8%; the growth rate of shipments between 2023 and 2025 also surpassed that of the top five similar companies in the world.

Cellular baseband technology is the cornerstone of the company's technology platform. Since its establishment, the company has developed and commercialized successive cellular products covering all standards from 2G to 5G, and has accumulated complex SoC design capabilities, covering chip architectures, large-scale digital-analog hybrid chip design, software and hardware co-design, system integration, and performance, power consumption, and cost optimization.

The company has also independently developed AI computing technology, including a self-developed neural network processing unit (NPU), which can achieve end-side AI processing with both strong performance and energy efficiency. The combination of cellular baseband technology, AI computing technology, and complex SoC design capabilities can seize AI chip market opportunities across end side, edge and cloud scenarios.

The company has developed smart SoCs ASR 7801 and ASR8861 for intelligent end-side applications. Each product integrates self-developed NPU and has end-side AI computing power. The company also provides ASIC customized solutions to hyperscale cloud service providers, leading AI companies and semiconductor companies, covering fields such as cloud inference, edge/end side AI, RISC-V and enterprise storage.

As of June 30, 2026, the company has successfully delivered dozens of ASIC customization projects, including chip designs using 4nm advanced manufacturing processes.

During the track record period, the company's suppliers mainly included foundry and OSAT suppliers, as well as semiconductor products and third-party semiconductor IP suppliers. In each year/period of the track record period, procurement amounts from the five major suppliers accounted for 75.0%, 77.6%, 71.4% and 74.8% of the total procurement volume for the corresponding year/period, respectively.

Financial data

revenue

The company recorded revenue of about 2.6 billion yuan, 3.386 billion yuan, 3.817 billion yuan and 2,451 billion yuan for the six months ended June 30 in 2023, 2024, 2025, and 2026, respectively.

Annual/period profit

The company recorded annual/period profit of -506 million yuan, -693 million yuan, -390 million yuan, and 84.244 million yuan for the six months ended June 30 in 2023, 2024, 2025, and 2026, respectively.

gross profit margin

The company's gross margins for the six months ended June 30 in 2023, 2024, 2025, and 2026 were 22.5%, 20.5%, 23.3%, and 28.5%, respectively.

Industry Overview

A cellular connection chip is one type of wireless connection chip. By supporting cellular communication protocols and related data transmission functions, IoT devices can connect to a cellular network and communicate. It is also a core communication component of a cellular network connection device.

Shipments of 4G and 5G cellular chips reached 635 million and 63.3 million units respectively in 2025, with compound annual growth rates of 14.1% and 79.5% respectively from 2021 to 2025.

As cellular communication technology continues to evolve and downstream end side devices gradually migrate to higher intergenerational standards, shipments are expected to reach 1,262 million units and 536 million units respectively in 2030, with compound annual growth rates of 12.0% and 48.1% respectively from 2026 to 2030.

Based on cellular chip shipments in 2025, the company ranked first among global cellular chip suppliers overall, and also ranked first in the Cat.1 and Cat.4 segments, with market shares of 37.8%, 51.6% and 52.5% respectively.

Smart SoC market size

Smart SoCs are highly integrated semiconductor products designed to perform application processing, multimedia processing, connectivity, AI computation, and system control functions in smartphones and other smart devices.

The market size (in terms of revenue) of the global smart SoC market grew from $52.1 billion in 2021 to $79.4 billion in 2025, with a compound annual growth rate of 11.1%. Among them, smartphone SoC and wearable and other SoC market revenue reached 29.5 billion US dollars and 49.9 billion US dollars respectively in 2025, with compound annual growth rates of 6.1% and 14.7%, respectively.

The global smart SoC market revenue is expected to reach US$171.3 billion by 2030, with a compound annual growth rate of 17.2% from 2026 to 2030. Among them, smartphone SoC and wearable and other SoC market revenue are expected to reach 40.8 billion US dollars and 130.5 billion US dollars respectively in 2030, with compound annual growth rates of 8.8% and 20.6%, respectively.

In the competitive landscape, the overall competition in the global smart SoC market is fierce, and many suppliers serve diverse application segments. According to the 2025 shipment volume, the three major vendors in the smartphone SoC market account for about 45%, 35%, and 15% of the market share, respectively.

ASIC custom services have become a key driving force for specialized AI computing. In terms of revenue, the global ASIC custom services market grew from US$51.9 billion in 2021 to US$77.9 billion in 2025, with a compound annual growth rate of 10.7%.

Looking ahead, continued growth in AI computing demand, increasing diversification of customer needs, and wider application of customized semiconductor architectures are expected to further drive market expansion. The global ASIC custom services market is expected to reach US$235.5 billion by 2030, with a compound annual growth rate of 23.7% from 2026 to 2030.

The global ASIC customized services market is fiercely competitive, and market participants compete in terms of technical capability, development efficiency, project execution and commercialization experience.

Board Information

The company's board of directors consists of 9 directors, including 4 executive directors, 2 non-executive directors and 3 independent non-executive directors.

Shareholding structure

According to the concerted action agreement signed by Mr. Dai, Ningbo Jiexin, Great ASR1 and Great ASR2 in September 2020, they have promised to take concerted action on the company's operations and major decisions. Mr. Dai has the sole discretion to direct the exercise of all voting rights attached to their shares.

As of September 7, 2026, Mr. Dai directly and through Ningbo Jiexin, Great ASR1 and Great ASR2 has obtained about 22.32% of the voting rights of the controlling company.

Intermediary team

Co-sponsors: Morgan Stanley Asia Limited, Haitong International Capital Co., Ltd.

Industry Advisor: Frost & Sullivan (Beijing) Co., Ltd. Shanghai Branch

Company Legal Advisors: Hong Kong and US Law: Kai Yi International Law; Chinese Law: Zhi De Law; US Foreign Investment Rules, US Export Control and International Sanctions Laws: Hogan Lovells Cadwalader International LLP

Independent Auditor and Reporting Accountant: PricewaterhouseCoopers

Compliance Advisor: Zibo Capital Co., Ltd.