US STOCKS
FUNDS
FX & CRYPTO
SH/SZ-HK
HK STOCKS
 
 
 
 
 
 
To-be Listed (Grey Market Trading Session: 16:15-18:30)
Name
/
Code
Industry Listing Price Lot Size Entry Fee Phillip Grey Market Futu (HK) Grey Market
New Vision Auto
02632.HK
Grey Market Today
Auto Parts & Equipment Pending 50 2,424.20
-
-
Detail Quote
Galaxis Technology
02729.HK
Grey Market Today
Advanced hardware and software Pending 200 4,121.15
-
-
Detail Quote
Last update:
Name
/
Code
Industry Offer Price Lot Size Entry Fee Closing Date
Grey Market Date
Listing Date
Huayan Robotics
01021.HK
Advanced hardware and software 17 200 3,434.29 2026/03/25 2026/03/27 2026/03/30
Diagens-B
02526.HK
Biotechnology - Medical Devices 95.6-112.5 50 5,681.73 2026/03/25 2026/03/27 2026/03/30
Tong Ren Tang Care
02667.HK
Health Care Services 7.3-8.3 500 4,191.85 2026/03/25 2026/03/27 2026/03/30
Epiworld
02726.HK
Semiconductors & Semiconductor Equipment 76.26 50 3,851.46 2026/03/25 2026/03/27 2026/03/30
Extreme Vision
06636.HK
Advanced hardware and software 40 50 2,020.16 2026/03/25 2026/03/27 2026/03/30
Tongshifu
00664.HK
Leisure Products 60-68 100 6,868.57 2026/03/26 2026/03/30 2026/03/31
FourSemi
03625.HK
Semiconductors & Semiconductor Equipment 40-50 100 5,050.43 2026/03/26 2026/03/30 2026/03/31
Summary
We are a provider of power amplifier audio chips and haptic drivers in China. We specialize in the design of low-power audio chips, mid/high-power audio chips and haptic drivers under a fabless model to offer a wide array of solutions for emerging application scenarios. According to the F&S report, by revenue in 2024, we ranked (1) fourth among power amplifier audio chip providers globally, (2) third among power amplifier audio chip providers in China, and (3) fifth among haptic driver providers in China.

Our portfolio of products empowers various industries, including consumer electronics and intelligent vehicles. We first introduced our power amplifier audio chip products for portable consumer electronics to optimize audio, create effects and protect speakers using our algorithms. When deployed, our power amplifier audio chip products receive the electrical signal input, analyze and preprocess the signal by filtering noise and strengthening the received signal, process the signal by amplifying electrical power, tunning audio signal based on scenario, convert the signal to code speaker driver movement while simultaneously enabling the speaker protection technologies. This allows users’ devices to output the highest quality of audio, reduce power consumption, and protect the speakers to achieve device longevity.

With the success of our first power amplifier audio chip products, we expanded our product portfolio by adding a more powerful line of power amplifier audio chip products that are primarily for larger electronics and intelligent vehicles and a new line of chips that process haptic feedback to provide users with a diverse way of interacting with their devices. Our products are fundamental for devices to perceive operation scenarios accurately, respond to users dynamically and enhance human-device interaction. With our products, we have built deep technical expertise in these industries and believe we will benefit as new application scenarios continue to emerge, including smart displays, intelligent vehicles, AI-powered consumer electronics, and robotics, all of which present significant growth potential.

Our product innovation stems from our technological development. We have launched multiple China-first chip products under the trend of domestic substitution, with breakthroughs in algorithm and system architecture, low energy consumption, real-time processing, low distortion, and multi-scenario perception. In particular, we introduced China’s first ASIC DSP-integrated portable power amplifier audio chips in 2017, China’s first mid/high-power audio chip in 2021, and China’s first automotive-grade AEC-Q100-certified power amplifier audio chip in 2023, according to the F&S report.

OUR PRODUCT OFFERINGS

Our products primarily consist of power amplifier audio chips. Power amplifier audio chips are integrated circuit modules based on mixed-signal design that incorporate some, or all of the following characteristics, including built-in or externally paired audio algorithms, digital input interfaces and integrated sound processing modules. Power amplifier chips leverage power control algorithms and audio processing algorithms to efficiently process audio signals and optimize output performance. They deliver low power consumption, high integration density and capabilities for intelligent control, catering to customized requirements of downstream industries. Power amplifier chips have extensive applications (1) in consumer electronics and smart home devices including smartphones, tablets, smart wearables, smart displays, and smart speakers, and (2) in automotive systems such as automotive audio systems and displays. Our products are capable of processing in-cabin acoustic data including voice commands, infotainment system output, AVAS warning sounds, and T-BOX audio system communications but do not receive voice command inputs.

Our products include (1) low-power audio chips, comprising two major types, namely, our adaptive power control audio chips and portable power amplifier audio chips; (2) mid/high-power audio chips; (3) haptic drivers; and (4) others, comprising power management chips. In 2024, we delivered more than 400 million units of power amplifier audio chips in China, and more than 450 million units of power amplifier audio chips globally, according to the F&S report.

The average selling price of low-power audio chips decreased from RMB1.08 per unit in 2022 to RMB0.66 per unit in 2023, primarily due to (i) the rapid increase in sales volume of adaptive power control audio chips, which generally have a lower ASP, and (ii) our strategic adoption of a more competitive pricing approach to prioritize market share expansion. Sales volume of low-power audio chips increased significantly from 214.3 million units in 2023 to 451.5 million units in 2024, driven by overall business growth and an enriched product portfolio. The average selling price of mid/high-power amplifier audio chips increased from RMB2.23 per unit in 2022 to RMB2.65 per unit in 2023, primarily due to significantly increased customer demand for certain higher-priced models of the FS21 series. The ASP decreased to RMB2.28 per unit in 2024 as demand for other models with lower unit prices increased.

Our gross profit margin demonstrated significant improvement in 2024 and continued to strengthen in the ten months ended October 31, 2025. In 2024, the improvement in gross profit margin for our audio chips was primarily attributable to the realization of economies of scale. This was driven by a substantial increase in our revenue, which grew from RMB150.3 million in 2023 to RMB355.2 million. This enhanced scale and market recognition contributed significantly to improved profitability.

Furthermore, a favorable shift in our product mix towards higher-margin offerings, particularly the increased revenue contribution from portable power amplifier audio chips within the portable audio segment, and a rise in the proportion of mid/high-power audio chips, supported the margin expansion.

Concurrently, the realization of economies of scale, strengthened supplier bargaining power, and product upgrade effectively reduced the per-unit cost of our chips from RMB0.69 in 2023 to RMB0.66 in 2024. In the ten months ended October 31, 2025, the gross profit margin for audio chips saw further enhancement. This was largely driven by a continued optimization of the product mix, evidenced by the increased revenue contribution from higher-margin portable power amplifier audio chips within the portable audio segment.



Source: FourSemi (03625) Prospectus (IPO Date : 2026/03/23)
Listing Market MAIN
Industry Semiconductors & Semiconductor Equipment
Background H Shares
Major Business Area China
Corporate Information
No related information.
 
SITEMAP
Email: support@aastocks.com
AASTOCKS.COM LIMITED (阿斯達克網絡信息有限公司) All rights reserved.
Disclaimer
You expressly agree that the use of this app/website is at your sole risk.

AASTOCKS.com Limited, HKEx Information Services Limited, China Investment Information Services Limited, Shenzhen Securities Information Co. Ltd, Nasdaq, Inc., their respective holding companies and/or any subsidiaries of such holding companies, their Sources and/or other third party data provider(s) endeavour to ensure the accuracy and reliability of the Information provided but do not guarantee its accuracy or reliability and accept no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccuracies or omissions.

Neither AASTOCKS.com Limited, HKEx Information Services Limited, China Investment Information Services Limited, Shenzhen Securities Information Co.Ltd., Nasdaq, Inc. nor their respective holding companies and/or any subsidiaries of such holding companies nor their Sources and/or other third party data provider(s) make any express or implied offers, representations or warranties (including, without limitation, any warranty or merchantability or fitness for a particular purpose or use) regarding the Information.

Neither AASTOCKS.com Limited, HKEx Information Services Limited, China Investment Information Services Limited, Shenzhen Securities Information Co. Ltd., Nasdaq, Inc. nor their respective holding companies and/or any subsidiaries of such holding companies nor their Sources and/or other third party data provider(s) will be liable to any Subscriber or any other party for any interruption, inaccuracy, error, or omission, regardless of cause, in the Information or for any damages (whether direct or indirect, consequential, punitive, or exemplary) resulting from its use by any party.

AASTOCKS.com Limited shall not be liable for any failure or delay in performance of its obligations under this Disclaimer because of circumstances beyond its reasonable control, including but without limitation, acts of God, typhoons, rainstorms, other natural disasters, government restrictions, strikes, wars, virus outbreak, network failures or telecommunications failures.

Morningstar Disclaimer: Copyright © 2020 Morningstar, Inc. All Rights Reserved. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and Morningstar’s third party licensors; (2) may not be copied or redistributed except as specifically authorised; (3) do not constitute investment advice; (4) are provided solely for informational purposes; and (5) are not warranted to be complete, accurate or timely. Morningstar is not responsible for any trading decisions, damages or other losses related to the Information or its use. Please verify all of the Information before using it and don’t make any investment decision except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up.

The information and contents contained in this app/website are based on the analyses and interpretations of publicly available information obtained from sources believed to be reliable. Such analyses and information have not been independently verified and AASTOCKS.com Limited makes no guarantees to their accuracy, completeness, timeliness or correctness.

The information, financial market data, quotes, charts, statistics, exchange rate, news, research, analysis, buy and sell ratings, Education Center and other information on this app/website should be used as references only at your own discretion. Prior to the execution of a security or any other trade based upon the Information, you are advised to consult independent professional advice to verify pricing information or to obtain more detailed market information. AASTOCKS.com Limited is not soliciting any subscriber or app/website visitor to execute any trade. Any trades executed following the said information, commentaries and/or buy/sell ratings on this app/website are taken at your own risk for your own account.

As a convenience to users, the AASTOCKS.com Limited has added a translation feature developed by Azure OpenAI to assist users in understanding information on this platform in languages other than Chinese. The translated text may lose some of its intended meaning. Some items on the site, including images containing text, videos with captioning, PDF documents, or maps may not be translated, and some features may not work in the translated versions.

The AASTOCKS.com Limited does not guarantee the accuracy of translations, and the translated text should not be considered exact. The text translated is made available on an as is and as available basis without any warranties of any kind. The AASTOCKS.com Limited will not accept any liability for damages or losses of any kind caused by the use of the translation feature.

AASTOCKS.com Limited provides the information and services on an "AS IS" basis. The information and contents on this app/website are subject to change without notice. AASTOCKS.com Limited reserves the right, in its sole discretion but without any obligation, to make improvements to, or correct any error or omissions in any portion of this app/website at any time.

The subscriber or app/website visitor agrees not to reproduce, retransmit, disseminate, distribute, broadcast, publish, circulate, sell or commercially exploit the information and contents on this app/website in any manner without the express written consent of AASTOCKS.com Limited.

Investment involves risk. You may make use of the Education Center of this website for academic reference purposes at your own discretion. AASTOCKS.com Limited cannot and does not give any assurance that the present or future buy/sell commentaries and signals on this app/website will be profitable. AASTOCKS.com Limited cannot guarantee, and the subscriber or app/website visitor should not assume, that the future performance will equal past performance.

AASTOCKS.com Limited may point to other sites that may be of interest to the subscriber or app/website visitor but for which AASTOCKS.com Limited has no responsibility and only provides this as a service to the subscriber or app/website visitor.

AASTOCKS.com Limited does not represent or endorse the accuracy or reliability of any information, advertisements or contents contained on, distributed through, or linked, downloaded or accessed from any of the services on this app/website. AASTOCKS.com Limited cannot and does not guarantee the quality or reliability of any products or information purchased or obtained by you as a result of an advertisement or any other information displayed on this app/website.

AATV is a video platform owned by AASTOCKS.com Limited.

You acknowledge that: (i) AATV is provided for information purposes only and, in particular, is not intended for trading purposes; (ii) AATV does not and none of the information contained in its program constitutes a solicitation, offer, opinion, or recommendation by us to buy or sell any security, or to provide legal, tax, accounting, or investment advice or services whether or not regarding the profitability or suitability of any security or investment; and (iii) AATV is not intended for use by, or distribution to, any person or entity in any jurisdiction or country where such use or distribution would be contrary to law or regulation.

The financial analysis or opinion expressed in the AATV programs is for reference and discussion only, and does not represent AASTOCKS.com Limited. Investors must make their own investment decisions based on their own investment objectives and financial situation. AASTOCKS.com Limited shall not, directly or indirectly, be liable, in any way, to you or any other person for any: (i) inaccuracies or errors in or omissions from AATV including, but not limited to, quotes and financial data; (ii) delays, errors, or interruptions in the transmission or delivery of AATV; or (iii) loss or damage arising therefrom or occasioned thereby, or by any reason of nonperformance.

AASTOCKS.com Limited reserves the right to change this Disclaimer at any time by posting changes online at this app/website. You are responsible for reviewing regularly information posted therein to obtain timely notice of such changes. Your continued use of this app / website after changes are posted constitutes your acceptance of this Agreement as modified by the posted changes.

The disclaimer herein shall be governed by the law of the Hong Kong Special Administrative Region of the People's Republic of China ("Hong Kong") and you agree to submit to the exclusive jurisdiction of the Hong Kong courts.

In the event of any discrepancy between the Chinese and English versions, the English version shall prevail.

Last updated on 9 February 2026.