Company Name: Suzhou Novosense Microelectronics Co., Ltd.

Date of Prospectus: November 28, 2025

Suzhou Novosense Microelectronics IPO: In-Depth Investor Analysis of China’s Leading Sensor Company Listing in Hong Kong

IPO Snapshot: Offer Details and Key Terms

Suzhou Novosense Microelectronics Co., Ltd. (IPO Symbol: not disclosed) is launching its Hong Kong debut with a robust offering aimed at accelerating growth and expanding its global footprint.

• Offer Price: Maximum of HK\$116.00 per Offer Share
• Total Offer Size: 19,068,400 H Shares (assuming no over-allotment)
• Post-IPO Outstanding Shares: 161,478,617 Shares (excluding 118,216 treasury shares)
• Expected Market Capitalization: Calculated based on the maximum offer price and post-IPO share count
• Offer Period: 9:00 a.m. November 28, 2025 to 12:00 noon December 3, 2025
• Listing Date: Expected Monday, December 8, 2025
• Application Channels: Fully electronic via www.eipo.com.hk and brokers/custodians using HKSCC FINI system
• Prospectus Access: www.hkexnews.hk and www.novosns.com

Use of Proceeds: Growth-Driven Allocation

Total Net Proceeds: Estimated HK\$2,096.4 million (RMB 1,908.3 million) assuming maximum price and no over-allotment.

Allocation signals a clear growth strategy:

• Enhancing R&D and Manufacturing Platforms: 18%, HK\$387.0 million
• Product Portfolio Expansion: 22%
• Overseas Sales Network Expansion: 25%
• Strategic Investments/M&A: 25%
• Working Capital and General Corporate Purposes: 10%

The majority of proceeds are earmarked for innovation, market expansion, and strategic investment, underlining the company’s aggressive growth stance.

Placement and Issuance Breakdown

Offer Shares Allocation:

• Hong Kong Public Offering: 10% of the Offer Shares (initially 1,906,900 H Shares)
• International Offering: At least 40% of Offer Shares to placing tranche (excluding cornerstone investors)
• Cornerstone Placing: 49.23% of Offer Shares to named cornerstone investors (see table below)

Cornerstone investors are locked up for six months and do not count towards the free float for initial listing purposes.

Investor Participation and Book Quality

Cornerstone Investors: Oriza Naxin, Golden Link, Hield International, Perseverance Asset Management, 3W Fund, Green Better, Dream’ee HK Fund

• Aggregate cornerstone commitment: HK\$1,089.10 million or 49.23% of offer shares, locked up for six months
• No pre-listing disposals by early shareholders disclosed
• Book quality is strong, with high cornerstone participation suggesting robust demand and potential for positive first-day performance

Deal Parties and Offer Structure

Global Coordinators, Bookrunners, Sponsors, and Underwriters:

• China International Capital Corporation Hong Kong Securities Limited
• CLSA Limited
• CCB International Capital Limited
• ABCI Securities Company Limited
• Soochow Securities International Brokerage Limited
• Zheshang International Financial Holdings Co., Limited
• Orient Securities (Hong Kong) Limited
• Beta International Securities Limited
• I Win Securities Limited

Stabilization and Over-allotment: The deal features a greenshoe option of up to 2,860,200 H Shares to support post-listing price stability.

Strong institutional presence and extensive syndicate support, as disclosed, imply that listing-day performance may be actively supported.

Company Overview: Business Model and Revenue Streams

Suzhou Novosense Microelectronics is a leading sensor and microelectronics company with a significant presence in China and expanding international operations.

• Business Model: Design, manufacture, and sales of sensor products, microelectronics, and related solutions
• Key Products/Services: Sensors, ICs, and microelectronics for automotive, industrial, and consumer electronics
• Revenue Streams: Sale of products to OEMs, system integrators, and industrial customers
• Customer Segments: Automotive, industrial automation, consumer electronics, with a focus on high-growth sectors
• Geographical Reach: Significant operations in China; strategic plans for overseas market expansion

Financial Health and Performance

Multi-period financials underscore growth and strong capitalization:

Market Position and Competitive Advantage

• Listed peer comparison, market share, and ranking are not disclosed in the prospectus.
• Brand strength and competitive advantages are highlighted by strong cornerstone investor confidence and rapid growth in trading volumes on the STAR Market.

Management Team

• Key management and directors: Names and roles are listed in the prospectus but specific experience is not detailed in summary sections.

Industry Trends, Timing, and Market Environment

• Sector: Semiconductors, sensors, and microelectronics
• Industry Growth: Referenced industry report by Frost & Sullivan (commissioned for RMB400,000)
• Historical Demand Drivers: Automotive electronics, industrial automation, consumer electronics
• Seasonality: Not explicitly stated
• Offer Period: November 28 to December 3, 2025; Listing Date: December 8, 2025
• Macro Environment: Noted in prospectus as favorable for technology and industrial growth in China and globally
• Recent Developments: STAR Market trading high and low for 2025 up to November 23: RMB210.10 (high), RMB116.30 (low), ADTV 2,775,432

Favorable market conditions for the IPO are inferred from strong cornerstone demand and sectoral growth trends.

Risk Factors

• Regulatory Exposure: U.S. Department of Treasury’s Final Rule effective January 2, 2025 restricts certain U.S. investments in national security technologies, including microelectronics
• Legal/Compliance Risks: Strict adherence required for Hong Kong and PRC regulations; waivers from Listing Rules granted for select disclosures
• Operational Risks: Possible adverse market events may affect listing; extensive underwriting termination clauses protect investors
• Financial Risks: No material debt; strong net tangible assets; listing expenses represent 5.2% of gross proceeds
• Cornerstone Lock-up: 6 months post-listing, reducing immediate float and possible volatility
• Other Risks: Forward-looking statements subject to industry, market, and company-specific uncertainties

Growth Strategy

• R&D Enhancement: 18% of proceeds for foundational R&D and manufacturing platform upgrades
• Product Expansion: 22% to diversify and enrich product portfolio
• Overseas Expansion: 25% for building international sales and brand presence
• Strategic Investments/M&A: 25% allocated for potential acquisitions and strategic investments
• Timeline: Planned deployment 2026-2030, with annual progress targets and multi-year allocation

Ownership and Lock-up Structure

• Pre-IPO Shareholding: Major shareholders and promoters disclosed with historical details
• Post-IPO Structure: Cornerstone investors locked up for 6 months; Single Largest Shareholder Group also undertakes 6-month lock-in
• Employee Incentives: Restricted Share Incentive Plans to be issued post-listing

Valuation and Peer Comparison

Valuation metrics such as P/E, P/B, EV/EBITDA, sector performance, and peer symbols are not disclosed in the prospectus.

No other IPOs or sector performance tables are included in the disclosed information.

Research and Opinions

• Industry report by Frost & Sullivan commissioned for sector analysis.
• No explicit analyst price targets or opinions disclosed.

IPO Allotment Result

Final subscription outcomes and listing allocations will be announced on December 5, 2025 via www.hkexnews.hk and www.novosns.com.

Results available from 11:00 p.m. December 5 to 12:00 midnight December 11, 2025 through www.iporesults.com.hk and www.eipo.com.hk/eIPOAllotment (search by ID function).

Listing Outlook: Potential for First-Day Strength

Strong cornerstone investor participation, robust syndicate support, and a growth-focused use of proceeds indicate solid listing-day prospects. The tight lock-up of nearly half the offer shares and strong institutional demand imply potential for first-day trading strength, possibly trading at or above the offer price, barring unforeseen market volatility.

Book quality and syndicate reputation suggest the IPO is worth subscribing for growth-oriented investors seeking exposure to China’s expanding sensor and microelectronics market.

How to Apply for Suzhou Novosense Microelectronics IPO

• Applications are fully electronic.
• Channels: Apply online via www.eipo.com.hk (White Form eIPO) or via brokers/custodians participating in HKSCC (FINI system).
• Eligibility: Applicants must be 18 or older, have a Hong Kong address (for White Form eIPO), be outside the United States, and not be an existing shareholder, director, or close associate.
• Application Window: Opens 9:00 a.m. November 28, 2025, closes 12:00 noon December 3, 2025.
• Prospectus Access: www.hkexnews.hk and www.novosns.com