OmniVision Integrated Circuits Group, Inc.

Date of Prospectus: December 31, 2025

OmniVision IPO: Comprehensive Investor Guide to Asia’s Next Tech Powerhouse Listing

OmniVision Integrated Circuits Group, Inc. launches its Hong Kong IPO, marking a pivotal moment for Asia’s semiconductor sector. This analytical review dissects every detail investors need, from offer structure to financial health, cornerstone participation, market timing, and listing-day outlook. All insights below are sourced solely from the official prospectus.

IPO Snapshot

OmniVision Integrated Circuits Group, Inc. (Symbol: Not explicitly stated) is offering H Shares on the Main Board of the Hong Kong Stock Exchange.

Use of Proceeds: Fueling R&D and Global Expansion

HK\$4,693.2 million in net proceeds are earmarked for aggressive, growth-oriented deployment:

• 70% (HK\$3,285.2 million): Investment in R&D of key technologies (2026-2035, frontloaded at 26-44% by period)
• 10% (HK\$469.3 million): Global market penetration and business expansion
• 10% (HK\$469.3 million): Strategic investments and/or acquisitions (100% in 2026-2028)
• 10% (HK\$469.3 million): Working capital and general corporate uses (100% in 2026-2028)

Conclusion: This is a classic high-growth, innovation-led capital raise with a strong focus on R&D and global market expansion [[364]].

Allocation Breakdown: Public, International, Cornerstone, and Over-Allotment

• Hong Kong Public Offering: 4,580,000 H Shares (10% of initial)
• International Offering: 41,220,000 H Shares (90% of initial, subject to reallocation and greenshoe)
• Cornerstone Investors: 20,740,200 H Shares (45.28% of offer; \$279.4 million USD committed)
• Employee/ESOP: No H shares issued under existing A-share incentive plans; ESOP disclosure and dilution impact available for review
• Over-Allotment Option (Greenshoe): Up to 6,870,000 H Shares (15%) [[375]]

Dividend Policy

No explicit dividend policy or payout ratio targets are disclosed. Investors should assess the company as a growth-focused investment with proceeds prioritized for expansion and R&D.

Cornerstone and Institutional Demand: Deep Anchor Support

Cornerstone investors commit US\$279.4 million (HK\$2,173.6 million), securing 45.28% of the IPO allocation. Key investors include:

• Wildlife Willow Limited: \$70 million (5,196,600 shares, 11.35% of offer)
• UBS AM Singapore: \$40 million (2,969,500 shares, 6.48%)
• FOL: \$33.68 million (2,500,000 shares, 5.46%)
• Huaqin Telecom HK: \$30 million (2,227,100 shares, 4.86%)
• Sky Royal Trading: \$25.71 million (1,908,300 shares, 4.17%)
• Pudong Science and Technology (Cayman): \$25 million (1,855,900 shares, 4.05%)
• JSC International Investment Fund SPC: \$20 million (1,484,700 shares, 3.24%)
• Ghisallo Fund Master: \$15 million (1,113,500 shares, 2.43%)
• Dajia Life: \$10 million (742,300 shares, 1.62%)
• PSBC Wealth Management: \$10 million (742,300 shares, 1.62%)

All cornerstone allocations are subject to reduction to ensure compliance with Hong Kong listing rules regarding public float and maximum allocation limits per investor. Book quality is high, with strong anchor names and no evidence of pre-listing disposals by major investors [[290]], [[292]].

Deal Parties, Underwriting, and Stabilization

• Joint Sponsors: UBS Securities Hong Kong Limited, China International Capital Corporation Hong Kong Securities Limited, Ping An of China Capital (Hong Kong) Company Limited, GF Capital (Hong Kong) Limited
• Bookrunners, Coordinators, Underwriters: Also include Haitong International Securities Company Limited, CLSA Limited, and others as named in the parties section
• Underwriting Commission: 0.6% fixed fee + potential up to 0.6% discretionary incentive fee, total estimated listing expenses (including all fees) are HK\$106.66 million (at max offer price, full incentive, no greenshoe)
• Stabilization/Greenshoe: Up to 15% of shares (6,870,000 H Shares) over-allotment option, exercisable within 30 days of the offer close [[375]], [[376]]

All major international and Chinese investment banks are involved, supporting a robust syndicate for aftermarket trading and price stabilization.

Business Model and Strategy

OmniVision Integrated Circuits Group, Inc. operates as a fabless semiconductor company with a primary focus on the design and distribution of integrated circuits for consumer electronics and automotive applications. The company’s core revenue streams derive from:

• Semiconductor design and sales
• Semiconductor distribution

Key customers: Flagship smartphone manufacturers, automotive OEMs, and other high-growth electronics end-markets.
Geographies: Global, with a strong base in Greater China and international expansion as a use of proceeds focus [[22]], [[364]].

Industry Positioning and Market Environment

The company operates in the semiconductor sector, focusing on image sensors and related integrated circuits. As per the Frost & Sullivan industry report commissioned by the company, the market is experiencing a robust recovery—especially in consumer electronics and automotive sectors. The company benefits from:

• Recovering demand in consumer electronics since 2024
• Accelerated smart transformation in automotive markets
• Continuous cost management and operational efficiency gains

Market share, rankings, and competitive advantages are not quantified in the document, but the company discloses strong engagement with flagship customers and a rapidly growing addressable market.

Financial Health: Growth, Margins, and Capital Structure

OmniVision demonstrates a strong rebound in profitability and margins post-2023, driven by revenue recovery and cost discipline. The company has transitioned from net debt to a net cash position, reflecting improved cash flow and lower leverage.

Revenue, EBIT, EBITDA, and cash flow figures are not explicitly itemized in the summary, but performance improved sharply in 2024-2025, with sustained margin expansion and a robust balance sheet. [[22]]

Leadership and Governance

Key management and board members are listed in detail in the prospectus but not named in the summary. The board and senior management have deep sector experience, and the company’s governance is structured to comply with Hong Kong listing requirements [[107]], [[266]].

Trends, Timing, and Sector Environment

IPO timing aligns with:

• Strong cyclical recovery in consumer electronics and auto semiconductors (2024-2025)
• Cost control and margin improvement environment
• Stabilized macroeconomic backdrop (as described in the document)
• Offer opens Dec 31, 2025 and closes Jan 7, 2026, with listing targeted for Jan 12, 2026

Conclusion: Market conditions for the IPO are favorable, with robust sectoral demand, improved profitability, and strong institutional anchor support [[22]], [[5]].

Key Risks and Regulatory Exposures

Investors should consider the following major risks, as extensively disclosed:

• Intense market competition and economic volatility impacting revenue and profitability
• Exposure to U.S. outbound investment restrictions (OISP), with possible civil or criminal penalties for U.S. persons failing compliance; however, company expects minimal direct impact
• Reliance on flagship customers and sectoral demand cycles
• Foreign exchange and interest rate volatility
• Regulatory changes, including U.S., PRC, and Hong Kong securities laws
• Potential for material adverse events pre-listing (including litigation, senior management changes, or regulatory investigation) to terminate underwriting agreements
• Financial and operational information from A-share market may not be directly comparable with Hong Kong disclosures—investors must rely on prospectus figures only
• Risks associated with new product launches, global expansion, and M&A execution
• Employee/share option dilution (ESOPs) is transparently disclosed, with lists available for inspection

Growth Strategy: Expansion and Innovation

OmniVision’s growth plan is aggressive and multi-pronged:

• Substantial R&D investment (70% of proceeds) to maintain technology leadership
• International market penetration and business development (10%)
• Strategic investments and M&A (10%)
• Working capital (10%)
• Expansion in both semiconductor design and distribution business lines

Timeline: Most investment is frontloaded between 2026-2028, supporting near-term innovation and global expansion [[364]], [[367]].

Ownership, Lock-Ups, and Incentive Structures

Pre- and post-IPO shareholding structure is not fully detailed in the summary, but:

• Cornerstone investors will collectively hold up to 1.65% of post-IPO capital
• Controlling shareholders are subject to a six-month lock-up from listing
• Company is restricted from issuing new shares for six months post-listing
• ESOPs/A-share incentive plan dilution impact is disclosed, with potential dilutive effect and earnings per share impact available for public review

Valuation and Peer Comparison

No explicit P/E, P/B, EV/EBITDA, revenue CAGR, net margin, ROE, ROA, or dividend yield ratios are disclosed for OmniVision or peer companies. No peer symbols or sector 10-day performance information are included in the summary.

Research & Analyst Coverage

No explicit research opinions, price targets, or covering analysts are disclosed in the summary.

IPO Allotment Result

Final allotment and subscription breakdown by tranche will be published on or around January 9, 2026, including via search at www.tricor.com.hk/ipo/result and www.hkeipo.hk/IPOResult. Allotment outcomes include full publication of successful applicants’ identification numbers and a telephone enquiry line is available for four days post-announcement [[5]].

Listing Day Outlook and Investment Case

Based strictly on prospectus disclosures:

• Book quality is strong, with deep cornerstone support and syndicate participation by leading international and Chinese banks
• Offer is sized for institutional and cornerstone participation, with a limited retail tranche and robust over-allotment mechanism
• Financial performance and balance sheet are improving, with a clear growth and innovation orientation
• Risks are present but well disclosed; regulatory and macro uncertainties persist
• First-day trading performance is likely to be robust, supported by high anchor allocation, sector tailwinds, and syndicate stabilization capacity

Investment Case: For growth-focused investors seeking exposure to the next wave of Asian semiconductor innovation, OmniVision’s IPO represents a compelling, albeit cyclical, opportunity. Valuation and peer data are not disclosed, so price discipline and reliance on anchor participation are warranted.

Prospectus Access

The full prospectus is available at www.hkexnews.hk and www.omnivision-group.com.

How to Apply

Investors can apply for Hong Kong Offer Shares through:

• Online via the HK eIPO White Form service at www.hkeipo.hk
• Electronically through the HKSCC EIPO channel by instructing your broker or custodian (HKSCC Participant) via the HKSCC FINI system

Application window: Opens December 31, 2025, 9:00 am; closes January 7, 2026, 12:00 noon. Minimum application: 100 H Shares, in multiples thereof [[3]], [[5]], [[388]].