Shanghai FourSemi Semiconductor Co., Ltd. Launches Global Offering for Hong Kong Listing

Key Highlights for Investors

• Global Offering of 12,000,000 H Shares: Shanghai FourSemi Semiconductor is offering 12 million H Shares in its upcoming Hong Kong IPO, with an Over-allotment Option of up to 1.8 million additional H Shares (15% of the initial offering).
• Offer Price Range: The Offer Price is set between HK\$40.00 and HK\$50.00 per H Share. The maximum price per board lot (100 shares) is HK\$5,050.43, including all applicable fees and levies.
• Listing Date: Dealings in the H Shares are expected to commence at 9:00 a.m. on Tuesday, March 31, 2026.
• Electronic Application Only: The Hong Kong Public Offering is fully electronic. No physical prospectus or application channels will be provided to the public. Applications can be made via White Form eIPO (for physical share certificates) or through the HKSCC EIPO channel (for electronic holdings via brokers or custodians).
• Allocation Structure: 600,000 H Shares (5%) are initially available for the Hong Kong Public Offering, and 11,400,000 H Shares (95%) are offered internationally, both subject to reallocation. In case of over/undersubscription, reallocations may double the Hong Kong tranche to 1,200,000 H Shares.
• Stabilisation Action: The Stabilising Manager may undertake market stabilisation actions for up to 30 days after the close of the Hong Kong offering, potentially supporting the share price during the initial post-listing period.
• Conditionality and Refunds: The Global Offering is subject to conditions. If not met, or if the Offer Price is set below the maximum applied for, investors will receive a refund without interest.
• Timetable:
  • Application period: March 23–26, 2026
  • Price Determination: By March 27, 2026
  • Results Announcement: By 11:00 p.m. on March 30, 2026
  • Share Certificates/CCASS Credit: On or before March 30, 2026
  • Refunds (if any): On or before March 31, 2026

Details and Implications for Shareholders

Shanghai FourSemi Semiconductor Co., Ltd., a joint stock company incorporated in the People’s Republic of China, is set to list its H Shares on the Hong Kong Stock Exchange under stock code 3625. The listing is significant for several reasons:

• Company Valuation and Fundraising: The size and price range of the Global Offering (HK\$480 million to HK\$600 million, excluding exercise of the Over-allotment Option) may be highly price-sensitive. Strong demand or oversubscription could indicate positive investor sentiment and potentially support aftermarket trading.
• Market Support Mechanisms: The presence of a Stabilising Manager (Guotai Junan Securities (Hong Kong) Limited) means that price volatility could be managed in the early days of trading. However, this support is temporary (up to 30 days post-offering), after which the share price may be more vulnerable to market forces.
• Application and Allotment Risks: The fully digital application process and strict board lot requirements (minimum 100 shares, specific increments) mean that applications for non-standard quantities will be rejected. Investors must ensure they apply for the correct number of shares and are aware of the maximum they can apply for (up to 300,000 shares).
• Regulatory and Jurisdictional Restrictions: The Offer Shares are not registered under the U.S. Securities Act and cannot be offered or sold in the U.S. or to U.S. persons, except in offshore transactions under Regulation S.
• Termination Risks: The Underwriters have the right to terminate the Hong Kong Underwriting Agreement if certain adverse events occur prior to 8:00 a.m. on the Listing Date. This could affect the success of the IPO and return all application monies to investors.
• Settlement and Trading: H Shares will be eligible for CCASS settlement and must comply with HKSCC rules. Share certificates will only be valid evidence of title from 8:00 a.m. on the Listing Date; trading before this is at the investor’s own risk.

Potential Price-moving Factors

• Final Offer Price: The final pricing (between HK\$40 and HK\$50) will be a sensitive indicator of demand. A price set at or near the top of the range may signal strong institutional interest, possibly buoying aftermarket performance.
• Level of Subscription: Oversubscription, especially in the Hong Kong Public Offering, could lead to reallocation and trigger the Over-allotment Option, suggesting robust demand and potentially supporting the share price post-listing.
• Announcement and Allocation Results: Investors should watch for the allocation results (by March 30, 2026), which will reveal the level of demand and may influence early trading sentiment.
• Stabilisation End Date: Once stabilisation efforts cease (30 days post-offering), the share price could be subject to increased volatility.

Important Actions for Potential Shareholders

• Monitor Key Dates: Submit applications early due to possible service interruptions and monitor the company and HKEX websites for results.
• Check Allotment Carefully: Allocation results will be available via multiple channels (web, telephone) to ensure transparency.
• Stay Alert for Announcements: Watch for any announcement regarding the Over-allotment Option, pricing, or potential lapse/termination of the offering, as these will impact the share price.

Conclusion

The Shanghai FourSemi Semiconductor IPO is a significant event for both the company and Hong Kong’s capital market, offering investors exposure to a leading Chinese semiconductor firm. However, the offering’s outcome, final pricing, levels of subscription, and post-stabilisation performance will be critical factors influencing share price and investor returns.

Disclaimer: This article is for informational purposes only and does not constitute financial advice or a solicitation to buy or sell any securities. Investors should refer to the official prospectus and seek professional advice before making investment decisions. The information is based on the company’s public disclosures and is subject to change without notice.

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