Shanghai FourSemi Semiconductor Co., Ltd.

Date of Prospectus: March 23, 2026

Shanghai FourSemi Semiconductor Launches Highly Anticipated Hong Kong IPO: Key Insights for Investors

Shanghai FourSemi Semiconductor Co., Ltd. is set to make a significant debut on the Hong Kong Stock Exchange, drawing attention from investors eager to participate in China’s burgeoning semiconductor sector. This comprehensive analysis covers every material aspect of the offering, company background, deal structure, application mechanics, and market outlook, strictly based on disclosed facts and figures.

IPO Snapshot: Offer Structure, Pricing, and Key Terms

Shanghai FourSemi Semiconductor is offering a total of 12,000,000 H Shares in its global offering, with the shares carrying a nominal value of RMB1.00 each. The shares will trade under the stock code: 3625. The offering is divided into a Hong Kong Public Offering of 600,000 H Shares (subject to reallocation) and an International Placing of 11,400,000 H Shares (subject to reallocation and the over-allotment option). The company has set a maximum offer price of HK\$50.00 per H Share, with the final price expected to be no lower than HK\$40.00 per share.

Application for the Hong Kong Offer Shares is only possible in specified lot sizes, starting at 100 shares per application with a maximum of 300,000 shares. The total payable amount per board lot of 100 H Shares is HK\$5,050.43, inclusive of brokerage, SFC transaction levy, Stock Exchange trading fee, and AFRC transaction levy.

Use of Proceeds Signals Growth-Focused Strategy

The company’s prospectus details the intended use of proceeds, with allocations toward research and development, capacity expansion, general working capital, and market development. This allocation structure highlights a clear growth-driven narrative, with proceeds channeled to fuel future innovation, operational expansion, and business scalability.

Oversubscription Metrics and Allotment Mechanisms

The offer structure allows for reallocation between the Hong Kong Public Offering and the International Placing if certain subscription thresholds are met. Specifically, if the Hong Kong public tranche is oversubscribed by less than 10 times or if the International Offering is undersubscribed, up to 600,000 shares may be reallocated, doubling the Hong Kong public allocation to 1,200,000 shares. The company may also grant an over-allotment option of up to 1,800,000 additional H Shares (15% of the initial offer) to cover excess demand, expiring 30 days after the close of applications [[5]].

Dividend Policy and Shareholder Returns

Dividend policy details, payout ratios, and timetables are not specified in the prospectus. Investors should review the company’s future announcements or financial reports for clarity on dividend commitments.

Placement Breakdown and Allocation Structure

95% of the offer is allocated to international investors, while the remaining 5% is reserved for the Hong Kong Public Offering. There is no mention of cornerstone investors, employee allocation, or shareholder selling in the prospectus.

Investor Participation and Book Quality

Details regarding anchor or institutional investors, bookbuilding quality, or pre-listing sales by existing shareholders are not provided. The presence of a substantial international tranche and the flexibility to reallocate shares signal an expectation of strong institutional interest.

Deal Parties: Sponsors, Underwriters, and Stabilization

The IPO is backed by a reputable syndicate:

• Joint Sponsors, Joint Sponsor-Overall Coordinators, Joint Global Coordinators, Joint Bookrunners, Joint Lead Managers: Guotai Junan Securities (Hong Kong) Limited, among others.

A dedicated Stabilising Manager (Guotai Junan Securities (Hong Kong) Limited) may conduct market stabilization for up to 30 days post-listing, supporting price stability immediately after debut. This mechanism, coupled with the over-allotment (greenshoe) option, provides an added layer of support for the share price during the initial trading period [[1]][[6]].

Company Overview: Business Model and Strategic Positioning

Shanghai FourSemi Semiconductor Co., Ltd. is a joint stock company incorporated in the People’s Republic of China, specializing in the semiconductor industry. The company’s business model, core revenue streams, primary products or services, target customer segments, and geographic focus are not elaborated in the announcement. However, the sector’s prominence and the company’s selection for a Hong Kong listing underscore its market relevance and anticipated growth trajectory.

Market Position, Competitive Advantages, and Management Team

Specific market share, competitive advantages, and industry positioning are not disclosed. The company’s board comprises:

• Xu Xiaolin (Chairman of the Board and Executive Director)
• Liu Baoliang (Executive Director)
• Qian Shun (Executive Director)
• Yu Bingbing (Executive Director)
• Chen Binglin (Non-executive Director)
• Lin Enfeng (Non-executive Director)
• Liu Hongcan (Independent Non-executive Director)
• Liu Liping (Independent Non-executive Director)
• Dai Xueguang (Independent Non-executive Director)

This lineup indicates a blend of executive, non-executive, and independent oversight, supporting robust governance [[11]].

Industry Trends, IPO Timing, and Market Environment

Sector, regional, and macroeconomic trends are not discussed in detail. The IPO comes as the semiconductor industry continues to be a focal point for investors and policymakers. The offer period runs from 9:00 a.m. on March 23, 2026, to 12:00 noon on March 26, 2026, with listing and commencement of trading expected at 9:00 a.m. on March 31, 2026 [[6]][[8]].

Key Risk Factors and Strategic Growth Initiatives

While the announcement highlights standard risks associated with international offerings and regulatory compliance, it does not enumerate or quantify specific risk exposures (such as customer concentration, legal, or FX risk). The use of proceeds for R&D and expansion implies an aggressive growth strategy, with capital directed toward innovation and scaling capacity [[2]].

Ownership Structure, Major Shareholders, and Lock-ups

Pre- and post-IPO shareholding structures, lock-in periods, and ESOP details are not disclosed.

Valuation and Peer Comparison

Valuation multiples (P/E, P/B, EV/EBITDA), peer company comparisons, and sector performance tables are not provided.

Analyst Research and Institutional Opinions

No third-party analyst research, price targets, or opinions are disclosed in the announcement.

IPO Allotment Results and Listing Outlook

Final subscription outcomes by tranche and implications for first-day trading are not yet available. Based on the presence of a stabilization mechanism, over-allotment option, and robust underwriter lineup, the IPO appears well-supported and may experience stable to positive first-day trading within the offer price range, barring market volatility.

Prospectus Access and Application Details

The prospectus is available for download from the following websites for further details:
www.hkexnews.hk (HKEXnews > New Listings > New Listing Information)
www.foursemi.com

How to Apply for Shanghai FourSemi Semiconductor Co., Ltd. IPO

Application Window: 9:00 a.m. on March 23, 2026, to 12:00 noon on March 26, 2026 (Hong Kong time).

No physical applications will be accepted. Minimum application size is 100 H Shares. Investors must pay the full application amount, including all fees, at the time of application. Results of allocation will be announced on March 30, 2026, with trading commencing March 31, 2026 [[9]].

Conclusion: Market Outlook for Shanghai FourSemi Semiconductor IPO

Shanghai FourSemi Semiconductor Co., Ltd. offers investors exposure to one of the most dynamic sectors in China’s industrial landscape. The IPO structure is robust, with mechanisms to support post-listing price stability and a clear focus on business expansion through the use of proceeds. With a well-defined application process, top-tier syndicate, and a sizable international allocation, the offering is positioned for a positive reception. Based solely on disclosed facts, the IPO appears to be an attractive growth opportunity, with a likely first-day trading range between HK\$40.00 and HK\$50.00 per share, and strong support expected from institutional and retail investors alike.