Gpixel Changchun Microelectronics Inc.

Date of Prospectus: April 9, 2026

Gpixel Changchun Microelectronics Inc. IPO: Comprehensive Analysis, Growth Outlook, and Listing Day Prospects

IPO Snapshot: Key Terms and Highlights

Gpixel Changchun Microelectronics Inc. launches its Hong Kong IPO, offering investors direct access to one of the world’s most innovative CMOS image sensor (CIS) developers. The company’s shares are set to list on the Main Board of the Hong Kong Stock Exchange.

• IPO Symbol: Not explicitly stated in the document
• Offer Price: HK\$39.88 per H Share
• Total Shares Offered in Global Offering: 65,294,200 H Shares (including 6,529,500 shares for the Hong Kong Public Offering and 58,764,700 shares for the International Offering)
• Over-allotment Option (Greenshoe): Up to 9,794,100 additional H Shares (15% of initial offering)
• Post-IPO Outstanding Shares: 435,294,200
• Estimated Total Offer Size: ~HK\$2,603.5 million (including over-allotment option, based on offer price)
• Expected Listing Date: April 17, 2026

Minimum Public Float: 15% as per HKEX rules; Gpixel will have approximately 18.29% H Shares in public hands post-IPO.
Application Window: April 9, 2026 (9:00 a.m.) to April 14, 2026 (12:00 noon) (Hong Kong time)
Application Channels: Fully electronic via HK eIPO White Form (www.hkeipo.hk) or HKSCC EIPO via brokers/custodians using FINI system.

Use of Proceeds: Driving Innovation and Global Expansion

Gpixel’s IPO is a growth-driven capital raise, with proceeds earmarked for technology advancement and international expansion. The company expects net proceeds of HK\$2,503.6 million (assuming no exercise of the over-allotment option).

This allocation underscores a commitment to R&D and global competitiveness, with 76% of the proceeds targeted at innovation and capacity building.

Dividend Policy and Commitments

Gpixel has no formal dividend policy or pre-determined payout ratio. In June 2025, the company declared a cash dividend of RMB18.5 million, paid in August 2025. Future dividends will be determined by the Board, taking into account financial performance and capital requirements. The company may distribute dividends by cash or other means considered appropriate.

Placement Breakdown: Cornerstone, Institutional, and Public Investors

The IPO includes a robust cornerstone tranche, major institutional allocations, and a public offer:

• Cornerstone Investors: CPE Peepal, HHLRA, UBS Asset Management (Singapore), Arc Avenue, Boyu
• Cornerstone Shares: At least 10,801,500 H Shares (based on disclosed cornerstone allocations)
• Public Offer: 6,529,500 H Shares (10% of total offer)
• International Tranche: 58,764,700 H Shares (90% of total offer)

No pre-IPO disposals or sales by existing shareholders have been disclosed. All cornerstone investors are subject to a standard lock-up period and have no board representation or special rights post-listing.

Investor Participation and Book Quality

The presence of high-caliber cornerstone investors and a significant institutional tranche signals strong investor demand. Cornerstone investors have confirmed full payment before listing, with potential delayed delivery only to facilitate over-allocation in the International Offering.

The book quality, with multiple blue-chip names and comprehensive international placement, suggests solid listing-day support and high confidence in first-day trading performance.

Deal Parties and IPO Structure

Joint Sponsors: CLSA Limited, Guotai Junan Securities (Hong Kong) Limited
Global Coordinators/Bookrunners/Lead Managers: CLSA Limited, Guotai Junan Securities (Hong Kong) Limited
Underwriters: Hong Kong Public Offering is fully underwritten; International Offering expected to be fully underwritten upon execution of the International Underwriting Agreement.
Stabilization/Greenshoe: Over-allotment option of up to 9,794,100 shares (15% of the offer), to be exercised by the Overall Coordinators. Stabilization arrangements are in place, with compliance to Hong Kong market misconduct provisions.

The participation of established international investment banks and robust underwriting structure provide confidence in orderly listing and aftermarket support.

Company Overview: Business Model, Products, and Market Leadership

Gpixel Changchun Microelectronics Inc. is a leading CMOS image sensor (CIS) developer, focusing on high-end industrial, scientific, professional photography/video, and medical imaging applications. The company generates revenue primarily from the sale of CMOS image sensor products, targeting global OEMs, system integrators, and high-tech enterprises.

Key business lines include:

• Industrial Imaging – serving automation, machine vision, and smart manufacturing
• Scientific Imaging – enabling advanced research, astronomy, and life science applications
• Professional Photography & Video – supplying sensors for high-end cameras
• Medical Imaging – supporting diagnostic and imaging solutions

Gpixel operates across the PRC, Belgium, and Japan, with a strong international customer base.

Financial Health: Multi-Year Performance and Key Metrics

Gpixel demonstrates robust financial performance with high margins, strong growth, and a conservative balance sheet.

Listing expenses are estimated at RMB88.7 million (HK\$100.4 million), or 3.9% of gross proceeds.

Market Position and Competitive Advantages

Gpixel operates in a highly competitive global market, with the top five players dominating the sector. The company’s strengths lie in:

• High margins and profitability, reflecting product leadership
• Robust R&D focus and a pipeline of proprietary CIS technologies
• Global footprint in the PRC, Belgium, and Japan
• Prestigious customer base and recurring orders in advanced imaging applications

Management Team and Leadership

Gpixel’s board and senior management comprise experienced industry professionals, with Dr. Wang and Dr. Zhang as key figures. Both are named as controlling shareholders and pivotal to the company’s strategic vision and execution.

Sector Trends, IPO Timing, and Market Environment

The global demand for high-end imaging solutions is expanding, driven by automation, scientific research, healthcare digitization, and professional media equipment. Gpixel’s IPO occurs against this backdrop of technological disruption and rising adoption of smart optical systems.

• IPO Application Window: April 9–14, 2026
• Listing Date: April 17, 2026

The macro environment as described is supportive, with no adverse regulatory findings and all PRC and HKEX requirements fulfilled. There is no evidence of sectoral headwinds in the document.

Gpixel’s voluntary withdrawal from a previous A-share listing was a strategic move to access international capital markets via Hong Kong, aiming for greater global recognition and investor base expansion.

Risk Factors: Quantified and Strategic Exposures

Key risks include:

• Intense industry competition from global CIS suppliers, requiring continuous innovation and customer responsiveness
• Uncertainty in business strategy implementation, especially regarding new growth initiatives and M&A integration
• Potential volatility in first-year trading, as research analyst coverage and market liquidity are initially established
• Concentration of control: Post-IPO, controlling shareholders will still hold approximately 42.1% of total share capital, able to influence major decisions
• Regulatory and legal risks, including PRC and international compliance, as well as dependency on cross-border supply chains
• Risks relating to foreign exchange, economic cycles, and sector-specific disruption
• No guarantees on future dividend payments

Gpixel’s public disclosures indicate no material litigation, significant unresolved compliance issues, or major customer/supplier concentration risks.

Growth Strategy: Innovation, Expansion, and Capital Allocation

Gpixel’s growth strategy is underpinned by:

• Major investments in R&D and product iteration (55% of IPO proceeds)
• Establishment of an advanced R&D center for CMOS image sensors (21%)
• Expansion of packaging and testing lines (4%)
• Overseas market expansion in key geographies (10%)
• Working capital and operational flexibility (10%)

The company’s M&A approach is opportunistic and focused on strategic alliances that complement the core business, with prudent financial management and avoidance of speculative ventures.

Ownership Structure and Lock-up Arrangements

Immediately after the IPO (assuming no exercise of the over-allotment option):

• Controlling shareholders (Dr. Wang, Dr. Zhang, and related entities): ~42.1%
• Public float (H Shares): 18.29% of total issued shares
• Pre-IPO Investors: 22 institutional and individual investors, subject to a 12-month lock-up from listing date
• ESOP (Pre-IPO Share Option Scheme): 6,162,000 options granted (exercise price RMB10.00/share, vesting in two tranches post-listing, with additional regulatory lock-up/transfer restrictions)

All unlisted shares to be converted to H Shares are restricted from trading for one year after listing.

Recent Developments and Major Corporate Actions

Gpixel completed its last pre-IPO investment round in July 2022, raising RMB1,084 million from 22 investors at a significant discount to the IPO price. All special rights for pre-IPO investors will terminate upon listing. No major acquisitions, mergers, or disposals have taken place in the two years prior to the IPO, and the company’s only disclosed capital increase was a RMB300 million injection into a subsidiary in late 2024.

Listing Outlook: First-Day Performance and Investment Case

The Gpixel IPO is positioned for a strong debut, supported by blue-chip cornerstone investors, robust financial health, and strategic use of proceeds focused on high-value growth areas.

The high gross and net margins, low leverage, and established international footprint suggest a premium valuation and resilient aftermarket. The deep institutional book, cornerstone support, and experienced lead underwriters further bolster confidence in orderly trading and potential upside on listing day.

Inferred likely listing outcome: Based strictly on the facts in the offer document, Gpixel’s IPO appears attractive for investors seeking exposure to high-growth, high-margin technology leaders in the global CIS sector. First-day trading is likely to be strong relative to the offer price, with robust demand and limited free float providing additional price support.

Prospectus and Official Information Access

For those seeking the official prospectus and more detailed company data, visit:
www.hkexnews.hk
www.gpixel.com

Application Process and Timetable

Application Window: Opens 9:00 a.m., April 9, 2026; closes 12:00 noon, April 14, 2026 (Hong Kong time).
Application Channels: Applications are fully electronic. Investors may apply via the HK eIPO White Form service at www.hkeipo.hk or instruct their broker/custodian (who is a HKSCC Participant) to apply via the HKSCC’s FINI system. Only those with a Hong Kong address, aged 18+, and not a U.S. Person may apply through the HK eIPO White Form. No printed prospectuses or physical application channels are provided.

Allotment results and allocation basis will be published on or before 11:00 p.m. on Thursday, April 16, 2026 on www.gpixel.com and www.hkexnews.hk.