Gpixel Changchun Microelectronics Inc.

Date of Prospectus: April 9, 2026

Gpixel Changchun Microelectronics IPO: Robust Demand, Leading Cornerstones, and Strategic Growth in the Semiconductor Sector

Gpixel Changchun Microelectronics Inc. (Stock code: 3277) launches one of the most closely watched technology IPOs of 2026 in Hong Kong, offering investors exposure to a cutting-edge Chinese image sensor leader. Backed by high-profile cornerstone investors and demonstrating strong market appetite, the deal signals investor confidence in the company’s growth trajectory and market position.

IPO Snapshot

Gpixel Changchun Microelectronics Inc. is offering 65,294,200 H Shares at an offer price of HK\$39.88 per H Share, targeting gross proceeds of HK\$2,603.9 million and net proceeds of HK\$2,503.6 million (before any exercise of the Over-allotment Option).

Use of Proceeds: The company intends to deploy net proceeds of HK\$2,503.6 million for future plans and use of proceeds as detailed in the prospectus, with allocations to R&D, capacity expansion, and other growth initiatives. The allocation of proceeds from any exercise of the Over-allotment Option will be adjusted on a pro rata basis, reinforcing a **growth-driven strategy** [[4]].

Oversubscription Metrics

Retail (Hong Kong Public Offering): 266,501 valid applications, subscription level of 1,138.21 times.
Institutional (International Offering): 172 placees, subscription level of 22.69 times [[5]][[6]].

No claw-back was triggered for the Hong Kong Public Offering, reflecting robust but controlled allocation dynamics.

Dividend Policy

The prospectus does not disclose a specific dividend policy or payout ratio commitment.

Placement and Issuance Breakdown

The IPO shares are distributed as follows:

• Hong Kong Public Offering: 10% of Offer Shares (6,529,500 H Shares)
• International Offering: 90% of Offer Shares (58,764,700 H Shares)
• Cornerstone Investors: 32,645,200 H Shares (50% of International Offering, 11.21% of total H Shares after the Global Offering)

The company utilized waivers and consents to allow certain close associates of existing shareholders and cornerstone investors to participate, with full compliance to regulatory guidelines [[6]][[7]][[9]].

Investor Participation and Book Quality

Cornerstone Investors:

Other notable allocations: A diverse set of cornerstone investors received allocations, including Fullgoal Asset Management, GF Fund Management, Greenwoods, Mirae Asset, Perseverance Asset Management, ICBC Wealth, and others. Cornerstone and connected allocations are subject to regulatory lock-ups and waivers where applicable [[7]][[8]][[9]][[10]].

Book Quality:

• International tranche was 22.69 times subscribed.
• Retail tranche was 1,138.21 times subscribed.
• Over-allocation: 9,794,100 H Shares in the international tranche (may be covered by over-allotment or market purchases).
• Concentration: Top 10 placees received 61.41% of International Offering; top 25, 93.91% [[24]].

Implication: The high oversubscription and cornerstone participation suggest **very strong investor demand** and imply an elevated probability of a robust listing debut, particularly given the breadth of institutional support.

Deal Parties and Structure

Joint Sponsors/Global Coordinators/Bookrunners/Lead Managers:

• CLSA Limited
• Guotai Junan Securities (Hong Kong) Limited
• China International Capital Corporation Hong Kong Securities Limited
• China Merchants Securities (HK) Co., Limited
• Haitong International Securities Company Limited

Stabilization/Over-allotment Option: CLSA Limited acts as Stabilizing Manager with the ability to support the market price post-listing for up to 30 days after the close of the offer period. The over-allotment option covers up to 9,794,100 additional H Shares [[2]][[3]][[4]].

Inferred Impact: The presence of leading investment banks and a robust stabilization mechanism supports the potential for a stable and well-supported trading debut, as inferred from the prospectus [[2]].

Company Overview

Business Model & Revenue Streams:
Gpixel Changchun Microelectronics Inc. specializes in the design and manufacturing of advanced CMOS image sensors, serving a wide range of industrial, scientific, and commercial applications. The company monetizes through direct product sales to OEMs and end-users across geographies, with a focus on high-performance, specialty sensor solutions [[2]].

Industry & Market Definition:
The company operates in the semiconductor sector, with a primary focus on image sensor technology. Market size and share data are not detailed in the provided material.

Key Products/Services:
CMOS image sensors for industrial, scientific, and professional markets.

Customer Segments & Geographies:
Gpixel serves regional and global OEMs, system integrators, and end-users across multiple continents.

Management Team:

• Dr. Wang Xinyang – Chairman, General Manager, CEO, Executive Director
• Dr. Zhang Yanxia – Executive Director
• Ms. Wu Qinyun – Executive Director
• Ms. Yang Yi, Dr. Chu Hairong, Dr. Xiong Jingying – Non-executive Directors
• Dr. Wang Xinlu, Dr. Xie Ning, Dr. Gao Teng – Independent Non-executive Directors

Financial Health

Financial metrics such as multi-period revenue, profitability, and margin data are not disclosed in the provided content.

Market Position and Competitive Advantages

Gpixel is positioned as an innovator in the high-performance image sensor segment, with diversified customer relationships and a growing international footprint. Brand reputation is supported by strong cornerstone interest and institutional allocations.

Trends, Timing, and Environment

Sector and Regional Trends: The semiconductor and image sensor industry is experiencing robust demand for high-quality imaging solutions across industrial, scientific, and commercial fields.

IPO Timetable:

• Prospectus Date: April 9, 2026
• Listing Date: April 17, 2026
• Stabilization Period: Up to May 14, 2026

Macro Environment: The prospectus references a strong demand environment for advanced imaging technology, aligning with global trends toward automation, machine vision, and scientific research.

Recent Developments: The company highlights its rapid expansion, broadening investor base, and regulatory compliance efforts as key recent achievements.

Market Conditions: Favorable, as evidenced by oversubscription, cornerstone participation, and sector growth dynamics.

Prospectus Deep Dive

Risk Factors

Key risks include:

• High concentration of shareholding in a small number of shareholders, which could lead to price volatility even with limited trading volumes.
• Regulatory compliance—multiple waivers and consents required for cornerstone and connected client allocations.
• No explicit dividend policy, which may affect income-oriented investors.
• Potential for post-lock-up selling when lock-up periods for cornerstone investors and pre-IPO shareholders expire [[3]][[18]][[19]].

Growth Strategy

Use of proceeds signals a focus on R&D, capacity expansion, and international market penetration. The company plans to adjust allocation of proceeds from any over-allotment option on a pro rata basis to fund future growth initiatives [[4]].

Expansion Plans: R&D and capital investment for core technology and product lines.

Ownership & Lock-Ups

Other pre-IPO investors and close associates are also subject to 12- to 36-month lock-ups, with public float comfortably above the 15% minimum required at listing [[18]][[19]][[21]][[22]][[44]].

Valuation and Peer Comparison

No direct peer comparison table or sector multiple data is disclosed in the prospectus.

Research & Opinions

No explicit analyst opinions or target prices are included in the prospectus.

IPO Allotment Results

Final allocation statistics:

• Hong Kong Public Offering: 45,516 successful applications
• International Offering: 172 placees
• Top 25 placees in the international tranche: 93.91% of allocation, indicating high demand concentration
• Retail allocation results available at: http://www.hkeipo.hk/iporesult

Listing Outlook

Inferred from prospectus data: Extraordinary oversubscription in both retail and institutional tranches, significant cornerstone commitment, and robust book quality all suggest a strong probability of listing at or above the offer price. High concentration of shareholding may increase volatility but is mitigated in the short term by long lock-ups for major investors. Investors can expect a tight first-day trading range with potential for upward movement, especially if stabilization measures are deployed.

Prospectus Access

Full prospectus and allocation results are available at: www.hkexnews.hk

How to Apply

Applications for the Hong Kong Public Offering were made via brokers, banks, or the designated e-IPO platform as per the instructions in the offer timetable. Allocation results and application procedures are available at: http://www.hkeipo.hk/iporesult