IPO Digest — June 8–9, 2026: SENASIC Opens Bookbuilding, Four Hearings Cleared, Fujida Approved on A-Share
Two-day digest covering Monday's gap and Tuesday: SENASIC (06675) opens a HK$9.8B subscription for automotive sensing SoC chips (listing June 17); SEER robot controllers and Nexchip wafer foundry clear HKEX listing hearings; Fujida Industrial gets SSE Main Board approval with RMB 773M raise; and Suiyuan Technology plus Yuexin Semiconductor are queued for June 15 A-share committee reviews.
Note: This issue covers Monday June 8 (market holiday gap from last Friday's digest) through Tuesday June 9, 2026. No new equity IPO debuted on HKEX on either day; the action is in the subscription window, two exchange-floor listing hearings, and the A-share approval and pipeline queues.
At a glance
| Status | Company | Market | Key figure |
|---|---|---|---|
| Subscription open | SENASIC (06675) | HKEX Main Board | HK$9.07B net proceeds; listing June 17 |
| Listing hearing cleared | SEER / 仙工智能 | HKEX Main Board (18C) | Robot controllers; 3rd application attempt |
| Listing hearing cleared | Nexchip / 晶合集成 (688249-SH) | HKEX Main Board (A+H) | 12-inch wafer fab |
| Listing hearing cleared | Jiangxi Biomedical / 江西生物 | HKEX Main Board | Tetanus antitoxin |
| Listing hearing cleared | Luxshare / 领益智造 (002600-SZ) | HKEX Main Board (A+H) | AI terminal hardware |
| SSE listing-committee approved | Fujida Industrial / 富士达工业 | SSE Main Board | RMB 773M raise; e-bikes |
| SSE committee review scheduled | Suiyuan Technology / 燧原科技 | SSE STAR Market | RMB 6B raise; cloud AI chips |
| SZSE committee review scheduled | Yuexin Semiconductor / 粤芯半导体 | SZSE ChiNext | RMB 7.5B raise; 12-inch analog fab |
HKEX — subscription open
SENASIC / 琻捷电子 (06675): automotive sensing chips start bookbuilding
SENASIC, a Suzhou-based fabless semiconductor company, opened its Hong Kong IPO subscription on June 9. The offer price is set at HK$18.36 per share for 53.41 million H shares, implying gross proceeds of roughly HK$9.8 billion and net proceeds of approximately HK$9.07 billion (before any greenshoe exercise). Subscription closes June 12; the stock is due to begin trading on June 17.1
CICC and Guotai Junan International are joint sponsors. Cornerstone investors — who agreed to subscribe approximately HK$283 million in aggregate at the offer price — include Xinwangda Hong Kong (an affiliate of battery maker Sunwoda, 300207-SZ), Guoxuan High-Tech (002074-SZ), and several financial institutions including Thalassa Capital and Chample International.1
Business: SENASIC develops wireless sensing system-on-chip (SoC) solutions, primarily for automotive applications. According to a Frost & Sullivan report cited in the prospectus, it ranked third globally and first in China by 2025 revenue among automotive wireless sensing SoC suppliers. The top two global players together hold over 50% of the automotive wireless sensing SoC market; SENASIC occupies a meaningful third position in a field dominated by established international players.1
Beyond automotive, the company has since 2021 extended its SoC platform into energy storage, industrial electronics, robotics, and consumer electronics — sectors where wireless sensing is becoming standard infrastructure.
Use of proceeds: 40% toward scaling commercial production of existing products; 30% toward R&D for smart tyre chips, smart battery-cell chips, and general sensing SoC; 10% for international and domestic sales expansion; 10% for strategic investments or acquisitions; 10% for working capital.
Watchpoints:
- The automotive wireless sensing SoC market is still largely held by European and U.S. incumbents. SENASIC's 25% market margin versus the top two's 50%-plus share reflects a real but narrow competitive moat; whether Chinese OEM localisation tailwinds sustain it or global peers respond aggressively matters more than the headline ranking.
- The cornerstone lineup skews toward strategic partners (battery and EV supply-chain names) rather than pure-financial investors — a pattern that implies customer stickiness but also some concentration risk if EV demand softens.
- Status: Priced, awaiting debut (June 17)
HKEX — listing hearings passed (June 7–8)
SEER / 仙工智能: robot brain company, third attempt under Chapter 18C
SEER (full name: 仙工智能科技股份有限公司), a Shanghai-based robot controller maker, passed its HKEX listing hearing on June 7 under Chapter 18C (Specialist Technology Companies).2 This is SEER's third application to HKEX after two earlier attempts did not succeed.
Business: SEER's core product is its SRC-series robot controller — effectively the onboard computing and decision module that integrates localisation, intelligent decisions, and motion control for autonomous mobile robots (AMR). It also makes complete AMR units and sells fleet management software. By 2025 sales volume, its controllers held 24.8% of the global robot controller market, making it the world's largest by that metric.3
The business has an awkward split: controllers (the high-margin core) contributed only 19.3% of 2025 revenue with an 80% gross margin, while complete robots — lower-margin, commodity-adjacent — accounted for 68% of revenue at 38% gross margin. That drag from whole-robot sales pulls down profitability across the board. The company ran cumulative adjusted net losses of RMB 34.4 million from 2023 to 2025 and warned that losses will likely continue in 2026.3
Watchpoints:
- The controller-versus-robot revenue mismatch is the defining structural question for this offering. Until controller revenue displaces whole-robot sales as the primary growth engine, margin trajectory is hard to predict.
- Global revenue is only 17.3% of total (RMB 76.4M in 2025, up 55% year-on-year), concentrated in East Asia. Europian and North American growth requires local legal entities — one stated use of proceeds.
- 18C Chapter listings require no profitability threshold but do carry higher post-listing scrutiny on commercialisation progress. Investors are buying the controller IP story, not the robot hardware business.
Nexchip / 晶合集成电路 (688249-SH): wafer foundry seeks A+H dual listing
Nexchip (晶合集成电路股份有限公司), listed on the SSE STAR Market since 2023, passed its HKEX listing hearing on June 8, advancing its A+H dual listing plan.2
Business: Nexchip is a Hefei-based 12-inch pure-play wafer foundry specialising in analog specialty process technology. Its customer base spans display drivers, power management, and mixed-signal chips — segments where China's domestic supply chain is actively trying to reduce import dependence. The company raised RMB 10.5 billion in its 2023 A-share IPO; H-share proceeds would give it fresh access to offshore capital for continued capacity expansion.
Watchpoints:
- The A+H timing follows strong demand for HKEX-listed semiconductor names with Mainland production assets. Whether the Hong Kong offer is priced at, above, or below the A-share level will signal institutional appetite for foundry capacity stories at this moment.
- Analog specialty fabs operate at different competitive dynamics from leading-edge logic — less geopolitically exposed, but still subject to domestic oversupply risk as multiple new 12-inch lines come online across China.
Also cleared on June 7
Two additional companies passed listing hearings:
- Jiangxi Biomedical / 江西生物: exporter of human tetanus antitoxin, targeting HKEX Main Board.2
- Luxshare Precision / 领益智造 (002600-SZ): A-share listed supplier of AI terminal hardware components seeking an A+H dual listing.2
Neither company has announced an offer price or subscription timeline as of this writing; formal prospectus filing and pricing are expected in the coming weeks.
A-share — listing committee approval
Fujida Industrial / 富士达工业: e-bike OEM clears SSE Main Board review
Tianjin Fujida Bicycle Industry Co. (天津富士达自行车工业股份有限公司) received approval from the SSE Listing Committee at its 34th review meeting of 2026 on June 8.4 The company targets the SSE Main Board, sponsored by Zhongtai Securities.
Business: Fujida is primarily a contract manufacturer and co-developer of bicycles and electric-assisted bicycles (e-bikes) for global and domestic brands, supplemented by its own-brand sales.
Financials:
| Year | Revenue (RMB M) | Net profit (RMB M) | ROE |
|---|---|---|---|
| 2025 | 5,061 | 382 | 14.0% |
| 2024 | 4,880 | 408 | 17.0% |
| 2023 | 3,621 | 285 | 13.9% |
Planned raise: RMB 773 million, directed to an intelligent e-bike and high-end bicycle manufacturing upgrade, an R&D centre, and brand/channel development.4
Watchpoints:
- Fujida's 2025 revenue nudged up while net profit actually dipped year-on-year from the 2024 peak — a margin compression signal worth watching through the prospectus.
- The e-bike export market has been a significant beneficiary of EU carbon-reduction policy; any tariff shifts (particularly EU anti-dumping investigations targeting Chinese e-bike makers) could disrupt order volumes.
- Next steps: CSRC registration, then a 5-day no-objection window before final registration approval and pricing.
A-share — upcoming listing committee reviews (June 15)
Suiyuan Technology / 燧原科技: cloud AI chip maker heads to SSE review
Suiyuan Technology (上海燧原科技股份有限公司), founded in 2018 and based in Shanghai, is scheduled for the SSE Listing Committee's 37th review meeting on June 15, targeting the STAR Market.5 The company plans to raise RMB 6 billion for its fifth- and sixth-generation AI chip R&D and commercialisation, and for its AI software-hardware co-innovation platform.
Business: Suiyuan positions itself as a Chinese cloud AI chip company, having self-designed four generations of chip architectures and five product families across AI accelerator cards, modules, intelligent computing cluster systems, and software stack. Its 2025 revenue was RMB 990 million.
Financials: The company has been unprofitable throughout: adjusted net losses (excluding non-recurring items) were RMB 1.57 billion, RMB 1.50 billion, and RMB 1.20 billion in 2023, 2024, and 2025 respectively. R&D spending as a share of revenue ran at 408%, 182%, and 115% across those three years — a figure that reflects the cost of building a domestic GPU stack from scratch.5
Watchpoints:
- Losses have narrowed sequentially but remain very large relative to revenue. The RMB 6 billion raise — six times 2025 revenue — signals that Suiyuan believes it needs significant capital to reach the next chip generation before cash becomes a constraint.
- The company competes in a field with heavy policy support (domestic AI chip substitution) and heavy competition from both domestic rivals (Cambricon, Biren) and the still-dominant NVIDIA H/A-series installed base.
- STAR Market listing does not require profitability for technology companies, but the committee will scrutinise whether the "scientific innovation" threshold is met given the loss depth.
Yuexin Semiconductor / 粤芯半导体: 12-inch analog foundry to SZSE ChiNext
Yuexin Semiconductor Technology Co. (粤芯半导体技术股份有限公司), a Guangzhou-based 12-inch wafer foundry, is scheduled for the SZSE Listing Committee's 34th review meeting on June 15, targeting ChiNext.5 The planned raise is RMB 7.5 billion, directed to a third-phase 12-inch analog specialty production line and R&D platform.6
Business: Yuexin is a pure-play 12-inch foundry focused on analog specialty process technology — the same segment as Nexchip, though targeting slightly different application nodes and customer verticals. It is the only 12-inch analog specialty fab headquartered in the Pearl River Delta.
Watchpoints:
- Two 12-inch analog specialty foundry IPOs queuing for listing committee review within days of each other (Yuexin domestically, Nexchip seeking H shares) reflects how capital is chasing this segment. But demand from domestic display driver and power management IC designers needs to sustain both capacity build-outs.
- A RMB 7.5 billion raise for a fab expansion is significant; investors will want to see utilisation rates and order backlog detail in the prospectus.
Pipeline update
Unitree Robotics / 宇树科技: Advanced from listing committee approval (June 1 committee vote, covered in the June 5 issue) to the "submitted for CSRC registration" stage this week.7 The company still awaits CSRC review and a 5-day no-objection period before final registration can proceed. Prospectus and pricing remain pending; listing on the STAR Market is expected in July at the earliest.
Jialitech / 嘉立创: The PCB and electronics manufacturing services company completed CSRC registration this week, according to the SSE/SZSE weekly pipeline review — making it one of the most advanced Main Board candidates currently in the queue.7
The MINERVA GP RTS (02953) listed on HKEX on June 9 represents nil-paid rights from an existing listed company (00397), not a new market debut, and is excluded from this digest per editorial scope.
参考来源
- 1SENASIC IPO announcement, Gelonghui via Sina Finance
- 2Ming Pao Finance, June 9, 2026
- 3Sina Finance analysis of SEER's prospectus
- 4Securities Times, Fujida IPO approval
- 5Sina Finance, Suiyuan and Yuexin IPO scheduling
- 6Dahecube, Yuexin and Suiyuan IPO overview
- 7SSE/SZSE/BSE IPO weekly review, Caijingyan via 163.com
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