80 Billion Yuan: Anhui's Largest Wafer Foundery Goes Public on the Hong Kong Stock Exchange

Reported by Core News on July 10, just now, Nexchip, the third-largest wafer foundry in Chinese Mainland and the largest in Anhui Province, has officially listed on the Hong Kong Stock Exchange.

Its offering price is HK$32.30 per share (approximately RMB 28.00), with the opening price rising 11.46% to HK$36.00 per share (approximately RMB 31.21). As of 9:35 AM, its share price peaked with a 13.93% increase to HK$36.80 per share (approximately RMB 31.90), giving it a total market capitalization of over HK$81.7 billion (approximately RMB 70.8 billion).

Hefei Core Hong Kong and Core Hong Kong under Beijing Core, Smart Sensing Microelectronics Technology Hong Kong under SmartSens, Chery Automobile Hong Kong under Chery Automobile, and Hong Kong GoerTek under Goer are all cornerstone investors of Nexchip.

Founded in May 2015, Nexchip is a 12-inch pure-play wafer foundry whose foundry services cover technology nodes from 150nm to 40nm.

Its wafer foundry services focus on key specific application integrated circuit categories, including Display Driver IC (DDIC), Complementary Metal-Oxide Semiconductor Image Sensor (CIS), Power Management IC (PMIC), Logic IC, Microcontroller Unit (MCU).

As of June 22, 2026, Nexchip has started trial production of 28nm logic chips, and plans to further extend its process capability to 22nm, reaching 40nm for DDIC, 55nm for CIS, and 110nm for PMIC and MCU.

According to data from Frost & Sullivan, from 2020 to 2025, Nexchip recorded the world's fastest capacity and revenue growth among the top 10 global wafer foundries; in 2025, ranked by revenue, Nexchip became the 9th largest in the world and 3rd largest in Chinese Mainland wafer foundry.

In 2025, ranked by DDIC foundry revenue, Nexchip was the world's largest DDIC wafer foundry with a market share of 23.3%.

Nexchip listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange (A-share market) in May 2023. As of the market close on July 9, its total A-share market capitalization reached 130.9 billion yuan.

01.

Annual revenue exceeded 10.3 billion yuan,

with net profit reaching 466 million yuan

In 2023, 2024 and 2025, Nexchip recorded total revenue of 7.183 billion yuan, 9.120 billion yuan and 10.388 billion yuan respectively, net profit of 119 million yuan, 482 million yuan and 466 million yuan respectively, R&D expenses of 1.058 billion yuan, 1.284 billion yuan and 1.453 billion yuan respectively, and gross profit margin of 20.3%, 25.2% and 22.7% respectively.

▲ Changes in Nexchip's revenue, annual profit and R&D expenditure from 2023 to 2025 (Chart by Core News)

The 90nm technology node remains its main revenue source, but its revenue proportion has been declining year by year over the past three years.

By business segment, the company's revenue mainly comes from providing foundry services for DDIC used in displays of consumer electronics such as TVs, smartphones and tablets.

In 2025, revenue from Chinese Mainland accounted for 61.4% of Nexchip's total revenue.

Its consolidated financial position statement is as follows:

The cash flow statement is as follows:

As of the end of 2025, Nexchip had 1,976 R&D personnel, accounting for about 34.6% of its total employees; it held 1,374 patents, including 1,057 invention patents, and had 354 pending patent applications, including 237 invention patent applications in Chinese Mainland and other jurisdictions.

02.

Annual shipment exceeded 1.66 million 12-inch wafers,

Top 5 customers contributed over half of total revenue

Nexchip operates a large-scale integrated production base focused on 12-inch wafer foundry in Hefei, Anhui Province, concentrating all its production facilities in a single manufacturing park.

As of December 31, 2025, the total construction area of its production base reached about 387,000 square meters, with an average monthly output of 139,000 12-inch wafers in 2025.

In 2023, 2024 and 2025, Nexchip's total wafer shipments reached 935,900, 1,366,600 and 1,668,000 12-inch wafers respectively.

In 2023, 2024 and 2025, revenue from the top 5 customers accounted for 64.2%, 62.2% and 57.9% of Nexchip's total revenue respectively.

During the same period, purchases from its top 5 suppliers accounted for 39.9%, 34.9% and 35.1% of its total procurement respectively.

03.

Co-General Manager once worked at TSMC

As of June 22, 2026, Hefei Construction Investment controls approximately 39.71% of Nexchip's total issued share capital, including a direct 23.34% stake and an indirect 16.37% stake through Hefei Core Display. The general partner of Hefei Core Display is Construction Investment Capital, which is ultimately controlled by Hefei Construction Investment.