Shanghai's leading analog chip player: We will no longer put the company up for sale, and will instead pursue an independent public listing.
Recently, Shanghai Chipanalog Microelectronics Co., Ltd. (hereinafter referred to as "Chipanalog Microelectronics") has filed for IPO counseling filing with the Shanghai Securities Regulatory Bureau, with CITIC Securities appointed as the counseling institution. As of the filing date, the company has a registered capital of 62,720,226 yuan, and its controlling shareholder Chen Dongpo directly holds 14.6189% of the shares, controlling a total of 32.2141% of the company's voting rights.
As a first-tier domestic manufacturer in the isolated analog chip track, Chipanalog Microelectronics has gathered industrial capital from four major automakers including BYD, SAIC Motor, Geely and Changan behind it. Its independent push into the capital market this time has also attracted wide attention from the industry.
Layout of High-end Analog Chips
Established in May 2016 and registered in Qingpu District, Shanghai, Shanghai Chipanalog Microelectronics Co., Ltd. is mainly engaged in the R&D, design and sales of high-end analog chips. With isolation technology as its core competence, it has formed four major product lines: isolation and interface, driver and power supply, high-performance analog and μMiC strategic products, whose downstream applications cover core fields such as industrial control, new energy power, intelligent computing center, and automotive electronics.
In the isolation and interface product line, the company lays out full-category bus interface chips including digital isolators, isolated CAN transceivers, isolated RS-485/422 transceivers, and launches two generations of interface products integrating isolated power supplies relying on miniaturized isolated power supply technology. Among them, the second-generation "three-in-one" products CA-IS2092A and CA-IS2062A integrate three functions of isolated DC-DC converter, digital isolator and interface in a single package, adopting a compact LGA16 package with 69% smaller area than the first generation. They have been in stable mass production at present, and are widely used in scenarios such as battery management systems, humanoid robots, industrial PLCs, frequency converters and electric motorcycles, with the entire supply chain realizing domestic independent controllability.
The driver and power supply product line focuses on the high-growth tracks of new energy and automotive electronics, and provides chip solutions covering high and low voltage scenarios around categories such as isolated gate drivers, isolated DC/DC converters, system basis chips and solid state relays.
The CA-IS3217/8-Q1 series enhanced isolated gate drivers mass-produced in December 2025 are based on SiO₂ capacitive isolation technology, integrating ±10A peak drive capability, isolated ADC sampling and multiple active protection mechanisms, adapting to the demands of SiC and IGBT power devices. They have an isolation working voltage of 1.5kVRMS, common-mode transient immunity of over 150kV/μs, and an isolated gate service life of over 40 years under rated working conditions.
Its high-performance analog product line covers two major directions of signal chain and RF chips, including products such as isolation amplifiers, isolated ADCs, linear Hall current sensors, high-precision ADCs and RF transceivers, which is the core layout for the company to break through to links with higher technical barriers. The μMiC strategic products integrate the board-level functions of multiple discrete devices into a single chip through chip-level integration technology, combining high-end design, advanced packaging and system integration capabilities to provide customers with solution-level and module-level chip delivery forms.
In terms of technical barriers, the company takes capacitive isolation technology as its core foundation, and owns core technologies such as enhanced voltage-withstanding capacitive isolation structure, dual-capacitor isolation design, and integrated solution of isolation capacitor and magnetic isolation, among which the dual-capacitor isolation solution has a transient withstand capability of 15kVrms.
Up to now, the company has accumulated about 123 patents, forming independent intellectual property rights in the directions of isolation capacitor voltage-withstanding structure, break detection circuit and other directions. In terms of automotive specification certification, the company's automotive-grade products have passed the AEC-Q100 certification, and the company has obtained the ASIL D level certification of TÜV Rheinland ISO 26262:2018 automotive functional safety management system; as of August 2025, more than 100 product models of the company have been applied in vehicles, with the cumulative shipment of automotive chips reaching 200 million pieces.
In terms of market position, Chipanalog Microelectronics ranks in the first echelon of domestic isolator chip manufacturers, forming the first camp of domestic manufacturers together with Novosense. It has mature localized development capabilities in the fields of industrial control and automotive electronics, and has successively won honors such as national-level key "Little Giant" of Specialized, Refined, Differential and Innovative Enterprises, Shanghai Science and Technology Little Giant, "China Chip" Xinhuo New Star Product, and was selected as a "Unicorn Potential Enterprise" in Shanghai Qingpu District in 2024.
ZJU PhD Team at the Helm, Invested by Four Major Automakers
Chen Dongpo, founder, chairman and CEO of Chipanalog Microelectronics, is an industrial entrepreneur with a technical background. Born in 1980, he graduated from Zhejiang University with both bachelor's and doctor's degrees, and obtained his doctorate in Circuits and Systems in 2008. In the same year, he joined the School of Microelectronics of Shanghai Jiao Tong University, successively serving as associate researcher and associate professor, engaged in scientific research and teaching of analog RF integrated circuit design. During his tenure in the university, he led the completion of a number of national and provincial RF chip R&D and mass production projects, with 15 years of experience in chip R&D and design.
In 2016, Chen Dongpo resigned from his teaching position in the university and founded Chipanalog Microelectronics, cutting into the analog chip track starting from RF chips which he is best at. In 2017, the company's first self-developed product was launched; in 2018, the team started business expansion and officially laid out isolator series products; in 2020, the first interface product achieved mass production, and the total chip shipment exceeded 10 million pieces in the same year, making the company profitable smoothly. Since then, Chen Dongpo has led the company's strategic extension to the automotive electronics field, promoted the introduction of industrial capital and the landing of automotive-grade products, and built the current full-category product matrix. At present, he himself is the core technical personnel of the company.
In terms of financing, the company has completed a total of about 11 rounds of equity financing since its establishment, with investors covering industrial capital and leading financial institutions. In the early stage, it successively received investment from institutions such as Zhonghuijin, Yuanhe Puhua and SMIC PE; in 2023, the capital operation accelerated. In January, it completed hundreds of millions of yuan of Series C and Series C+ financing, jointly led by BYD, the strategic direct investment fund of SAIC Motor and Shangqi Capital, followed by Panlin Capital, Langmafeng Venture Capital, Yuanhe Puhua and others; in August of the same year, it completed Series C++ financing, with Geely officially taking shares. Coupled with the strategic investment from Changan Automobile, four major mainstream domestic automakers including BYD, SAIC, Geely and Changan have all become shareholders of the company.
It is worth noting that previously, Chipanalog Microelectronics had tried to connect to the capital market through the M&A path. In November 2025, Mengtian Home Furnishing announced that it planned to acquire the control of the company by issuing shares and paying cash, and the transaction was expected to constitute a major asset restructuring; however, after several rounds of negotiation, due to the complex matters involved in the transaction and the failure of all parties to reach an agreement on the core terms, the acquisition was announced to terminate in the same month.
From the perspective of the industry track, the global analog integrated circuit market size has grown from 4781 billion yuan in 2021 to 6179 billion yuan in 2025, and will reach 9270 billion yuan by 2030. The size of China's market has risen from 1580 billion yuan in 2021 to 2184 billion yuan in 2025, and is expected to reach 3894 billion yuan by 2030.
At present, the competitive landscape of the analog chip track is still highly concentrated.
Texas Instruments has implemented price increases for analog chips in the second half of 2026, and simultaneously launched the 2027 annual price negotiation. The management confirmed that some products have raised prices in H2, and tight supply and rising costs of mature processes jointly support the continuation of the price cycle to next year; Analog Devices' Q3 revenue in FY2026 exceeded 4 billion US dollars for the first time in a single quarter, with AI-related businesses accounting for 20% in total, and optical and power products both achieved year-on-year growth of more than double in data centers; SGMICRO achieved revenue of 4.304 billion yuan in the first three quarters of 2026, with Q3 single-quarter revenue of 1.709 billion yuan hitting a record high; in the same period, it planned to acquire 58.29% equity of Shanghai Sinsilicon for 833 million yuan to promote horizontal platform integration in the analog chip field.
This article is from the WeChat Official Account "Sci-Tech Innovation Board Daily", author: Wang Chufan, published with authorization from 36Kr.