The "little giant" Shenzhen chip company invested by Lei Jun has just gone public with a market value of tens of billions.
According to a report by Xin Dongxi on May 27th, today, Yunyinggu Technology, a leading enterprise in the design of AMOLED display driver chips in Shenzhen, was listed on the Hong Kong Stock Exchange.
Its issue price was HK$20.81 per share (equivalent to approximately RMB 18.02), and it rose by 22.44% to HK$25.48 per share (equivalent to approximately RMB 22.07). As of 09:46, its stock price was HK$28.62 per share (equivalent to approximately RMB 24.79), and its total market value was HK$12.243 billion (equivalent to approximately RMB 10.603 billion).
Yunyinggu Technology was founded in May 2012 and was recognized as a "Little Giant" enterprise specializing in niche areas by the Ministry of Industry and Information Technology in 2025. Its investors include Xiaomi Changjiang and Tianjin Jinmi controlled by Lei Jun, Hubble Technology under Huawei, BOE Technology, and Qualcomm China.
According to a report by Frost & Sullivan, in terms of sales volume in 2024, Yunyinggu Technology is the fifth-largest AMOLED display driver chip manufacturer globally and the largest in mainland China.
In terms of sales revenue in 2024, the company is the fifth-largest supplier in the global smartphone AMOLED display driver chip market, the third-largest independent supplier, and also the largest supplier from mainland China.
It is also the first company in mainland China to pass the certification of brand customers and the only AMOLED display driver chip design company with cumulative sales of over ten million units to downstream brand customers.
The global Micro-OLED display backplane/driver market is highly concentrated. In terms of sales volume in 2024, Yunyinggu Technology ranks second, with a market share of 40.7%.
01.
Revenue exceeded 1.1 billion last year,
Sales volume exceeded 52 million units
Yunyinggu Technology began to focus on the R & D and design of AMOLED display driver chips in 2017. In 2021, it successfully mass-produced and supplied AMOLED display driver chips to one of the largest AMOLED panel manufacturers in China. This made Yunyinggu Technology the first AMOLED display driver chip design company in mainland China to supply products to mainstream consumer electronics brand companies.
According to Frost & Sullivan, Yunyinggu Technology is the first company in mainland China to master the advanced technical expertise required for the development and design of AMOLED display driver chips and Micro-OLED display backplanes/drivers. It is also the earliest independent Micro-OLED display backplane/driver manufacturer to apply Micro-OLED technology to consumer-grade VR/AR devices and the first company globally to provide Micro-OLED display backplanes/drivers with ultra-high resolution and ultra-high display emission frequency.
In 2022, 2023, 2024, and 2025, Yunyinggu Technology's revenues were RMB 551 million, RMB 720 million, RMB 891 million, and RMB 1.106 billion respectively. Its net losses were RMB 124 million, RMB 232 million, RMB 309 million, and RMB 230 million respectively. Its R & D expenses were RMB 188 million, RMB 177 million, RMB 242 million, and RMB 266 million respectively.
▲ Changes in Yunyinggu Technology's revenue, net profit, and R & D expenditure from 2022 to 2025 (Charted by Xin Dongxi)
Its adjusted net loss in 2025 was RMB 146 million.
Yunyinggu Technology currently offers two types of products: (1) AMOLED display driver chips, mainly used in smartphones, which contributed over 70% of its revenue in 2025; (2) Micro-OLED display backplanes/drivers, mainly used to support AR/VR headsets.
In the past three years, the average selling price of AMOLED display driver chips has been decreasing year by year, while the annual sales volume has been increasing year by year, reaching 52.593 million units in 2025. The average selling price of Micro-OLED display backplanes/drivers has been increasing year by year, and the sales volume was 16.468 million units in 2025.
In 2022, 2023, 2024, and 2025, Yunyinggu Technology's gross profit margins were 31.9%, 0.4%, 2.5%, and 12.9% respectively.
A summary of its comprehensive financial statement is as follows:
The cash flow is as follows:
As of December 31, 2025, the company had more than 171 senior R & D personnel, accounting for 59.2% of its total employees. It had obtained 79 patents, 22 registered trademarks, 23 copyrights, and 11 domain names.
02.
Supplying to BOE and TCL,
TSMC is the largest supplier
Yunyinggu Technology's downstream customers mainly include display panel manufacturers and brand companies in the consumer electronics industry. It sells products directly and through distributors to display panel manufacturers.
According to a report by Frost & Sullivan, as of December 31, 2024, Yunyinggu Technology's AMOLED display driver chips were mass-produced and supplied to several leading global smartphone brand manufacturers, and were used in more than 10 product series. In most of these product series, it was either the sole supplier or one of the two suppliers. These brand manufacturers together accounted for more than one-fourth of the global market share.
Its share of the AMOLED display driver chip supply to all global smartphone brands increased from 1.2% in 2022 to 4.0% in 2024.
At the same time, Yunyinggu Technology is deeply involved in the product definition and iteration of panel manufacturers and brand companies. It has jointly completed the development of several industry-first AMOLED panels and Micro-OLED products, and has established a high - viscosity and high - quality customer base.
The company has also formed a stable cooperative relationship with leading Micro-OLED panel manufacturers (such as a private Chinese enterprise focusing on the R & D and production of AMOLED silicon-based displays) and is the main Micro-OLED display backplane/driver supplier for these panel manufacturers.
In 2022, 2023, 2024, and 2025, the sales to the top five customers accounted for 72.9%, 91.0%, 90.2%, and 90.7% of Yunyinggu Technology's total sales in the same period respectively. The sales to the largest customer accounted for 20.5%, 48.2%, 54.1%, and 34.0% of its total sales in each period respectively.
Yunyinggu Technology adopts the Fabless model, focusing on the R & D and design of chips. It relies on third - party wafer fabs to manufacture chips and on OSAT suppliers to perform chip packaging and testing.
In 2022, 2023, 2024, and 2025, its purchases from the top five suppliers accounted for 96.9%, 97.8%, 97.2%, and 96.4% of the total purchases in each period respectively. The purchases from the largest supplier, TSMC, accounted for 59.5%, 65.8%, 74.5%, and 42.3% of the total purchases respectively.
