Goertek Micro's IPO has been terminated once again: it has failed in two previous bids to enter the capital market, and once raised 1.95 billion yuan.

Goertek announced on the 12th that the company's board of directors has approved the termination of the plan to spin off its subsidiary Goertek Microelectronics Co., Ltd. (hereinafter referred to as "Goertek Micro") for listing on the Main Board of the Hong Kong Stock Exchange.

Goertek stated that since the planning of this spin-off and listing, the company has pushed forward relevant matters, organized intermediary agencies to carry out due diligence and other related work, and strictly fulfilled the decision-making procedures and information disclosure obligations in accordance with the requirements of relevant laws, regulations and normative documents.

Based on the comprehensive consideration of changes in the external environment and the development plans of the company and Goertek Micro, adhering to the principle of safeguarding the interests of shareholders and being responsible to shareholders, after careful discussion and evaluation, the company has decided to terminate the spin-off of Goertek Micro for listing on the Main Board of the Hong Kong Stock Exchange.

Goertek emphasized that after the termination of this spin-off and listing, Goertek Micro will remain a subsidiary of the company and continue to actively expand its business in fields such as sensing interaction and semiconductors. The termination of this spin-off and listing will not affect the sustained and healthy development of the company and Goertek Micro, will not affect the implementation of the company's future strategic plans, nor will it have a major adverse impact on the company's production and operation activities and financial status.

Failed to sprint the ChiNext and Hong Kong stock market consecutively

The listing process of Goertek Micro has been full of twists and turns. In the early stage, it once targeted the ChiNext of Shenzhen Stock Exchange, and submitted the draft for hearing in October 2022, planning to raise 3.19 billion yuan, but it finally failed.

In January 2025, Goertek Micro switched to the Hong Kong Stock Exchange. After nearly two years, Goertek Micro's listing process was terminated again.

According to the introduction, Goertek Microelectronics was a department under Goertek in 2004, and started its microelectronics business by independently developing MEMS chips.

As the only entity within the Goertek system engaged in microelectronics-related business, it is a semiconductor company focusing on the R&D, production and sales of MEMS devices and microsystem modules. Its business covers key links in the industrial chain such as chip design, product development, packaging and testing, and system applications. Through vertical integration, it provides customers with one-stop product solutions of "chip + device + module".

The prospectus shows that the operating revenue of Goertek Microelectronics in 2022, 2023 and 2024 was 3.12 billion yuan, 3 billion yuan and 4.536 billion yuan respectively; the gross profit was 577 million yuan, 517 million yuan and 861 million yuan respectively; the operating profit was 306 million yuan, 213 million yuan and 269 million yuan respectively; the profit for the period was 325 million yuan, 289 million yuan and 309 million yuan respectively.

In the first quarter of 2025, Goertek Microelectronics achieved an operating revenue of 1.12 billion yuan, a year-on-year increase of 54% from 726 million yuan in the same period of the previous year; the gross profit was 230 million yuan, compared with 161 million yuan in the same period of the previous year; the operating profit was 123 million yuan, compared with 63.91 million yuan in the same period of the previous year; the non-recurring profit and loss deducted net profit was 116 million yuan, compared with 74.75 million yuan in the same period of the previous year.

The adjusted net profit of Goertek Microelectronics in 2022, 2023 and 2024 was 379 million yuan, 254 million yuan and 365 million yuan respectively; the adjusted net profit in the first three months of 2025 was 133 million yuan, compared with 82.53 million yuan in the same period of the previous year.

As of March 31, 2025, the cash and cash equivalents held by Goertek Microelectronics amounted to 2.3 billion yuan.

Once raised 1.95 billion yuan, Goertek is the major shareholder

The executive directors of Goertek Micro are Dr. Song and Ma Xinjiang; the non-executive directors are Jiang Xun and Li Yongzhi; the independent non-executive directors are Dr. Wang Qian, Dr. Peng Chunrong and Ms. Chen Yuehua.

Goertek Microelectronics obtained a financing of 1.95 billion yuan in March 2021, of which Gongqingcheng Chunlin subscribed 270 million yuan, Qingdao Henghuitai subscribed 200 million yuan, Rongcheng Urban Construction, Shenzhen Linghui and CITIC Construction Investment subscribed 100 million yuan respectively, Beijing Chunlin subscribed 90 million yuan, Yidun Media subscribed 60 million yuan, CCB International Capital subscribed 50 million yuan, CICC Qichen and China Electronics CICC subscribed 45 million yuan respectively, Guowei Runxin subscribed 40 million yuan, and CCB Kechuang subscribed 20 million yuan.

The per-share cost subscribed by these shareholders is 22.86 yuan. The actual controllers of Goertek Microelectronics are Jiang Bin and Ms. Hu Shuangmei, who are husband and wife.

According to the financial report, Goertek's operating revenue in the first half of 2026 was 40.046 billion yuan, a year-on-year increase of 6.65% from 37.549 billion yuan in the same period of the previous year.

Goertek's net profit in the first half of 2026 was 1.466 billion yuan, a year-on-year increase of 3.46% from 1.417 billion yuan in the same period of the previous year; the non-recurring profit and loss deducted net profit was 1.116 billion yuan, a year-on-year increase of 8% from 1.033 billion yuan in the same period of the previous year.

As of June 30, 2026, Goer Group Co., Ltd. holds 15.63% of the shares, Jiang Bin holds 8.09%, Jiang Long holds 7.05%, Hong Kong Securities Clearing Company Limited holds 1.84%, Goertek Co., Ltd. - "Homeland No. 8" Employee Stock Ownership Plan holds 1.06%, and Goertek Co., Ltd. - "Homeland No. 6" Employee Stock Ownership Plan holds 0.85%;

As of June 30, 2026, Goertek's shareholding structure

Hu Shuangmei holds 0.46% of the shares, Industrial and Commercial Bank of China Co., Ltd. - Huatai-PineBridge CSI 300 ETF holds 0.44%, Bank of China Co., Ltd. - ChinaAMC CSI 5G Communication Themed ETF holds 0.32%, China Merchants Bank Co., Ltd. - Industrial Synergy Income Enhancement Bond Securities Investment Fund holds 0.29%.

As of the close of trading today, Goertek's share price is 20.85 yuan, with a market value of 74.2 billion yuan.

This article is from the WeChat Official Account "Lei Di" (ID: touchweb), written by Lei Jianping, authorized by 36Kr for release.