IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Company Overview
| Stock Name | Foursemi |
|---|---|
| Stock Code | 03625 |
| Company Full Name | Shanghai FourSemi Semiconductor Co., Ltd. |
| Industry | Robotics |
| Principal Activities | provider of power amplifier audio chips and haptic drivers in China |
| Listing Date | 2026-03-31 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | Chapter 18C |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Principal Place of Business in Hong 46/F, Hopewell Centre Kong 183 Queen’s Road East Wan Chai, Hong Kong |
| Business Address (Hong Kong) | 香港灣仔皇后大道東183號合和中心46樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | foursemi.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong Investor Services |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | 18C |
|---|---|
| Offer Price | HK$ 40.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 4,000 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-03-23 to 2026-03-26 |
| Global Offering Shares | 12,000,000 shares |
| HK Public Offer Shares (Initial) | 600,000 shares (5.0%) |
| Public Offer Lots (Initial) | 6,000lots (Pool A3,000lots，Pool B3,000lots) |
| International Placing Shares (Initial) | 11,400,000 shares (95.0%) |
| Offer Ratio | ~5.0% |
| Total Shares Post-IPO | 112,000,000 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | 国泰君安融资有限公司 CE AGS488 |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | 18C clawback: <10x → up to 10% at discretion; 10x to <50x → 10%; ≥50x → 20% |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 480,000,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 4,000 |
| 2 lots | 200 | HK$ 8,000 |
| 3 lots | 300 | HK$ 12,000 |
| 4 lots | 400 | HK$ 16,000 |
| 5 lots | 500 | HK$ 20,000 |
| 6 lots | 600 | HK$ 24,000 |
| 7 lots | 700 | HK$ 28,000 |
| 8 lots | 800 | HK$ 32,000 |
| 9 lots | 900 | HK$ 36,000 |
| 10 lots | 1,000 | HK$ 40,000 |
| 15 lots | 1,500 | HK$ 60,000 |
| 20 lots | 2,000 | HK$ 80,000 |
| 25 lots | 2,500 | HK$ 100,000 |
| 30 lots | 3,000 | HK$ 120,000 |
| 35 lots | 3,500 | HK$ 140,000 |
| 40 lots | 4,000 | HK$ 160,000 |
| 45 lots | 4,500 | HK$ 180,000 |
| 50 lots | 5,000 | HK$ 200,000 |
| 60 lots | 6,000 | HK$ 240,000 |
| 70 lots | 7,000 | HK$ 280,000 |
| 80 lots | 8,000 | HK$ 320,000 |
| 90 lots | 9,000 | HK$ 360,000 |
| 100 lots | 10,000 | HK$ 400,000 |
| 200 lots | 20,000 | HK$ 800,000 |
| 300 lots | 30,000 | HK$ 1,200,000 |
| 400 lots | 40,000 | HK$ 1,600,000 |
| 500 lots | 50,000 | HK$ 2,000,000 |
| 600 lots | 60,000 | HK$ 2,400,000 |
| 700 lots | 70,000 | HK$ 2,800,000 |
| 800 lots | 80,000 | HK$ 3,200,000 |
| 900 lots | 90,000 | HK$ 3,600,000 |
| 1,000 lots | 100,000 | HK$ 4,000,000 |
| 1,250 lots | 125,000 | HK$ 5,000,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,500 lots | 150,000 | HK$ 6,000,000 |
| 1,750 lots | 175,000 | HK$ 7,000,000 |
| 2,000 lots | 200,000 | HK$ 8,000,000 |
| 2,250 lots | 225,000 | HK$ 9,000,000 |
| 2,500 lots | 250,000 | HK$ 10,000,000 |
| 2,750 lots | 275,000 | HK$ 11,000,000 |
| 3,000 lots | 300,000 | HK$ 12,000,000 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 7.81B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 4,480,000,000 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 4,435,592,000 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 51.8 million |
| Period-End Cash Balance | RMB 66.1 million |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 80.0 |
|---|---|
| First Day Open | HK$ 85.05 |
| First Day Change | 100.00% |
| First Day Volume | 4894400.0 |
| First Day Turnover | 400734000.0 |
| Use of Proceeds | 1、約46.8%或224.6百萬港元，將于未來五年用于建立一個新的研發中心；
2、約17.8%或85.5百萬港元用于采購自動化測試設備及建設內部自動化測試驗證線以及招聘供應鏈管理工程師；
3、約17.3%或83.3百萬港元用于尋求策略性收購及合作；
4、約8.1%或38.9百萬港元用于產品的營銷及銷售；
5、約10.0%或48.0百萬港元將用作營運資金及其他一般企業用途。 |
Underwriting Syndicate
Joint Global Coordinators (2)
Joint Bookrunners (11)
国泰君安证券（香港）有限公司 CE ABY236
ORIENT SECURITIES (HONG KONG) LIMITED CE AVD362
建银国际金融有限公司 CE AJO225
ABCI CAPITAL LIMITED CE AWL249
Futu Securities International (HONG KONG) Limited CE AZT137
Yellow River Securities Limited CE BIX927
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
Livermore Holdings Limited CE BJN764
Huafu International Securities Limited CE BQC241
Yuen Meta (International) Securities Limited CE BIL855
ZHESHANG INTERNATIONAL FINANCIAL HOLDINGS CO., LIMITED CE BGD825
Joint Lead Managers (3)
Capital Market Intermediaries (12)
国泰君安证券（香港）有限公司 CE ABY236
ORIENT SECURITIES (HONG KONG) LIMITED CE AVD362
建银国际金融有限公司 CE AJO225
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
Futu Securities International (HONG KONG) Limited CE AZT137
Yellow River Securities Limited CE BIX927
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
Livermore Holdings Limited CE BJN764
Huafu International Securities Limited CE BQC241
Yuen Meta (International) Securities Limited CE BIL855
ZHESHANG INTERNATIONAL FINANCIAL HOLDINGS CO., LIMITED CE BGD825
Stabilizing Manager (1)
国泰君安融资有限公司 CE AGS488
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
贝克 • 麦坚时律师事务所 通商律师事务所 Commerce & Finance Law Offices LLP 方达律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
竞天公诚律师事务所有限法律责任合伙 竞天公诚律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Receiving Banks | 中国工商银行（亚洲）有限公司 |
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Mr. Xu Xiaolin | Mr. Xu Xiaolin |
| Company Secretary | Mr. Gao Wenchao | Mr. Gao Wenchao |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | Mr. Xu directly holds 8.86% of the shares and, through 上海傅里叶管理, 厦门傅里叶管理, 厦门傅里叶创科 and concerted action agreements, controls a total of 32.76% of the voting rights. 淦盛投资 holds 5.72%, 摩勤智能 holds 5.68%, 合创智能及健康 holds 5.16%, 达晨创鸿 holds 4.19%, 方舟投资 holds 4.11%, 君翼凯翔 holds 3.15%, and 超越摩尔 holds 2.70%. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO for 傅里叶 garnered an extreme oversubscription of over 3,100x, signaling intense market enthusiasm for this semiconductor specialist technology listing. However, the recorded overall hit rate of 0.0% appears anomalous and likely reflects incomplete allocation data rather than actual outcomes. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A notable tier anomaly exists where 甲尾 applicants (applying 100,000 lots) expected 0.23 lots, while 乙头 applicants (applying 125,000 lots) expected 0.43 lots, meaning the highest A-tier actually receives fewer shares per lot than the lowest B-tier. This unusual inversion suggests that the B-tier pool may have a more favorable allocation ratio under the 18C clawback and reallocation mechanism. (This is AI-generated commentary based on historical data. Broker fee structures vary and actual costs may differ. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic data for this IPO is not available, with zero recorded holders and no breakdowns for Mainland China or Hong Kong participation. Without this information, typical patterns such as high Mainland investor interest in semiconductor names cannot be assessed. (This is AI-generated commentary based on historical data. Data may contain errors or omissions; verify against official HKEX filings. Not financial advice.)
