"New Shares" VeriSilicon Microelectronics submitted an application for IPO on the Hong Kong Stock Exchange, with a market value of over 110 billion RMB in the A-share market

A-share VeriSilicon (688521.SH) announced that it submitted an application for listing (IPO) to the Hong Kong Stock Exchange (00388.HK) yesterday (1st), with CITIC Securities and UBS as joint sponsors. As of the market close on that day, VeriSilicon's A-share market capitalization was RMB 117.279 billion.

According to the information, the company intends to use the raised funds for investment in key technologies and core business research and development. This includes recruiting, training, and retaining R&D talent over the next five to ten years, purchasing R&D and engineering materials and equipment, further developing a global marketing network, and making strategic investments or acquisitions that have synergistic effects with core businesses to enhance the IP portfolio, service products, and market access. In terms of finances, the total revenue for last year was RMB 3.148 billion, an increase of 35.9% year-on-year; the loss narrowed to RMB 528 million