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Leidi Network, Lei Jianping, April 15
VeriSilicon (Shanghai) Co., Ltd. (referred to as &#34;VeriSilicon&#34;) recently submitted its prospectus, preparing to list on the Hong Kong Stock Exchange.
VeriSilicon is already listed on the STAR Market, and once it is listed on the Hong Kong stock market, it will form an &#34;A+H&#34; share structure.
Annual revenue of 3.1 billion with a loss of 528 million
VeriSilicon was established in 2001 and is headquartered in Shanghai, China. It is a publicly listed company specializing in customized chip solutions.
VeriSilicon has self-controllable graphic processing IP (GPU IP), neural network processing IP (NPU IP), video processing IP (VPU IP), digital signal processing IP (DSP IP), image signal processing IP (ISP IP), and display processing IP (Display Processing IP), along with over 1,700 mixed-signal IP, RF IP, and interface IP.
Based on its proprietary IP, the company has developed a rich array of hardware and software chip customization platform solutions aimed at artificial intelligence (AI) applications, covering always-on lightweight spatial computing devices such as smartwatches and AI/AR glasses, high-efficiency edge computing devices like AI PCs, AI phones, smart cars, and robots, as well as high-performance cloud-side computing devices like data centers/servers.
VeriSilicon is guided by the principles of &#34;IP Chipletization (IP as a Chiplet)&#34;, &#34;Chiplet Platformization (Chiplet as a Platform)&#34;, and &#34;Platform Ecosystemization (Platform as an Ecosystem)&#34;, advancing the research and industrialization of Chiplet technology and projects through interface IP, Chiplet chip architecture, advanced packaging technology, and solutions aimed at AIGC and smart mobility.
Based on the company's Silicon Platform as a Service (SiPaaS) business model, VeriSilicon's main business application fields include consumer electronics, automotive electronics, computers and peripherals, industrial applications, data processing, and the Internet of Things, with major clients including chip design companies, IDM, system manufacturers, large internet companies, and cloud service providers.
The prospectus shows that VeriSilicon's revenue for 2023, 2024, and 2025 is projected to be 2.329 billion, 2.317 billion, and 3.148 billion yuan, respectively; gross profit is projected to be 1.04 billion, 924 million, and 1.074 billion yuan; and gross margins are projected to be 44.6%, 39.9%, and 34.1%, respectively
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VeriSilicon's revenue from customized chip solutions in 2025 is expected to be 2.366 billion yuan, accounting for 75.2%; revenue from semiconductor IP licensing services is expected to be 782 million yuan, accounting for 24.8%.
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VeriSilicon's losses for the years 2023, 2024, and 2025 are expected to be 300 million, 600 million, and 528 million yuan, respectively; the loss rates for those years are expected to be 12.7%, 26%, and 16.9%.
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VeriSilicon's adjusted losses for the years 2023, 2024, and 2025 are expected to be 293 million, 594 million, and 528 million yuan, respectively.
VeriSilicon's adjusted EBITDA for the years 2023, 2024, and 2025 are expected to be -56.45 million, -300 million, and -164 million yuan, respectively; the adjusted EBITDA margins are expected to be -2.3%, -12.9%, and -5.3%.
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As of December 31, 2025, VeriSilicon's cash and cash equivalents are expected to be 2 billion yuan.
Xingcheng Investment has cashed out 1 billion.
VeriSilicon's executive directors include Dr. Wayne Wei-Ming Dai, Wei-Jin Dai, Wang Yang, and Ms. Shi Wenli; the non-executive directors include Ms. Chen Hong, Chen Xiaofei, and Sun Guodong;
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The independent non-executive directors of VeriSilicon are Cai Hongping, Dr. Huang Sheng, Dr. Li Ting Wei, Dr. Dahong Qian, and Sun Jiangang.
Wayne Wei-Ming Dai, 70 years old, is the chairman, CEO, and president of the company. Wei-Jin Dai, 67 years old, is the chief strategy officer and executive vice president. Wayne Wei-Ming Dai and Wei-Jin Dai are brothers, both of American nationality. Weili Dai is a sibling of the aforementioned two and is of Dutch nationality.
As of December 31, 2025, VeriSilicon holds 11.39% of the shares, the National Integrated Circuit Industry Investment Fund Co., Ltd. holds 6.6%, Fortune Capital Holdings Limited holds 6.55%, Jiaxing Shixing Venture Capital Partnership (Limited Partnership) holds 3.9%, and Jiaxing Haicheng Venture Capital Partnership (Limited Partnership) holds 3.24%;
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As of December 31, 2025, the equity structure of VeriSilicon
China Merchants Bank Co., Ltd. - ChinaAMC SSE STAR 50 Component ETF holds 2.74%, Industrial and Commercial Bank of China Limited - E Fund SSE STAR 50 Component ETF holds 2.57%, Hong Kong Central Clearing Limited holds 2.37%, Shanghai Pudong New Area Emerging Industry Investment Co., Ltd. holds 2.04%, and DAI, WAYNE WEI-MING holds 1.66%.
Jiaxing Shixing Venture Capital Partnership (Limited Partnership) and Jiaxing Haicheng Venture Capital Partnership (Limited Partnership) constitute concerted actors; VeriSilicon Limited and DAI, WAYNE WEI-MING constitute concerted actors;
VeriSilicon announced in March 2026 that Jiaxing Shixing Venture Capital Partnership (Limited Partnership) (referred to as &#34;Jiaxing Shixing&#34;), Jiaxing Haicheng Venture Capital Partnership (Limited Partnership) (referred to as &#34;Jiaxing Haicheng&#34;), and Gongqingcheng Wenxing Investment Partnership (Limited Partnership) (referred to as &#34;Gongqingcheng Wenxing&#34;, collectively referred to as &#34;Xingcheng Investment Parties&#34; with Jiaxing Shixing and Jiaxing Haicheng) have recently reduced their holdings.
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Among them, Jiaxing Shixing reduced its holdings by 2,373,300 shares, Jiaxing Haicheng reduced its holdings by 2,066,030 shares, and Gongqingcheng Wenxing reduced its holdings by 10,000 shares. Before this reduction, the total shareholding of Xingcheng Investment was 5.846%, and after this reduction, the shareholding decreased to 4.999999%, with a reduction ratio of 0.846%.
As of yesterday's close, the company's stock price was 245.5 yuan, with a market value of 129.1 billion yuan. Based on yesterday's stock price, it can be estimated that Xingcheng Investment cashed out approximately 1 billion yuan.
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VeriSilicon (Shanghai) Co., Ltd. has submitted its prospectus and is preparing to list on the Hong Kong Stock Exchange, forming an "A+H" share structure. The company has an annual revenue of 3.1 billion, a loss of 528 million, and a market value of 129.1 billion. Founded in 2001, VeriSilicon focuses on customized chip solutions and possesses various processing IPs, covering hardware and software platforms for AI applications. Its main business involves multiple fields such as consumer electronics and automotive electronics, with clients including chip design companies and large internet companies

雷帝触网

VeriSilicon

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

ChinaAMC Guozheng Semiconductor Chip ETF

China Southern CSI Semiconductor Industry Custom ETF

Guotai CES Semiconductor Chip Industry ETF

ChinaAMC SSE STAR Semiconductor Material & Equipment Thematic ETF

GTJA Allianz SSE STAR Chip Design Thematic ETF

China Merchants Bank

CM BANK

ChinaAMC SSE Science and Technology Innovation Board 50 ETF

ICBC

E Fund China Science and Technology Innovation Board 50 Component ETF

VeriSilicon rushes to Hong Kong stocks: annual revenue of 3.1 billion, loss of 500 million, market value of 129.1 billion, Xingcheng cashes out 1 billion