New Stock News | Yunying Valley Technology submits a second listing application to the Hong Kong Stock Exchange, becoming the largest mainland China manufacturer of AMOLED display driver chips for smartphones.

According to the disclosure by the Hong Kong Stock Exchange on January 19, Yunyinggu Technology Co., Ltd. (hereinafter referred to as "Yunyinggu Technology") has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC and CITIC SEC as its joint sponsors. The company had previously submitted a listing application to the Hong Kong Stock Exchange on June 26, 2025. The prospectus shows that, based on sales volume in 2024, Yunyinggu Technology is the fifth largest supplier in the global smartphone AMOLED display driver chip market, and also the largest supplier in mainland China. The company is mainly engaged in the design and sale of brand AMOLED display driver chips to top smartphone manufacturers. Company Overview: According to the report by Frost & Sullivan, in 2024, Yunyinggu Technology ranked third in sales volume in the mainland China smartphone AMOLED display driver chip market, with a market share of 12.4%, and is also the largest supplier in this field in mainland China. Additionally, Yunyinggu Technology is a major supplier in the Micro-OLED display backplane/driver field, with a market share of 40.7% in 2024, ranking second globally. Yunyinggu Technology adopts a fabless business model, and through strategic cooperation with core industry partners such as wafer foundries, OSAT companies, and display panel manufacturers, it has established its industry position and ultimately enhanced the display experience for end users. The company has mastered the integrated stack display driver technology, covering key technologies such as display driver chip design, driver compensation algorithm development, and pixel compensation circuit layout. Yunyinggu Technology provides AMOLED display driver chips mainly for smartphones and Micro-OLED display backplane/driver for VR/AR devices. According to the report by Frost & Sullivan, as of December 31, 2024, Yunyinggu Technology's AMOLED display driver chips have been mass-produced and shipped to multiple top smartphone brand manufacturers globally, used in over 10 product series. These brand manufacturers collectively account for more than a quarter of the global market share. Yunyinggu Technology is the first mainland Chinese company certified by brand companies and the only one with cumulative sales of over ten million AMOLED display driver chips to brand companies. In 2024, Yunyinggu Technology's sales volume exceeded 50 million chips. The company plays a crucial role in the supply chain of brand companies and has achieved high loyalty among downstream customers. Yunyinggu Technology's share in global smartphone brands' AMOLED display driver chip supply has increased from 2.4% in 2022 to 5.7% in 2024. Financial Information: - Total Revenue: The company's total revenue for the ten months ending October 31, 2022, 2023, 2024, and 2025 was approximately RMB 551 million, RMB 720 million, RMB 891 million, and RMB 896 million, respectively. - Annual Loss: The company incurred annual losses of approximately RMB 124 million, RMB 232 million, RMB 309 million, and RMB 195 million for the ten months ending October 31, 2022, 2023, 2024, and 2025, respectively. - Gross Margin: The gross margin for the ten months ending October 31, 2022, 2023, 2024, and 2025 was 31.9%, 0.4%, 2.5%, and 14.0%, respectively. Industry Overview: The industry is transitioning towards advanced display technologies such as AMOLED, combined with increasingly integrated circuit solutions, leading to a decline in demand for LCD display driver chips. In terms of product segmentation, in 2024, LCD display driver chips remained the dominant type in the global market, with sales of approximately 67.779 billion chips, accounting for 82.0% of total display driver chip sales. As the penetration of AMOLED in downstream applications gradually increases, it is expected that AMOLED display driver chips will be the main growth driver in the coming years. The global market share for AMOLED display driver chips is forecasted to increase from 15.6% in 2024 to 23.6% in 2029. In recent years, global panel manufacturing capacity has been shifting to mainland China, making it a global manufacturing center for display panels. The market share of mainland China in global display panel capacity has increased from 50.0% in 2020 to 70.0% in 2024, with a projected increase to 80.0% in 2029. The growth rate of the mainland China display driver chip market has exceeded the global market due to this industrial shift. Sales volume of display driver chips in mainland China has increased from around 3.7501 billion chips in 2020 to 4.4568 billion chips in 2024, with a compound annual growth rate of 4.4%. The market share of mainland China in the global market increased from 45.3% in 2020 to 53.9% in 2024. It is expected that with further acceleration of supply chain localization, the mainland China display driver chip market will continue to expand, reaching approximately 5.3617 billion chips by 2029, with a forecasted market share of 60.0% globally. In terms of product types, the market structure in mainland China remains consistent with the global market, with LCD display driver chips accounting for a majority of sales. As the penetration of AMOLED in downstream applications increases, AMOLED display driver chips are expected to be the main growth driver, with a market share expected to increase from 10.7% in 2024 to 23.7% by 2029. Board of Directors: The board consists of seven directors, including two executive directors, two non-executive directors, and three independent non-executive directors. Shareholding Structure: As of the latest feasible date, Dr. Gu Jing holds a 1.00% equity interest in Shenzhen Yishi as a general partner and a 6.29% equity interest in Yisong No. 2 as a general partner. As of the latest feasible date, Ningbo Aerospace is owned 96.67% by its limited partner, Ms. Jia Kun, and 3.33% by its general partner, Ms. Jia Jing. Ms. Jia Kun is the sister of Ms. Jia Jing. Advisory Team: - Joint Sponsors: China International Capital Corporation Hong Kong Securities Limited, CITIC SEC (Hong Kong) Limited. - Company Legal Advisors: Fangda Partners, FA Rayner. - Joint Sponsors Legal Advisors: Gallant Y.T. Ho & Co., Han Kun Law Offices. - Auditors and Reporting Accountants: Ernst & Young. - Industry Consultants: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch. - Compliance Advisors: Jia Lin Capital Limited.