Fourier (03625) will be listed from March 23rd to March 26th, planning to globally issue 12 million H shares.

Fulai (03625) will be listed from March 23 to March 26, 2026, with the company planning to globally sell 12 million H shares, of which 5% will be sold in Hong Kong, 95% will be sold internationally, and an additional 15% will be offered for over-allotment. The sale price of each share will be between 40-50 Hong Kong dollars, with a board lot of 100 shares, and the H shares are expected to begin trading on the Hong Kong Stock Exchange on March 31, 2026 at 9:00 AM. The company is a Chinese supplier of audio power amplifier chips and haptic feedback chips. Operating on a fabless business model, the company focuses on designing low power audio chips, medium to high power audio chips, and haptic feedback chips to provide a wide range of solutions for emerging application scenarios. According to Frost & Sullivan's report based on revenues for 2024, the company ranks fourth among global suppliers of audio power amplifier chips, third among Chinese suppliers of audio power amplifier chips, and fifth among Chinese suppliers of haptic feedback chips. With the success of the company's initial audio power amplifier chip products, the company has expanded its product portfolio to include a range of more powerful chips primarily used in large electronic products and smart cars, as well as a new series of chips for processing haptic feedback, offering users diverse ways of device interaction. The company's products form the basis for accurate perception of operational scenarios, dynamic response to users, and enhanced human-machine interaction. With its deep technological foundation in the industry, the company believes it will benefit from new application scenarios (such as smart screens, smart cars, AI-enabled consumer electronics, and Siasun Robot&Automation) that have significant growth potential. The company's revenues for 2022, 2023, and 2024, and for the ten months ending on October 31, 2024, and October 31, 2025 were RMB 130 million, RMB 150 million, RMB 355 million, RMB 289 million, and RMB 281 million respectively. The company's gross profits were RMB 9.5 million in 2022, RMB 46.6 million in 2024, RMB 38.8 million for the ten months ending on October 31, 2024, and RMB 56.1 million for the ten months ending on October 31, 2025. The company estimates that the net proceeds from the global offering will be approximately HK$480 million (assuming a sale price of HK$45.00 per share, the midpoint of the indicative price range of HK$40.00 to HK$50.00 per share, and assuming the over-allotment option is not exercised). Approximately 46.8% of the proceeds will be used over the next five years to establish a new research and development center to enhance the company's research and development capabilities and technical competitiveness in audio power amplifier chips; approximately 17.8% will be used for the procurement of automatic test equipment and the construction of internal automatic testing validation lines, as well as hiring supply chain management engineers; approximately 17.3% will be used for strategic acquisitions and partnerships to strengthen the company's industry consolidation and consolidate its position in the audio power amplifier chip industry; approximately 8.1% will be used for product marketing and sales; and approximately 10.0% will be used for operating capital and other general corporate purposes.