Dark horse exceeds expectations? Fourier (03625) over-subscribed 3117 times, topping as the "first stock of AI audio chips" detonating the Hong Kong stock market.

On March 26th, the first AI audio chip stock in Hong Kong, Fourier (03625), successfully completed its IPO, setting a new record in the semiconductor sector for new IPOs in 2026. According to authoritative market data, the public sale portion of the company was oversubscribed by up to 3117 times, with over 110,000 subscriptions received. The oversubscription ratio continued to skyrocket, and the secondary market chips became extremely scarce. It was no surprise that the company made it to the top tier of new IPOs for the year, becoming one of the most sought-after star targets among this year's hard technology new stocks. In this IPO, Fourier globally sold 12 million H shares at an issue price range of HK$40.00 to HK$50.00 per share, with a minimum board lot of 100 shares and a maximum entry fee of HK$5050.43. The total global fundraising could reach up to HK$6.00 billion. The company adopted the 18C listing mechanism in Hong Kong, and even after the public sale portion was reduced to 20%, demand still exceeded supply. It is expected that the grey market trading will commence on March 30th at 16:15, with the official listing on March 31st. (I) Leading AI audio chip company, benchmark for domestic substitution Fourier Semiconductor was founded in 2016 and is a leading domestic smart chip design company specializing in intelligent audio and haptic feedback chip research, design, and sales. With a focus on technology in these areas, it has become a benchmark company in the field of domestic substitution. Based on 2024 shipment volumes, the company ranks among the top three in the world in audio amplifier chips, second in the Chinese market, and first in the domestic market for dedicated audio chips for smart screens, solidifying its position as an industry leader. As a national-level specialized and new "small giant" enterprise, Fourier has deep technological barriers. It has filled several domestic technical gaps with core technologies and was the first to achieve mass production of Smart PA intelligent audio amplifier chips and launch vehicle-grade audio chips. On the performance side, the company has maintained a high-growth trend, with a 136.3% year-on-year revenue growth in 2024, a positive gross profit margin of 20%, and a significant narrowing of net losses, indicating clear turning points in profitability. Prior to listing, the company had received support from top financial and industrial capitals such as Sequoia Capital, funds under the National Fund, Unigroup, and Huagin. Industry cooperative effects were significant and the company's capital recognition was among the top tier. (II) Dual-core driving, full coverage of all scenarios In terms of core business and fundamentals, Fourier's dual-core engines are intelligent audio chips and haptic feedback chips, covering a wide range of consumer electronics, smart cars, smart homes, and wearable devices. The low-power audio chips serve as the revenue backbone, accounting for over 90% and covering all major mainstream Android phone brands, while the medium and high-power audio chips focus on smart screens and smart speakers, with the largest market share domestically. The haptic feedback chips are high-margin, popular products with a gross profit margin of 64.7%, widely used in high-end phones and gaming devices. Vehicle-grade audio chips have been certified with AEC-Q100, smoothly entering the automotive electronics supply chain. Financially, from 2022 to 2024, the company's revenue increased from 130 million yuan to 355 million yuan, growing by over 170% in two years. The gross profit margin continued to rise, scale effects gradually appeared, profitability was on the horizon, and the overall chip shipment volume in 2024 reached 460 million units, providing strong support for sustained high growth. The company's development milestones have been solid and clear, focusing on analog and digital mixed chips since its founding in 2016. In 2021, it began mass production of medium and high-power digital amplifier chips to fill a domestic technology gap, successfully integrating Samsung's self-developed system in 2022 for a breakthrough, entering the automotive supply chain with certified audio chips in 2023, and successfully passing the Hong Kong Stock Exchange hearing in 2026 to become the first Hong Kong-listed AI audio chip company. The core team has an average of over 20 years of experience in international semiconductor giants, with key members from global giants such as Texas Instruments and NXP, and 91 out of 40% of them are R&D personnel, ensuring strong and continuous investment in research and development to build long-term technological moats. (III) Benchmark for going global, from Shanghai to the world In terms of international layout and global market expansion, Fourier is a benchmark company for globalizing Chinese chips, successfully breaking through overseas technological and market barriers. Based on 2024 figures, the company had a global market share of 9.2% in audio amplifier chips, 18% in the Chinese market, and was among the top three in global shipment volumes of smart screen audio chips. As one of the few Chinese chip companies successfully integrating into Samsung's self-developed system, Fourier has upgraded from an ODM supporting supplier to a core self-developed partner, with its product strength highly recognized by international first-tier brands. Using this as a pivot, the company continues to expand into emerging markets in Southeast Asia and Europe. The proportion of overseas income is steadily increasing, and its global footprint continues to expand. The company has a strong lineup of shareholders, customers, and partners, building solid commercial barriers. At the shareholder level, it has gathered top financial and industrial capitals, including Sequoia Capital, Dacheng, well-known institutions such as SinoTek, Huagin, Crusade, HaoWei, the industrial capitals under the National Fund, covering the entire chain of mobile phone brands, leading ODMs, chip design, and industry funds. As for its customer base, it includes leading global consumer electronics, smart home, and automotive electronics brands, such as Samsung, Xiaomi, vivo, Honor, Crusade, and Rockchip in the consumer electronics field; cooperation with industry leaders in smart homes like Skyworth, Hisense, TCL, and Vision Source; and entry into the supply chains of mainstream automakers like BYD, Changan, and Chery. It has also established long-term stable partnerships with top global wafer foundries and packaging and testing companies to ensure product delivery and quality stability. (IV) Overlaying the golden track with policy tailwinds, limitless growth space At the industry level, intelligent audio chips are in a high-growth golden track, transitioning from basic accessories to AI core components in AI phones, smart cars, and smart homes, driving continuous demand explosions. The global market scale is steadily expanding, with a compound annual growth rate exceeding 18% in the Chinese market, and the domestic market for power audio chips is expected to reach nearly 10 billion yuan in 2029, with high-end markets long dominated by foreign giants, and the current domesticization rate is only about 30%, leaving room for significant domestic substitution. In 2026, Hong Kong funds continue to focus on the AI and hard technology track. As the first stock of audio chips, Fourier stands out in scarcity, with expectations for both liquidity and valuation to rise. As a national-level specialized and new "small giant," the company greatly benefits from national support policies for the integrated circuit industry, enjoying comprehensive support in R&D subsidies, tax incentives, and talent introduction. Against the backdrop of accelerated domestic substitution, it aims to seize the replacement window rapidly, with ample growth momentum. In future development, Fourier will firmly implement a dual-wheel drive strategy for audio chips and haptic feedback chips, while making multiple layouts in new tracks to fully unlock the mid-to-long-term growth ceiling. The company will continue to iterate Smart PA intelligent audio amplifier chips to increase market share in the high-end market, increase R&D investment in vehicle-grade audio chips, deepen cooperation with mainstream automakers, and expand the application of haptic feedback chips to VR/AR, gaming, smart wearables, and other scenarios to create a second growth curve. It will also expand into new product categories such as SAR sensors and power management chips, perfect the intelligent sensing chip matrix, deepen cooperation with international brands like Samsung, expand into emerging markets, and increase global market share. On the capitalization level, post-listing, the company will increase R&D investment, expand testing equipment and research centers, aiming to be included in the Hong Kong Stock Connect, further enhancing liquidity and valuation levels. Overall, Fourier is a scarce and high-quality hard technology target in the 2026 Hong Kong stock market, with the 3117 times oversubscription confirming the market's enthusiasm. With ample expectations for grey market trading, it benefits from the high-growth track, domestic substitution, and policy support, clear performance high growth and profitability turning points, breakthroughs in global market share through going global, a strong lineup of shareholders and customers, powerful industrial synergies, and broad growth space through dual-wheel drive and multi-point layout. There may be fluctuations in the new stock grey market trading, so investors should operate rationally and take advantage of the trend. Fourier has six core advantages in track, performance, technology, customers, capital, and internationalization, making it worth paying attention to in the grey market trading, with the potential to bring investors unexpected returns.