IPO News | Nexus (02676) was loaned by a brokerage firm with a margin of HK$3.45 billion to overbuy 14.6 times

The Zhitong Finance App learned that the leading domestic analog chip company Nanochip (02676) will be offering shares from November 28 to December 3. The company plans to issue 19.08 million H shares, 10% of which will be publicly sold in Hong Kong. The maximum sale price is HK$116, and the maximum capital raised is HK$2.21 billion. As of Wednesday (December 3), Nanochip had loaned HK$3.45 billion in margin loans from brokerage firms, which overbought 14.6 times over the amount raised by HK$220 million in public sales.

Nanoscale has 100 shares per lot, and the entry fee for the first hand is approximately HK$11,717. Nanochip is expected to be listed for sale on December 8, with CICC, CITIC Securities, and CCB International as co-sponsors.

According to the prospectus, Nanochip operates in a fabless model, focusing on chip development and design, while outsourcing wafer manufacturing to external fabs and most packaging testing service providers. The company provides rich, high-performance, and high-reliability products and solutions around application fields such as (i) automotive electronics, (ii) pan-energy, and (iii) consumer electronics. The company's three categories of sensor products, signal chain chips, and power management chips form a complete system link from (i) perception and (ii) signal processing to (iii) system power supply and power drive, and play a key role in connecting and interacting between the real world and the digital world.

According to Frost & Sullivan, in terms of analog chip revenue in 2024, the company ranked 14th among all analog chip companies in the Chinese analog chip market (accounting for 0.9% market share) and fifth place among Chinese analog chip companies.

On the financial side, in 2022, 2023, 2024, and 2025, for the six months ended June 30, Nanoscin Micro achieved revenue of approximately RMB 1,670 billion, RMB 1,311 billion, RMB 1,960 million, and RMB 1,524 billion, respectively. In the same period, total annual/period revenue was approximately RMB 250 million, -305 million yuan, -404 million yuan, and RMB 75.586 million, respectively.

Nanochip's current IPO introduced 7 cornerstone investors, including Yuan Wanaxin, BYD (01211), Golden Link, Haoyide International, Perseverance Asset Management, 3W Fund, Green Better and Dream'ee HK Fund wholly-owned by Xiaomi (01810), with a subscription amount of HK$1.09 billion.