Before Maxic’s IPO application, nine companies that are invested by Huawei’s Hubble Technology Venture Capital, the sixth biggest investor of Maxic, successfully proceeded with their IPO. The estimated value of Maxic Technology is CNY 2.580 billion (USD 386.226 million).
The IPO application of Beijing Maxic Technology (Chinese:美芯晟) on the Sci-Tech Innovation Board (STAR Market) was accepted on June 2. It is reported that this is the second IPO project, for common shares in RMB, of Hubble Technology Venture Capital this month.
The last IPO project of Hubble Venture Capital was Sidea Semiconductor, a semiconductor equipment manufacturer that filed its prospectus with the China Securities Regulatory Commission (CSRC) for an IPO on ChiNext on June 1, tech news portal Lieyunwang.com reported.
From 2019 to 2021, the total revenues of Maxic were CNY 150 million (USD 22.470 million), CNY 149 million, and CNY 372 million respectively, and the net incomes were CNY -19.181 million, CNY -11.170 million, and CNY 32.612 million respectively. LED drivers chips accounted for 78.96% of the total revenue in 2021.
According to its prospectus, Maxic plans to raise CNY 1 billion, of which CNY 145 million will be used for the R&D and industrialization projects of LED intelligent lighting driver chips, CNY 300 million will be used for the R&D and industrialization projects of wireless charging chips, CNY 150 million will be used for R&D of wired fast charging chip, CNY 200 million will be used for R&D of signal chain chip, and the rest of money will be used to supplement working capital.
Maxchip’s competitors include Renesas (6723. TYO), Linxinwei (Chinese: 力芯微, 688601. SH), Injoinic (Chinese: 英集芯, 688209. SH)), NuValta (Chinese: 伏达), and NXP Semiconductors (NXPI. NASDAQ).