en.Wedoany.com Reported - On June 2, the IPO application of Wuxi Haoda Electronics Co., Ltd. (hereinafter referred to as Haoda Electronics) on the STAR Market was accepted by the Shanghai Stock Exchange, with the sponsor being Guolian Minsheng. The company plans to publicly issue no more than 25.654762 million shares, raising 1.836 billion yuan, of which 518 million yuan will be used for the production line expansion project for 600 million TC-SAW and 400 million TF-SAW filters annually, 434 million yuan for the R&D center construction project, 83 million yuan for the intelligent manufacturing capability improvement project, and 800 million yuan to supplement working capital.
According to the prospectus, Haoda Electronics focuses on the R&D, design, production, and sales of surface acoustic wave radio frequency chips. It is one of the few IDM enterprises in China with independent and controllable capabilities across the entire chain of chip design, wafer manufacturing, and packaging and testing, and has achieved mass production. Its main products include filters, duplexers, and resonators. The company uses SAW, TC-SAW, and TF-SAW as its core technology platforms, possessing filter wafer manufacturing lines and various packaging lines such as SMD, CSP, WLP, and Bare-Die, with product frequencies covering 300MHz to 6GHz, making it a leading enterprise in the domestic surface acoustic wave filter field.
The company's customers span multiple fields including smart terminals, the Internet of Things, automotive electronics, base stations, and low-orbit satellite communications. Smart terminal customers include mobile phone brands such as OPPO, vivo, Xiaomi, Samsung, ZTE, Honor, Transsion, and Lenovo, as well as ODM manufacturers like Huaqin, Longcheer, Tinno, Wingtech, and Luxshare. IoT field customers include Quectel, Fibocom, China Mobile IoT, Lierda, and Megasino; automotive electronics end customers include BYD, Xiaomi, and Seres; base station customers include ZTE, Rosenberger, and Comba; low-orbit satellite communications customers include ZTE and Datang. In 2020, the company was the first to provide WLP filters to a globally renowned mobile phone terminal manufacturer, which became its largest customer in 2023.
This marks Haoda Electronics' second attempt at a STAR Market IPO. The company first submitted its application in June 2021 and passed the review in November of that year, but encountered obstacles during the registration process, ultimately terminating the registration in February 2023. After a three-year gap, it has re-filed, with the fundraising scale increasing from the initial 960 million yuan to 1.836 billion yuan. Financial data shows that from 2023 to 2025, the company's operating revenue was 419 million yuan, 607 million yuan, and 675 million yuan respectively, with a compound annual growth rate of approximately 26.97%. The scale of losses has significantly narrowed, with net profit attributable to the parent company during the same period being -216 million yuan, -80 million yuan, and -3.3542 million yuan respectively. The loss in 2025 has been reduced by over 97% compared to 2023, approaching the breakeven point.
From a product structure perspective, filters and duplexers are the main sources of the company's revenue. In 2025, filters generated revenue of 333 million yuan, accounting for 49.64% of total revenue; duplexers generated 321 million yuan, accounting for 47.91%, together contributing nearly 98% of total revenue. The company has established a large-scale delivery system with an annual production capacity of 6 billion units, giving it a scale advantage among domestic SAW filter suppliers. The fundraising projects will focus on expanding the production capacity of mid-to-high-end products, specifically TC-SAW and TF-SAW filters, with plans to add an annual production capacity of 600 million TC-SAW and 400 million TF-SAW filters.
According to the prospectus, Hubei Xiaomi Yangtze River Industry Fund Partnership (Limited Partnership), indirectly controlled by Lei Jun, and Huawei's wholly-owned subsidiary Hubble Investment each hold 5.3% of the company's equity. Additionally, ZTE Venture Capital, a subsidiary of ZTE Corporation, made an early strategic investment in the company and still holds shares as of the prospectus disclosure date. The actual controller of Huaqin Technology holds approximately 7.68% of Haoda Electronics' equity through affiliated entities, and Aoqin Information Technology, as the largest shareholder of Huaqin Technology, has formed a deep binding with the company at the ODM industry chain level. State-owned capital such as the Wuxi Integrated Circuit Industry Fund is also listed among the shareholders. The company's products have been successfully integrated into the supply chains of multiple leading terminal customers, including Xiaomi. Before the IPO, Chairman Liu Ping, through holding a 75% stake in Haoda Investment and serving as the executive partner of Gongjintongda, controls a total of 32.4562% of the company's voting rights, making him the actual controller.
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