HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>SG has been closely following the overseas leaders in terms of product category breadth, covering approximately 70% of the mid-to-low-end parts of Texas Instruments, with a clear substitution potential.</li>
<li>To continue making profits, SG needs to launch new designs faster than peers, or seize a “time difference” in automotive certification, otherwise its profits will be squeezed out by competitors.</li>
<li>A comfortable P/S of SG’s H-share could be between 6-8x (based on 2026 forecast). As industry leader, we think SG’s valuation would be higher than <a href="https://www.smartkarma.com/entities/suzhou-novosense-microlectronics-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46180:1" rel="noopener">Suzhou Novosense Microelectronics (2676 HK)</a>. </li>
</ul>


SG has been closely following the overseas leaders in terms of product category breadth, covering approximately 70% of the mid-to-low-end parts of Texas Instruments, with a clear substitution potential.
To continue making profits, SG needs to launch new designs faster than peers, or seize a “time difference” in automotive certification, otherwise its profits will be squeezed out by competitors.
A comfortable P/S of SG’s H-share could be between 6-8x (based on 2026 forecast). As industry leader, we think SG’s valuation would be higher than Suzhou Novosense Microelectronics (2676 HK). 


Pre-IPO SG Micro Corp (A/H Listing) - Some Points Worth the Attention

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sg-micro-corp" target="_blank" data-smartkarma-citation="entities:29768:1" rel="noopener">SG Micro (300661 CH)</a>, a leading analog IC company in China, is pre-marketing an H-Share listing to raise US$600-800 million.   </li>
<li>SG Micro ranked first among domestic companies and eighth among global companies in the China analog IC market as measured by revenue in 2025.</li>
<li>The investment case is bullish due to the strong growth, stable margins, cash generation and a net cash position. However, the A-share valuation is punchy relative to peers.</li>
</ul>



SG Micro (300661 CH), a leading analog IC company in China, is pre-marketing an H-Share listing to raise US$600-800 million.   
SG Micro ranked first among domestic companies and eighth among global companies in the China analog IC market as measured by revenue in 2025.
The investment case is bullish due to the strong growth, stable margins, cash generation and a net cash position. However, the A-share valuation is punchy relative to peers.


SG Micro H Share Listing: The Investment Case

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sg-micro-corp" target="_blank" data-smartkarma-citation="entities:29768:1" rel="noopener">SG Micro (300661 CH)</a>  is a dominant Chinese analogue and mixed-signal developer with over 4,000 products and is called the Chinese equivalent of <a href="https://www.smartkarma.com/entities/texas-instruments-inc" target="_blank" data-smartkarma-citation="entities:18804:1" rel="noopener">Texas Instruments (TXN US)</a> .</li>
<li>The company has filed for a listing on the HKEx and as per news media outlets, plans to raise around US$800m through the offering.</li>
<li>SG Micro’s top line has seen strong growth over the years while margins have remained stable. The industry is highly competitive and innovation is key to stay ahead of peers.</li>
</ul>



SG Micro (300661 CH)  is a dominant Chinese analogue and mixed-signal developer with over 4,000 products and is called the Chinese equivalent of Texas Instruments (TXN US) .
The company has filed for a listing on the HKEx and as per news media outlets, plans to raise around US$800m through the offering.
SG Micro’s top line has seen strong growth over the years while margins have remained stable. The industry is highly competitive and innovation is key to stay ahead of peers.


SG Micro Corp H-Share Listing: Early Thoughts

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sg-micro-corp" target="_blank" data-smartkarma-citation="entities:29768:1" rel="noopener">SG Micro (300661 CH)</a>, aims to raise up to US$800m in its A/H listing.</li>
<li>It is a leading comprehensive analog integrated circuit (IC) company that designs, develops, and sells high-performance analog ICs and sensors.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



SG Micro (300661 CH), aims to raise up to US$800m in its A/H listing.
It is a leading comprehensive analog integrated circuit (IC) company that designs, develops, and sells high-performance analog ICs and sensors.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: SGMicro A/H Listing - Growth Has Restarted but Margins Still Below Peaks

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>SG Micro is seeking an A+H listing. CICC and Huatai are the sponsors.</li>
<li>We look at the company's core segments: power management integrated circuits and signal chain integrated circuits.</li>
<li>We discuss our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


SG Micro is seeking an A+H listing. CICC and Huatai are the sponsors.
We look at the company's core segments: power management integrated circuits and signal chain integrated circuits.
We discuss our preliminary thoughts on the company's fair value based on A-H premium.


SG Micro (圣邦微电子) A+H Pre-IPO: Early Thoughts

China

SG Micro Corp. manufactures and distributes semiconductor products. The Company produces power supply monitoring and analog integrated circuits, translation chips, operational amplifiers, and other products. SG Micro supplies its products in phones, computers, digital cameras, automotive electronics, and other fields.

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SG Micro (300661 CH)

Pre-IPO SG Micro Corp (A/H Listing) - Some Points Worth the Attention

SG's IPO pricing is ≦HK$85.2, with maximum MV of HK$57.5bn (RMB49.6bn). Based on 2026 forecast, PS is 10x (higher than Novosense (7.8x) and our...

Xinyao (Criss) Wang

Aequitas: SGMicro A/H Listing - Growth Has Restarted but Margins Still Below Peaks

SGMicro, aims to raise up to US$800m in its A/H listing. In this note, we look at its past performance and other deal dynamics that might impact...

Nicholas Tan

SG Micro (圣邦微电子) A+H Pre-IPO: Early Thoughts

SG Micro is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thoughts on valuation.

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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Pre-IPO SG Micro Corp (A/H Listing) - Some Points Worth the Attention

SG's IPO pricing is ≦HK$85.2, with maximum MV of HK$57.5bn (RMB49.6bn). Based on 2026 forecast, PS is 10x (higher than Novosense (7.8x) and our...

Xinyao (Criss) Wang

SG Micro H Share Listing: The Investment Case

SG Micro, a leading analog IC company in China, is pre-marketing an H-Share listing to raise US$600-800 million. In this note, I discuss the...

Arun George

SG Micro Corp H-Share Listing: Early Thoughts

Often called the Chinese equivalent of Texas Instruments, SG Micro Corp has filed for a HKEx listing to raise around US$800m.

Shifara Samsudeen, FCMA, CGMA

Aequitas: SGMicro A/H Listing - Growth Has Restarted but Margins Still Below Peaks

SGMicro, aims to raise up to US$800m in its A/H listing. In this note, we look at its past performance and other deal dynamics that might impact...

Nicholas Tan

SG Micro (圣邦微电子) A+H Pre-IPO: Early Thoughts

SG Micro is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thoughts on valuation.

Ke Yan, CFA, FRM