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Arun George

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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.

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OmniVision Integrated Circuits Group / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/omnivision-integrated-circuits-group-inc" target="_blank" data-smartkarma-citation="entities:28274:1" rel="noopener">OmniVision Integrated Circuits Group (603501 CH)</a>, a CMOS image sensor (CIS) company, has filed its PHIP for an H Share listing to raise US$1 billion.     </li>
<li>OmniVision is the third-largest digital image sensor provider globally, with a 13.7% market share by revenue in 2024.</li>
<li>The investment case rests on an industry-leading position, a robust core business, an improving margin profile, strong cash generation, and an undemanding valuation. </li>
</ul>



OmniVision Integrated Circuits Group (603501 CH), a CMOS image sensor (CIS) company, has filed its PHIP for an H Share listing to raise US$1 billion.     
OmniVision is the third-largest digital image sensor provider globally, with a 13.7% market share by revenue in 2024.
The investment case rests on an industry-leading position, a robust core business, an improving margin profile, strong cash generation, and an undemanding valuation. 


OmniVision H Share Listing: The Investment Case

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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/will-semiconductor-co-ltd-shan" target="_blank" data-smartkarma-citation="entities:28274:1" rel="noopener">Omnivision Intgrated Circuit (603501 CH, </a>OVIC), a semiconductor company, aims to raise around US$1bn in its H-share listing.</li>
<li>OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost &amp; Sullivan</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Omnivision Intgrated Circuit (603501 CH, OVIC), a semiconductor company, aims to raise around US$1bn in its H-share listing.
OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost &amp; Sullivan
We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.


OmniVision Integrated Circuits Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

<ul>
<li>
Omnivision (<a href="https://www.smartkarma.com/entities/will-semiconductor-co-ltd-shan" target="_blank" data-smartkarma-citation="entities:28274:1" rel="noopener">Will Semiconductor 603501 CH)</a>  (OVIC, 603501 CH), a semiconductor company, aims to raise around US$1bn in its H-share listing.</li>
<li>OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost &amp; Sullivan</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Omnivision (Will Semiconductor 603501 CH)  (OVIC, 603501 CH), a semiconductor company, aims to raise around US$1bn in its H-share listing.
OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost &amp; Sullivan
In this note, we look at its past performance and other deal dynamics that might impact the listing.


OmniVision Integrated Circuits Group (Will Semicon) A/H Listing - Earnings Have Been Recovering

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OmniVision Integrated Circuits Group / Equity Bottom-Up

<ul>
 <li>
<a href="https://smartkarma.com/entities/will-semiconductor-co-ltd-shan">Will Semiconductor</a> has established itself as a global top-three supplier of CMOS Image Sensors (CIS) following its strategic acquisition of OmniVision, with a particularly dominant position in the automotive sector.</li>
 <li>The company is experiencing a significant financial turnaround, with strong revenue and net profit growth in 2024 and the first half of 2025, recovering from a cyclical downturn in 2023. This recovery is primarily driven by the automotive and emerging IoT segments.</li>
 <li>Future growth is contingent on continued expansion in the automotive ADAS and smart cockpit markets, successful penetration of new IoT applications, and navigating the cyclical and highly competitive smartphone market, which remains a key exposure.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Will Semiconductor has established itself as a global top-three supplier of CMOS Image Sensors (CIS) following its strategic acquisition of OmniVision, with a particularly dominant position in the automotive sector.
  The company is experiencing a significant financial turnaround, with strong revenue and net profit growth in 2024 and the first half of 2025, recovering from a cyclical downturn in 2023. This recovery is primarily driven by the automotive and emerging IoT segments.
  Future growth is contingent on continued expansion in the automotive ADAS and smart cockpit markets, successful penetration of new IoT applications, and navigating the cyclical and highly competitive smartphone market, which remains a key exposure.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Will Semiconductor (603501 CH) - Oct 2025

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>OmniVision reported 1H25 results. 1H revenue rose 15% YoY to RMB14.0bn, led by double-digit growth in Analog Solutions (+21% YoY) and Distribution (+42% YoY).</li><li>During the period, gross margin remained stable at 30.5% (+1.3 ppts YoY), while net profit surged by 48% YoY to RMB2.0bn.</li><li>NPM improved to 14.5% (from 11.3% in 1H24), reflecting operating leverage and cost control. The sales of OV’s core business, CIS, reached a record RMB10.3bn (+11% YoY), with auto, security, emerging IoT, and medical CIS growing 30%, 17%, 249%, and 68% YoY, respectively, offsetting weakness in mobile CIS (-19% YoY). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

OmniVision reported 1H25 results. 1H revenue rose 15% YoY to RMB14.0bn, led by double-digit growth in Analog Solutions (+21% YoY) and Distribution (+42% YoY).During the period, gross margin remained stable at 30.5% (+1.3 ppts YoY), while net profit surged by 48% YoY to RMB2.0bn.NPM improved to 14.5% (from 11.3% in 1H24), reflecting operating leverage and cost control. The sales of OV’s core business, CIS, reached a record RMB10.3bn (+11% YoY), with auto, security, emerging IoT, and medical CIS growing 30%, 17%, 249%, and 68% YoY, respectively, offsetting weakness in mobile CIS (-19% YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

OmniVision (603501 CH) - Solid 1H25 Results; Maintain BUY

China

OmniVision Integrated Circuits Group, Inc. manufactures image sensor and semiconductor products. The Company produces and sells complementary metal oxide semiconductors, protecting devices, power devices, power management integrated circuits, radio frequency devices, microphone sensors, and more. OmniVision Integrated Circuits Group markets its products worldwide.

OmniVision Integrated Circuits Group (603501 CH)

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OmniVision Integrated Circuits Group (603501 CH)

OmniVision Integrated Circuits Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

Omnivision Intgrated Circuit (603501 CH, OVIC), a semiconductor company, aims to raise around US$1bn in its H-share listing. In this note, we talk...

Sumeet Singh

OmniVision Integrated Circuits Group (Will Semicon) A/H Listing - Earnings Have Been Recovering

Omnivision (603501 CH), a semiconductor company, aims to raise around US$1bn in its H-share listing. It has filed its PHIP, we had looked at its...

Sumeet Singh

Primer: Will Semiconductor (603501 CH) - Oct 2025

Will Semiconductor has established itself as a global top-three supplier of CMOS Image Sensors (CIS) following its strategic acquisition of...

αSK

OmniVision (603501 CH) - Solid 1H25 Results; Maintain BUY

OmniVision reported 1H25 results. 1H revenue rose 15% YoY to RMB14.0bn, led by double-digit growth in Analog Solutions (+21% YoY) and Distribution...

CMB International

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OmniVision H Share Listing: The Investment Case

OmniVision, a CMOS image sensor (CIS) company, has filed its PHIP for an H Share listing to raise US$1 billion. In this note, I discuss the...

Arun George

OmniVision Integrated Circuits Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

Omnivision Intgrated Circuit (603501 CH, OVIC), a semiconductor company, aims to raise around US$1bn in its H-share listing. In this note, we talk...

Sumeet Singh

OmniVision Integrated Circuits Group (Will Semicon) A/H Listing - Earnings Have Been Recovering

Omnivision (603501 CH), a semiconductor company, aims to raise around US$1bn in its H-share listing. It has filed its PHIP, we had looked at its...

Sumeet Singh

Primer: Will Semiconductor (603501 CH) - Oct 2025

Will Semiconductor has established itself as a global top-three supplier of CMOS Image Sensors (CIS) following its strategic acquisition of...

αSK

OmniVision (603501 CH) - Solid 1H25 Results; Maintain BUY

OmniVision reported 1H25 results. 1H revenue rose 15% YoY to RMB14.0bn, led by double-digit growth in Analog Solutions (+21% YoY) and Distribution...

CMB International