Chip Design Firm Boya Technology to List on Shangahi STAR Market

The Shanghai Stock Exchange disclosed on Wednesday that Boya Technology’s IPO application has been accepted. The company plans to publicly issue no more than 16.6667 million shares and raise no more than 750 million yuan ($111.9 million) for its NOR Flash chip upgrade and industrialization projects.

Based in Zhuhai, Guangdong province, the company focuses on flash memory chips and is committed to actively developing NOR Flash memory chip products and NAND Flash chips with smaller processors, larger capacities, and better performance based on the core NOR Flash technology. The company is actively investing in microcontrollers and related chips in an effort to broaden its business scope and raise new growth channels.

The company’s main products are the NOR Flash memory chips which are widely used in consumer electronics, industrial control, communication and the Internet of Things. In 2020, it successfully developed 256Mbit capacity products with the 50nm process, and the product has been successfully mass-produced and delivered. In 2021, it developed 1Gb capacity products with 50nm process and achieved mass-production in 2022. The company is actively introducing large-capacity products for many customers. During the reporting period, the company shipped 267 million NOR Flash products in 2019, 352 million products in 2020 and 538 million products in 2021.

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According to the company’s financial data, Boya Technology achieved operating income of 118.7445 million yuan in 2019, 166.9611 million yuan in 2020 and 262.1659 million yuan in 2021, with a compound growth rate of 48.59%. During the same reporting period, the net profit attributable to the owners of the parent company was -11. 196 million yuan, 25.9078 million yuan and 45.1761 million yuan respectively.

The raised funds will be used in projects including NOR Flash chip projects, microcontrollers and related chip development project. The company is also looking at constructing its own R&D center while bolstering its supplementary working capital.