10 LED and optical communication companies plan to IPO in Hong Kong

In recent years, with the continuous advancement of the internationalization of the capital market, more and more mainland companies have chosen to list on the Hong Kong Stock Exchange to broaden financing channels and enhance international brand influence. Since entering 2026, this trend has become more and more obvious. A number of LED, optical communications and other semiconductor technology companies have recently announced plans or promotion of Hong Kong stock listings.

Fuman Micro: Promoting global strategic layout and optimizing capital structure

On April 14, Fuman Microelectronics Group Co., Ltd. issued an announcement announcing that it was planning to issue shares overseas (H shares) and apply for listing on the main board of The Stock Exchange of Hong Kong Limited. This is the first time that Fuman Micro has launched the listing process in Hong Kong, marking an important step for this A-share listed company to officially take international capital operations.

Founded in 2001, Fuman Micro focuses on the design, development, packaging, testing and sales of high-performance analog and digital-analog hybrid integrated circuits. The company's main products cover power management chips, LED driver chips, MOSFETs and other categories, and are widely used in consumer electronics, communication equipment, industrial control and other fields.

According to the announcement, the main purpose of Fuman Micro's listing in Hong Kong is to further promote its global strategic layout, further improve the company's capital strength and comprehensive competitiveness, enhance the company's international brand image, and optimize its capital structure.

The company stated that this issuance and listing matter still needs to be submitted to the company's board of directors and shareholders' meeting for review, and needs to obtain approval, approval or filing from relevant agencies such as the China Securities Regulatory Commission, the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange. As of the date of the announcement, the company is discussing with relevant intermediaries on the issuance and listing of the company, and the specific details have not yet been determined.

From the perspective of financial data, Fuman Micro is expected to achieve operating income of 850 million yuan to 870 million yuan in 2025, a year-on-year increase of more than 25%; net profit attributable to the parent is expected to be a loss of 150 million yuan to 190 million yuan, but a year-on-year decrease of 21.33% to 37.89%. Although the company is still in a loss-making state, its revenue growth momentum is good and the loss margin continues to narrow. As of the time of the announcement, the market value of Fuman Micro A-shares was approximately 10.4 billion yuan.

Amlogic Semiconductor: Second submission to the Hong Kong Stock Exchange, targeting the A+H share dual platform

On April 12, Amlogic Semiconductor (Shanghai) Co., Ltd. once again submitted a listing application to the main board of the Hong Kong Stock Exchange, with CICC and Haitong International serving as joint sponsors. This is the second time Jingchen Semiconductor has impacted the Hong Kong stock market. Its first submission time was September 25, 2025. Later, due to the expiration of the six-month validity period, the prospectus automatically expired on March 25, 2026.

Founded in 1995, Amlogic Semiconductor is a system-level semiconductor design manufacturer and has been listed on the A-share Science and Technology Innovation Board. The company has been deeply involved in the field of SoC chip design for 30 years, providing intelligent terminal control and connection solutions for smart homes, smart offices, smart travel, entertainment education, industrial production and other scenarios. Its products include intelligent multimedia and display SoC main control chips, AIoT SoC main control chips, communication and connection chips, smart car SoC chips, etc.

Among them, in the field of smart display terminal SoC, Amlogic Semiconductor's smart display terminal SoC has been adopted by TV and smart terminal brands such as Xiaomi, Haier TV, TCL, Skyworth, Hisense, Changhong and Seewo.

In the field of optical communication chips, Amlogic Semiconductor has developed FTTR OLT (Optical Line Terminal, optical line terminal) chip based on its professional accumulation in switching/routing technology, optical fiber access PON (passive optical network), and RISC-V technology, which supports symmetrical/asymmetrical GPON mode, embedded CPU and supports local switching functions. Its advanced chip architecture enhances high-speed transmission capabilities in home and enterprise environments.

Amlogic Semiconductor’s listing in Hong Kong aims to raise funds for the research and development of cutting-edge chip technology in the next five years and further consolidate its leading position in the field of smart terminal SoC chips. Once successfully listed on the Hong Kong Stock Exchange, Amlogic Semiconductor will form an "A+H" dual capital operation platform to provide more diversified financing channels for the company's long-term development.

In terms of finance, thanks to the mass launch of new products and the company's long-term global market layout strategy, Amlogic Semiconductor will achieve operating income of 6.793 billion yuan in 2025, a year-on-year increase of 14.63%; net profit attributable to the parent company will be 872 million yuan, a year-on-year increase of 6.21%.

Tianfu Communications: The leader in optical devices accelerates the process of globalization

On April 10, Suzhou Tianfu Optical Communications Co., Ltd. officially submitted a listing application to the main board of the Hong Kong Stock Exchange, with Goldman Sachs, Bank of America Securities and CICC serving as joint sponsors. Tianfu Communications was listed on the GEM of the Shenzhen Stock Exchange in 2015. This listing in Hong Kong marks the company's globalization strategy entering a new stage.

Founded in 2005, Tianfu Communications is an overall optical device solution provider and optoelectronic packaging manufacturing service provider, dedicated to the R&D, production and sales of high-speed optical devices. The company's products are widely used in artificial intelligence, data centers, optical fiber communications, optical sensing and other fields.

In recent years, Tianfu Communications has performed well thanks to the explosive growth of global computing infrastructure construction and optical interconnect demand. The prospectus shows that the company's revenue in 2023, 2024 and 2025 will be 1.926 billion yuan, 3.226 billion yuan and 5.115 billion yuan respectively; the profits during the year will be 736 million yuan, 1.35 billion yuan and 2.028 billion yuan respectively. In 2025, the company's gross profit margin will be 52.9%, and overseas market revenue will reach 3.839 billion yuan, accounting for 75.1% of total revenue.

Tianfu Communications plans to raise funds from its Hong Kong listing to expand its intelligent manufacturing system, cutting-edge technology research and development, strategic investments and acquisitions, and to supplement working capital.

As of April 2026, Tianfu Communications’ A-share market value is approximately 279 billion yuan, and it is one of the core leading companies in the optical communications sector.

In 2026, LED and optical communications companies will intensively list in Hong Kong

Since this year, many companies in the LED and optical communications fields have launched listing plans on the Hong Kong Stock Exchange.

In the field of LED, Desay SV, Yunyinggu, Xinqi Micro Equipment, and Xingyu Technology have also recently submitted applications for listing on the Hong Kong Stock Exchange. The LED display driver-related company OmniVision Group officially landed on the Hong Kong Stock Exchange at the beginning of this year.

In the field of optical communications, in addition to Amlogic Semiconductor and Tianfu Communications, optical communications-related companies such as Yuanjie Technology, Huagong Technology, and Xizhi Technology have also recently submitted applications for Hong Kong stock listings.

The multiple motivations behind the intensification of companies listing in Hong Kong

The Hong Kong Stock Exchange has become the preferred platform for overseas financing of Chinese-funded companies. In 2026, applications for listings by mainland companies in Hong Kong will show explosive growth.

Data from relevant research institutions show that in the first quarter of this year alone, the Hong Kong Stock Exchange accepted 192 new listing applications, a 243% increase from the same period in 2025. The vast majority of them are mainland companies, mainly from the technology, media, telecommunications and manufacturing fields.

From a corporate perspective, listing on the Hong Kong stock market will help companies advance their global strategic layout. As an international financial center, Hong Kong has a mature capital market system and a broad international investor base. Especially for mainland high-tech companies such as LED, semiconductors, and optical communications, listing on the Hong Kong stock market can significantly enhance their international brand image, enhance their influence in the global market, and create favorable conditions for overseas business expansion and the introduction of international talents.

Secondly, broadening financing channels and optimizing capital structure are also important considerations. Take semiconductors and optical communications as examples. These industries are in a period of rapid development, and companies require large amounts of funds for technology research and development, capacity expansion, and strategic mergers and acquisitions. The listing of Hong Kong stocks can provide enterprises with an additional financing platform, reduce dependence on a single market, optimize the ownership structure, and increase the flexibility of capital operations.

On the other hand, the Hong Kong stock market’s recognition of hard technology companies continues to increase. In recent years, the Hong Kong Stock Exchange has continued to optimize its listing rules and launched Chapter 18A, Chapter 18C and other institutional arrangements to provide a more inclusive listing environment for technological innovation companies. At the same time, international investors continue to pay increasing attention to mainland hard technology companies, and the Hong Kong stock market has become an important platform for technology company valuation discovery and value realization.

Looking to the future, as the interconnection mechanism between the mainland and Hong Kong capital markets continues to deepen, and the Hong Kong stock market continues to optimize its support policies for technological innovation companies, it is expected that more mainland technology companies will choose to list in Hong Kong.

Driven by the triple drive of policy support, market demand and corporate development, the "technological attributes" of the Hong Kong stock market will become increasingly prominent, becoming an important bridge connecting mainland China's technological innovation and global capital.