SMIC Microelectronics rushes to list on Hong Kong Stock Exchange: annual revenue of 1.1 billion, profit of 280 million, Zhou Yan cashes out 347 million

Ask AI · Does Zhou Yan’s cash-out of 347 million yuan affect the stability of the equity structure?

Lei Di Network Lei Jianping April 5

Micro-operations Semiconductor (Shenzhen) Co., Ltd. (hereinafter referred to as “Micro-operations Semiconductor”) has recently submitted a listing prospectus, preparing to go public on the Hong Kong Stock Exchange.

Micro-operations Semiconductor was listed on the Sci-Tech Innovation Board in August 2022, issuing 63.0 million shares, with an issue price of 30.86 yuan and total proceeds of 1.94B yuan.

As of Friday’s close, Micro-operations Semiconductor’s share price was 40.6 yuan, with a market value of 16.3 billion yuan.

In 2023, 2024, and 2025, Micro-operations Semiconductor distributed dividends of 180 million yuan, 99.90 million yuan, and 99.70 million yuan, respectively. The dividends declared in 2023 and 2024 have been settled as of the last practicable date.

For the year ended December 31, 2025, the recommended dividend of approximately 120 million yuan to be distributed by Micro-operations Semiconductor to existing shareholders was approved by the board of directors.

Annual revenue 1.1 billion; profit 280 million

Micro-operations Semiconductor is an intelligent control solutions provider, focusing on the design and delivery of integrated circuit chips, and using a microcontroller (MCU) as the core of Micro-operations Semiconductor’s products.

Micro-operations Semiconductor’s core strengths lie in MCU design and development. Its products further extend to various system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions. It provides customers with one-stop end-to-end chip and underlying algorithm solutions required for intelligent control, enabling diverse application scenarios such as consumer electronics, smart home appliances, industrial control, and automotive electronics.

During the period of performance, Micro-operations Semiconductor’s revenue mainly came from providing MCU, SoC, and ASIC solutions, as well as sales of other related products.

The prospectus shows that Micro-operations Semiconductor’s revenue in 2023, 2024, and 2025 was 714 million, 912 million, and 1.12B yuan, respectively; gross profit was 69.23 million, 261 million, and 369 million yuan, respectively.

Micro-operations Semiconductor’s 2025 revenue from MCU solutions was 846 million yuan, accounting for 75.4%; revenue from SoC solutions was 241 million yuan, accounting for 21.5%.

Micro-operations Semiconductor’s annual profits in 2023, 2024, and 2025 were -21.95 million, 137 million, and 284 million yuan, respectively.

As of December 31, 2025, Micro-operations Semiconductor held cash and cash equivalents of 319 million yuan.

Zhou Yan’s cash-out of 347 million

Micro-operations Semiconductor’s executive directors are Yang Yong, Zhou Yan, and Liu Ze Yu, respectively; independent non-executive directors are Dr. Song Xiaoke, Dr. Sun Xiaoling, and Dr. Chu Junhong, respectively.

Yang Yong is chairman and general manager of Micro-operations Semiconductor. Born in 1972, he holds New Zealand nationality, and has Hong Kong permanent residency. He is a bachelor’s degree holder from Fushun Petroleum Institute (now renamed “Liaoning University of Petroleum & Chemical Technology,” the same applies below), and a master’s degree holder from Southeast University. Zhou Yan, born in 1970, is a bachelor’s degree holder from Fushun Petroleum Institute.

As of December 31, 2025, Yang Yong holds 31.47%, Zhou Yan holds 22.93%, Jiang Zhiyong holds 3.92%, Luo Yong holds 3.85%, and Zhou Fei holds 3.37%;

Shunwei Xinhu a (Shenzhen) Investment Limited Partnership (Limited Partnership) holds 2.89%, and Ningbo Shunwei Zhiyuan Venture Capital Partnership (Limited Partnership) holds 1.28%;

Jinana holds 0.8%, Hong Kong Securities Clearing Company Limited holds 0.45%, and Shenzhen Dacheng Caizhi Venture Capital Management Co., Ltd. — Shenzhen Dacheng Chuanghong Private Equity Investment Enterprise (Limited Partnership) holds 0.4%.

Micro-operations Semiconductor announced on March 3, 2026 that shareholder Zhou Yan transferred 8,007,300 shares at a transfer price of 43.35 yuan per share, cashing out 347 million yuan.

Zhou Yan, together with Yang Yong and Zhou Fei, are acting in concert. After this reduction, the three of them together control 55.77% of the company’s equity.

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