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

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（Source: Lei Dì）

Lei Dì Network Lei Jianping April 5

Microwave Semiconductor (Shenzhen) Co., Ltd. (shortened as “Microwave Semiconductor”) has recently filed its prospectus and plans to list on the Hong Kong Stock Exchange.

Microwave Semiconductor was listed on the STAR Market in August 2022. It issued 63 million shares at an issue price of 30.86 yuan, raising a total of 1.944 billion yuan.

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

Microwave Semiconductor distributed dividends of 180 million yuan, 99.90 million yuan, and 99.70 million yuan in 2023, 2024, and 2025, respectively. The dividends declared in 2023 and 2024 were settled on the last practicable date.

For the year ended December 31, 2025, the proposed dividends of approximately 120 million yuan to be distributed by Microwave Semiconductor to its existing shareholders were approved by the board of directors.

Annual revenue 1.1 billion Profit 280 million

Microwave Semiconductor is a provider of intelligent control solutions. It focuses on the design and delivery of integrated circuit chips and uses microcontrollers (MCU) as the core of its products.

Microwave Semiconductor’s core strengths lie in MCU design and development. Its products further extend to various system-on-chip (SoC) solutions, application-specific integrated circuits (ASIC), and more. It provides customers with end-to-end overall chip and underlying algorithm solutions required for intelligent control, enabling a wide range of application scenarios such as consumer electronics, smart home appliances, industrial control, and automotive electronics.

During the track record period, Microwave Semiconductor’s revenue mainly came from the provision of MCU, SoC and ASIC solutions, as well as sales of other related products.

The prospectus shows that Microwave Semiconductor’s revenue in 2023, 2024, and 2025 was 714 million, 912 million, and 1.122 billion yuan, respectively; its gross profit was 69.23 million, 261 million, and 369 million yuan, respectively.

Microwave Semiconductor’s revenue from MCU solutions in 2025 was 846 million yuan, accounting for 75.4%; its revenue from SoC solutions was 241 million yuan, accounting for 21.5%.

Microwave Semiconductor’s annual profit in 2023, 2024, and 2025 was -21.95 million, 137 million, and 284 million yuan, respectively.

As of December 31, 2025, Microwave Semiconductor held cash and cash equivalents of 319 million yuan.

Zhou Yantai cashed out 347 million

Microwave Semiconductor’s executive directors are Yang Yong, Zhou Yan, and Liu Zeyu; its independent non-executive directors are Dr. Song Xiaoke, Dr. Sun Xiaoling, and Dr. Chu Junhong.

Yang Yong is Chairman and General Manager of Microwave Semiconductor. Born in 1972, he has New Zealand nationality and Hong Kong permanent residency. He holds a bachelor’s degree from Fushun Petroleum Institute (now renamed “Liaoning Petrochemical University,” and the same applies below) and a master’s degree from Southeast University. Zhou Yan was born in 1970 and holds a bachelor’s degree from China Fushun Petroleum Institute.

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

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

Gina-na held 0.8%, Hong Kong Securities Clearing Company Limited held 0.45%, and Shenzhen Dachen Caizhi Venture Capital Management Co., Ltd.—Shenzhen Dachen Chuanghong Private Equity Investment Enterprise (Limited Partnership) held 0.4%.

Microwave 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.

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

Lei Dì was founded by media person Lei Jianping. If reposted, please state the source.

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