HK Recently Listed Stocks Watch | SENASIC (06675.HK): Lock-up Period for 15.41 Million H Shares Held by Cornerstone Investors to Expire on December 16
- The nine cornerstone investors hold an aggregate of 15,413,600 H shares, representing approximately 27.40% of the total number of offer shares (after partial exercise of the over-allotment option) and approximately 4.04% of the total number of issued shares. The lock-up period runs until December 16, 2026, and the shares will become freely tradable from December 17, 2026.
- In the first half of 2026, the Company recorded revenue of RMB 214 million (the same below), up 36.5% year on year, with a gross margin of 32.4%; affected by the change in the carrying amount of financial instruments issued to investors, it posted a loss of RMB 1.394 billion for the period, while its adjusted loss for the period stood at RMB 6.026 million.
NewTimeSpace News: As of 16:00 on October 13, 2026, SENASIC (06675.HK) traded intraday at HKD 18.29, down 1.19%.
On the news front, according to the Company's previously disclosed "Allotment Results Announcement", the nine cornerstone investors hold an aggregate of 15,413,600 H shares, the final day of the relevant lock-up undertakings is December 16, 2026, and the shares will become transferable from December 17, 2026. The cornerstone investors comprise Sunwoda Treasury (Hong Kong) Limited, Hong Kong Longwei International Trading Limited, Oakwise Growth Fund SPC — Greater China Fund SP, Tembusu Limited, Andrew Y. Yan, RIME Capital Limited, Thalassa Capital Dynamics SPC (on behalf of Thalassa Horizon SP), Chample International Limited, and Libra Stable Value and Fixed Income Segregated Portfolio Company (on behalf of Libra Fixed Income One SP); among them, Hong Kong Longwei International Trading Limited is a close associate of existing shareholder Shanghai Baolong Automotive Corporation.
According to publicly available information, SENASIC (06675.HK) listed on the Main Board of The Stock Exchange of Hong Kong Limited on June 17, 2026 at an offer price of HKD 18.36, under a global offering of 53,407,000 H shares, comprising 5,340,800 H shares under the Hong Kong public offering, which was 5,144.97 times subscribed, and 48,066,200 H shares under the international offering, which was 4.44 times subscribed; gross proceeds amounted to approximately HKD 981 million and net proceeds to approximately HKD 913 million. The over-allotment option was subsequently partially exercised on July 12, 2026, involving 2,855,800 H shares, which were allotted and issued on July 15, 2026, generating additional net proceeds of approximately HKD 50.86 million; the number of issued shares at listing was 379,041,820, rising to 381,897,620 after the partial exercise, with a board lot of 200 shares. The Company's H shares have been included in the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect stock lists with effect from September 7, 2026.
In terms of performance, the Company disclosed its first post-listing interim results on August 26, 2026. In the first half of 2026, it recorded revenue of RMB 214 million (the same below), up 36.5% year on year; gross profit of RMB 69.413 million, up 63.1% year on year, with the gross margin rising from 27.1% in the prior-year period to 32.4%. By product line, intelligent tire chip revenue reached RMB 111 million, up 21.7% year on year; intelligent battery cell chip revenue was RMB 52.9 million, up 114.5%; and intelligent general-purpose sensor chip revenue was RMB 48.7 million, up 23.4%. R&D costs for the period were RMB 43.227 million, versus RMB 35.758 million a year earlier; the loss for the period was RMB 1.394 billion, mainly attributable to the change in the carrying amount of financial instruments issued to investors, while the adjusted loss for the period (a non-HKFRS measure) excluding such factors was RMB 6.026 million, compared with RMB 15.704 million a year earlier; as at June 30, 2026, the Company had cash and cash equivalents of RMB 1.13 billion. From 2023 to 2025, the Company's revenue was RMB 223 million, RMB 348 million and RMB 478 million respectively, with losses for the year of RMB 356 million, RMB 351 million and RMB 331 million respectively, and gross margins of 16.6%, 20.3% and 28.0% respectively.
At the industry level, according to Frost & Sullivan data cited in the prospectus, by 2025 revenue the Company is the world's third-largest and China's largest automotive wireless sensing SoC company, with a market share of 8.5%; the global automotive wireless sensing SoC market grew from RMB 1.9 billion in 2021 to RMB 6.8 billion in 2025 and is expected to further grow to RMB 53.8 billion in 2030, a compound annual growth rate of 53.4% from 2026 to 2030, with the China market expected to grow from RMB 2.5 billion in 2025 to RMB 28.9 billion in 2030.
On the institutional view, in its initiation report "Anchoring Physical AI On-Device Sensing and Computing, wBMS Drives Accelerating Growth" published on September 24, 2026, Guotai Haitong Securities assigned the Company an "Overweight" rating with a target price of HKD 43.12, noting that the Company has built a product matrix spanning intelligent battery cell chips, intelligent tire chips and intelligent general-purpose sensor chips around wireless sensing SoC, and has established first-mover advantages in segments such as TPMS, BPS and wireless BMS; its intelligent battery cell and wBMS SoC businesses are expected to become core growth engines, benefiting from rising battery safety requirements for new energy vehicles and expanding energy storage demand.
