HK Recently Listed Stocks Watch | SG MICRO (03661.HK) down 6.48%, 26.94 million cornerstone shares to be unblocked on 26 December, chip price rises continue into Q4

NewTimeSpace News, on 15 October 2026, analogue chip shares traded with a correction while SG MICRO (03661.HK) weakened. As of 13:55, the company quoted HKD 68.550, down 6.48%.

On the news front, the company has no recent news of its own; within the sector, on 15 October 2026, media reports indicated that semiconductor supply chain price increases continued into the fourth quarter of 2026, spreading from upstream photoresists and silicon epitaxial materials to chip segments including microcontrollers, analogue chips, processors and power devices, as well as passive components such as multi-layer ceramic capacitors, semiconductor packaging and testing and downstream panels. Citing supply chain sources, the reports also said that chip design houses in Taiwan, China, are preparing a second round of price increases, with power management ICs, driver ICs and microcontrollers set to adjust quotes from late 2026 to early 2027 by between 5% and double-digit percentages.

In addition, on 15 October 2026, the 2026 Bay Area Semiconductor Industry Ecosystem Expo opened in Shenzhen, with domestic electronic design automation software, high-end testing instruments and Chiplet advanced packaging technologies presented systematically, and multiple domestic equipment makers exhibiting metrology, inspection and wafer fabrication equipment.

SG MICRO (03661.HK) listed on the Main Board of the Hong Kong Stock Exchange on 26 June 2026 at an offer price of HKD 85.20, with 54,001,200 shares issued.

Regarding its shareholding structure, the lock-up period of all 26 cornerstone investors of the company is six months, with the nearest release date falling on 26 December 2026, when a total of 26,941,300 shares held by 26 cornerstone investors including GIC, JPMorgan Asset Management and CPE Ginkgo will be released from lock-up, representing 49.89% of the shares under the global offering and approximately 3.99% of the company's total issued share capital immediately following completion of the global offering. In addition, under the lock-up undertakings of the company's controlling shareholders (Chongqing Hongshun Xiangtai Enterprise Management Co., Ltd., Chongqing Baoli Hongya Enterprise Management Co., Ltd., Power Trend International Development Limited and Dr. Zhang Shilong, together holding 221,512,150 shares, or 32.82% of total issued share capital), the first six-month period expired on 25 December 2026, and the second six-month period is expected to expire in late June 2027.

In terms of financial performance, the company disclosed its first interim results after listing on 29 August 2026. For the first half of 2026, revenue was RMB 2.595 billion, up 42.70% year on year; gross profit was RMB 1.345 billion, up 47.47% year on year; gross margin was 51.84%, up about 1.7 percentage points from a year earlier; net profit attributable to shareholders was RMB 420 million, up 109.28% year on year; net profit excluding non-recurring gains and losses was RMB 356 million, up 164.56% year on year; R&D investment was RMB 617 million, accounting for 23.77% of revenue; and net cash flow from operating activities was RMB 382 million. As of 30 June 2026, the company had cash and cash equivalents of RMB 4.630 billion and a debt-to-asset ratio of 16.64%. The company declared no interim dividend.

SG MICRO (03661.HK) focuses on the research, development and sale of high-performance, high-quality analogue integrated circuits, with a product matrix covering signal chain, power management, sensors and memory and more than 7,200 sellable products as at mid-2026. Its products are widely used in industrial and energy, automotive, network and computing, and consumer electronics applications, serving more than 6,000 transacting customers in 2025. The company listed on the ChiNext market of the Shenzhen Stock Exchange in June 2017 (300661.SZ) and on the Main Board of the Hong Kong Stock Exchange on 26 June 2026.

DONGHAI SECURITIES believes that semiconductor demand remained relatively buoyant in September 2026 with chip prices fluctuating at high levels, that demand continues to be strong on AI drivers while upstream wafer foundry capacity is tight, and that the supply-demand balance is expected to remain tight in October; on pricing, increases have spread from memory, CPUs and consumer electronics to power, analogue and microcontroller segments, with localisation rates across the supply chain continuing to rise.

J.P. MORGAN believes that demand in the analogue chip segment is improving across industrial, aerospace, defence and data centre applications although customers have yet to begin broad restocking; product price increases are expected to become a new earnings growth driver for analogue chip companies in the second half of 2026 and 2027, with Analog Devices already implementing additional price rises and Texas Instruments planning increases on some products in the fourth quarter of 2026 and expanding to more analogue chips, power management chips and microcontrollers in 2027.