INGENIC (03223), a chip provider integrating storage, computing, and analog solutions, has concluded its public offering period from August 17 to August 20, 2026. As of 11:00 AM on August 20, brokers had extended HK$222.01 billion in margin financing for the stock, representing an oversubscription of 689.3 times based on the HK$322 million raised from the public tranche.

The company plans to offer 31.287 million H-shares, with the public tranche accounting for approximately 10% and the placement tranche for 90%, alongside a 15% over-allotment option. The final offer price is capped at HK$102.8 per share, with each board lot comprising 100 shares, setting the minimum subscription cost at HK$10,383.7 per lot. Trading is slated to commence on the Stock Exchange of Hong Kong on Tuesday, August 25, with Guotai Junan International serving as the sole sponsor.

According to the prospectus, INGENIC specializes in chips for storage, computing, and analog applications, with products widely deployed across automotive electronics, industrial and medical uses, as well as AIoT and smart security devices. The company has developed storage chips, including DRAM, SRAM, NOR Flash, and NAND Flash, primarily targeting automotive and industrial medical sectors; computing chips for AIoT and security applications; and analog chips, such as LED drivers and combo chips, catering to automotive, industrial, and home appliance markets. All offerings meet automotive-grade and industrial-grade standards, underscoring their high quality, reliability, energy efficiency, and extended lifespan.

In the first quarter of 2026, storage, computing, and analog chips contributed 65.3%, 25.8%, and 8.5% of total revenue, respectively. Research and development expenditures reached RMB 708.3 million in 2023, RMB 681.3 million in 2024, RMB 712 million in 2025, and RMB 171.9 million for the three months ending March 31, 2026, accounting for 15.6%, 16.2%, 15.0%, and 11.0% of total revenue in the respective periods.

The company has entered into cornerstone investment agreements with Emerald Prime, GF Fund, Perseverance Asset Management, Shanghai Gaoyi and Huatai Capital Investment (linked to Huatai back-to-back total return swaps and Huatai client total return swaps), Singapore Huaqin, ICBC Wealth Management, Arrow Target, ChinaAMC (Hong Kong), Singularity Asset, Heading Pioneer 10 Fund LPF, and Dream'ee HK Fund. Under these agreements, cornerstone investors have committed to subscribe for or procure their designated entities to subscribe for a specified number of offer shares at the final offer price, rounded down to the nearest full board lot of 100 H-shares, totaling approximately US$192 million.