Shenzhen Hongxinyu Electronics Co., Ltd. has passed its Hong Kong listing hearing and is preparing to go public on the Hong Kong Stock Exchange.
Valuation rose to RMB 10.759 billion after multiple funding rounds
Hongxinyu has completed several financing rounds since its establishment. In March 2020, it raised RMB 36 million at a post-money valuation of RMB 816 million. In August 2021, it completed a RMB 120 million round at a post-money valuation of RMB 5.126 billion, followed by a RMB 22 million round in December 2021 at a post-money valuation of RMB 5.2 billion.
In July 2022, the company raised RMB 482 million at a post-money valuation of RMB 8.294 billion. In December 2022, it completed another RMB 240 million financing round at a post-money valuation of RMB 8.641 billion. In March 2023, it raised RMB 118 million at a post-money valuation of RMB 9.229 billion. In March 2025, it completed a RMB 670 million financing round, bringing its post-money valuation to RMB 10.759 billion.
Revenue reached RMB 8.01 billion in the first four months of 2026
Founded in 2018, Hongxinyu focuses on the research and development, production, testing, and sale of storage chip products. The group is headquartered in Shenzhen and operates R&D centers in Shenzhen, Hefei, Shanghai, Hangzhou, and Xiamen. It has more than 1,300 employees, with R&D staff accounting for more than 60% of the workforce.
The company provides storage products and solutions. Its core product categories are embedded storage, solid-state drives, memory products, and mobile storage, serving sectors including consumer electronics, automotive electronics, servers, and artificial intelligence.
The prospectus shows revenue of RMB 8.78 billion in 2023, RMB 8.72 billion in 2024, and RMB 11.238 billion in 2025. Gross profit was RMB 417 million, RMB 1.4 billion, and RMB 2.446 billion in those three years, with gross margins of 4.8%, 16.1%, and 21.8%, respectively. Profit for the period was negative RMB 117 million in 2023, RMB 483 million in 2024, and RMB 1.364 billion in 2025, while profit margins were -1.3%, 5.5%, and 12.1%.
For the first four months of 2026, revenue was RMB 8.01 billion. Gross profit came to RMB 4.969 billion, representing 62%, while profit for the period reached RMB 3.84 billion and the profit margin was 47.9%.
Embedded storage contributed 67.8% of revenue
By product mix in the first four months of 2026, embedded storage generated RMB 5.43 billion, accounting for 67.8% of revenue. Solid-state drives contributed RMB 336 million, or 4.2%. DRAM revenue was RMB 1.088 billion, or 13.6%. Mobile storage brought in RMB 214 million, or 2.7%, and storage chips generated RMB 927 million, or 11.5%.
Adjusted net profit was negative RMB 31.69 million in 2023, RMB 551 million in 2024, and RMB 1.446 billion in 2025. In the first four months of 2026, adjusted net profit reached RMB 3.9 billion.
Adjusted EBITDA stood at RMB 151 million in 2023, RMB 952 million in 2024, and RMB 1.96 billion in 2025. For the first four months of 2026, adjusted EBITDA was RMB 4.683 billion. As of April 30, 2026, the company held RMB 625 million in cash and cash equivalents.
Wu Yisheng controls about 36.68% of voting rights
Hongxinyu's executive directors are Wu Yisheng, Wu Jiamin, Liang Qiyan, and Zhang Yun. Its non-executive directors are Feng Shuixing and Cao Bin. Its independent non-executive directors are Dr. Chu Dazhi, Dr. Gong Xiaofeng, and Chen Jianhao.
According to the filing, executive director, chairman, and general manager Wu Yisheng controls about 36.68% of the voting rights at shareholder meetings as of the latest practicable date through Xinruilai, Shenzhen Jubang, Hongxinwei, Hongxinchuang, Hongxintai No. 2, Hongxintai, Ningbo Zhaohan, Ningbo Zhaoxin, and Hangzhou Feisuan.
Xinruilai is owned about 71.76% by Wu. In Shenzhen Jubang, Wu holds about 0.22% as a general partner and executive partner, while Wu Jiamin, Wu's daughter and an executive director, holds about 22.22% as a limited partner. Wu also serves as general partner and executive partner in Hongxinwei, Hongxinchuang, Hongxintai No. 2, Hongxintai, Ningbo Zhaohan, Ningbo Zhaoxin, and Hangzhou Feisuan.
Shareholding structure before the IPO
Before the IPO, Xinruilai held 10.9%, Hongxinwei 10.01%, Hongxinchuang 5.13%, Hongxintai No. 2 3.84%, Hongxintai 2.82%, Shenzhen Jubang 1.92%, Ningbo Zhaohan 0.86%, Ningbo Zhaoxin 0.64%, and Hangzhou Feisuan 0.56%. These shareholders are the controlling shareholders and together hold 36.68%.
Among other shareholders, Core Storage held 11.81% and Ruiyuan Investment held 10.69%. Kunhongyu held 1.51%, Xiamen Kunyue 1.14%, and Shenzhen Kunhong 1.02%. Guotong Zhaoxin held 1.92%, while Wang Gang held 0.38%. Infinity Nexus held 1.06% and Synergy Core held 0.21%.
Zhuhai Runbo held 0.43%, Wang Qihao 0.4%, Tianze Zhongding Phase II 0.06%, and Wanlian Guangsheng 0.05%. Future Pafi held 7.6%, Guangzhou Ruichuang 2.57%, Wang Bangye 2.43%, Lianxin Technology 1.11%, Chen Jingxiong 1.03%, Kungang Shuyang and Juyuan Xinchuang 1.02% each, and Liansheng Yeke 0.93%.
Haixia Fuguo and Guangzhou Zhiwei each held 0.81%. Cai Ruixin held 0.69%. Meige Zhitou and Xu Shiquan each held 0.64%. Rongchuang Lingyue held 0.6%. Chen Guoliang held 0.56%. Wang Weiping and Wang Jianfeng each held 0.53%. Xu Fei held 0.51%. Su Wei, Wang Dai, Hefei Guoyao, Chen Zeping, Liu Junli, and Long Hai each held 0.43%.
Yan Shuai and Hangzhou Feikuai each held 0.36%. Huachuang Gongying No. 8 held 0.32%. Shenzhen Gaoxintou and Hefei Chanto each held 0.31%. Guoyuan Venture Capital held 0.3%. Zhengwei Hongxin held 0.29%. Maosheng Ruichen and Fengzhang Qingyu each held 0.28%. AW YONG CHEE KONG held 0.27%. Shanghai Longyu held 0.24%. PUA KHEIN SENG, Wang Xihua, Jiafa No. 2, and Jiang Liufang each held 0.21%.
Xu Shaolin held 0.2%, Lianxin Xinneng 0.17%, Xinhua Changjiang 0.16%, Yuan Ying 0.15%, Jiaxing Qiuye 0.12%, Li Zimin, Quanfeng Real Estate, Song Leping, Li Heyi, and Li Wei 0.11% each, Wu Gongping 0.1%, Mo Zhenwei 0.07%, Jiang Yanjun and Wang Lidong 0.06% each, and Lin Wei and LEE HAO ZH 0.05% each.
The report was sourced from the WeChat account Leidi (ID: touchweb) and written by Lei Jianping.