TQQQ Diamond Holder
Rate Of ReturnSENASIC, ranking third globally and first in China in the wireless sensing SoC field.
SENASIC is a global top-tier supplier in the field of wireless sensing SoC. In simple terms, it makes "wireless sentinel" chips for cars and batteries, responsible for monitoring tire pressure, battery safety, and various vehicle conditions. It doesn't require wiring and transmits data wirelessly. It mainly has three business segments: tire pressure monitoring chips, battery pack safety chips, and general-purpose sensing chips. Among these, its tire pressure monitoring chips rank first in domestic market share.
The company started its IPO subscription on June 9th, with an issue price of HKD 18.36 per share, 200 shares per board lot, a minimum subscription of HKD 3,709.04, a market cap of HKD 6.959 billion, and an issuance of 53.407 million shares. It belongs to the semiconductor industry and has a greenshoe option.
The sponsors are CICC and Guotai Junan. The first-day gain rate for projects sponsored by CICC in the past two years is 71.42%, and for Guotai Junan, it's 81.25%. The overall performance of the sponsors is very good.
There are a total of 9 cornerstone investors, including Sunwoda Hong Kong, Longwei Hong Kong, Ruixiang Capital, Tembusu Limited, Yan Yan, Wusong Capital, Thalassa Capital, Chample International, and Libra Fixed Income One SP. The cornerstones collectively subscribed for HKD 283 million, accounting for 28.86% of the total issuance, which is an average cornerstone proportion.
In 2025, the global market size for wireless automotive sensing SoC reached approximately RMB 3.4 billion. The company's revenue from wireless automotive sensing SoC was RMB 291.2 million, ranking third in the industry with a market share of 8.5%. In 2025, the market size for wireless automotive sensing SoC in China reached approximately RMB 1,340.0 million. The company ranked first in China's wireless automotive sensing SoC industry in 2025 with a market share of 21.6%.
The company's revenue from 2023 to 2025 was RMB 223 million, RMB 348 million, and RMB 478 million respectively, with a year-on-year revenue growth of 37.5% in 2025. Its net profit from 2023 to 2025 was -RMB 356 million, -RMB 351 million, and -RMB 331 million respectively, with the net loss narrowing by 5.91% year-on-year in 2025.
The main reasons for the loss in 2025 were due to listing expenses, changes in the carrying value of liabilities recognized for financial instruments issued to investors, and share-based payment expenses settled in equity. Calculated on a non-IFRS basis, the adjusted net profit in 2025 was -RMB 31.876 million, with the loss narrowing by 67.2% year-on-year.
Based on the issue price, a market cap of HKD 6.959 billion with an issuance of HKD 981 million, the issuance ratio is 14.1%. With cornerstones locking in 28.86%, the free float is HKD 1.003 billion.
This issuance adopts Mechanism B under the new Hong Kong stock IPO rules. The initial public offering portion is 10%, with no clawback mechanism. The current subscription multiple is 172.59 times. The subscription sentiment seems quite good now, with a total of 26,704 board lots. The supply is not large, so the lottery rate will be relatively low.
Subscription Strategy:
SENASIC is a global top-tier supplier in the field of wireless sensing SoC, ranking third globally and first in China. The sponsors are CICC and Guotai Junan,and the overall performance of the sponsors is very good. The 9 cornerstones collectively subscribed for HKD 283 million, accounting for 28.86% of the total issuance, which is an average proportion. The company is still in a loss-making state, but the adjusted net loss narrowed significantly year-on-year in 2025. This issuance adopts Mechanism B, with an initial public offering portion of 10% and a free float of HKD 1.003 billion. The current subscription sentiment is quite good, with a total of 26,704 board lots. The supply is not large, so the lottery rate will be relatively low. Overall, this stock's quality is above average, but the Hong Kong IPO market has cooled down recently. Moreover, some investors are likely to exit the Hong Kong IPO market before the 12th, creating some market uncertainty. However, I plan to participate!
My comments represent personal views only and do not constitute any investment advice. The stock market carries risks; invest with caution!
$SENASIC(06675.HK)
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