ECM

ASR Microelectronics (翱捷科技) A+H Pre-IPO: Early Thoughts

23 Sep 2026 By Ke Yan, CFA
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Abstract: ASR Microelectronics, a fabless designer of cellular connectivity chips and AI SoCs, is seeking an A+H listing. MS and Haitong are the joint sponsors. We look at the company's three segments: wireless connectivity chips, smart device SoCs and custom ASIC solutions. We discuss our preliminary thoughts on the company's valuation based on the A-H premium.

ASR MICROELECTRONICS (688220 CH) HUA HONG SEMI (1347 HK) TSMC (2330 TT) ALLWINNER TECHNOLOGY (300458 CH) SG MICRO (300661 CH) Global Unichip (3443 TT) SG MICRO (3661 HK) Alchip Technologies (3661 TT) GIGADEVICE (3986 HK) ROCKCHIP ELECTRONICS (603893 CH) GIGADEVICE SEMICONDUCTOR (603986 CH) MONTAGE TECH (6809 HK) MONTAGE (688008 CH) ESPRESSIF SYSTEMS (SHANGHAI) (688018 CH) HUA HONG SEMICONDUCTOR (688347 CH) VeriSilicon (688521 CH) Bestechnic (688608 CH) SMIC (688981 CH) SMIC (981 HK) Broadcom Inc. Common Stock (AVGO US) Marvell Technology, Inc. Common Stock (MRVL US)

Highlighted Stocks

ASR MICROELECTRONICS, HUA HONG SEMI, TSMC, ALLWINNER TECHNOLOGY, SG MICRO, Global Unichip, SG MICRO, Alchip Technologies, GIGADEVICE, ROCKCHIP ELECTRONICS, GIGADEVICE SEMICONDUCTOR, MONTAGE TECH, MONTAGE, ESPRESSIF SYSTEMS (SHANGHAI), HUA HONG SEMICONDUCTOR, VeriSilicon, Bestechnic, SMIC, SMIC, Broadcom Inc. Common Stock, Marvell Technology, Inc. Common Stock

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