Aojie Technology Files for Hong Kong IPO as Top Cellular Connectivity Chip Supplier

Aojie Technology Co., Ltd., a Shanghai-based fabless semiconductor company, has submitted its prospectus to the Hong Kong Stock Exchange for a main board listing. Morgan Stanley and Haitong International are the joint sponsors. The company was founded in Shanghai in 2015 and listed on the STAR Market in 2022, with a total market value of over RMB 41.9 billion as of September 18.

The company provides wireless connectivity chips, smart SoCs, and ASIC customization solutions, aiming to enable AI applications across devices, edge, and cloud. Wireless connectivity chips accounted for more than 60% of revenue during the reporting period from 2023 to the first half of 2026. Revenue for 2023, 2024, and 2025 was approximately RMB 2.6 billion, RMB 3.386 billion, and RMB 3.817 billion, with net losses of RMB 506 million, RMB 693 million, and RMB 390 million respectively, and operating cash flow remained negative. In the first half of 2026, revenue reached approximately RMB 2.451 billion, up about 29.15% year over year, and the company turned to a net profit of about RMB 84.24 million.

By 2025 shipment volume, Aojie Technology ranked first globally among cellular connectivity chip suppliers with a 37.8% market share. The company relies heavily on a small number of major customers, with the top five accounting for about 80% of revenue in each reporting period. Proceeds from the Hong Kong IPO are planned for R&D, product portfolio expansion, strategic investments or acquisitions, sales network expansion, and working capital. As of September 7, 2026, Alibaba held a 10.58% stake in the company.