Vemsing Semiconductor, a Shenzhen-based provider of power semiconductor devices, has formally submitted its application to list on the Hong Kong Stock Exchange. Since its inception in December 2012, the company has adopted a fab-lite (a business model that combines in-house manufacturing with outsourced production) operational approach, drawing investments from entities such as Moqin Intelligence and OPPO Guangdong.

In 2024, China's power semiconductor device industry remains highly concentrated, predominantly led by foreign manufacturers, with a localization rate hovering around 35.6%. Vemsing Semiconductor, however, has carved out a leading position across multiple market segments. From 2023 to the first nine months of 2025, the company reported revenues of RMB 575 million, RMB 624 million, and RMB 615 million, respectively. Both its net profit and gross margin have demonstrated a consistent upward trajectory during this period.

Over 90% of Vemsing Semiconductor's revenue stems from medium- and low-voltage power semiconductor devices, with more than 60% derived from the consumer electronics market. As of September 30, 2025, the company's research and development (R&D) team comprises 70 members, representing 23.3% of its total workforce. In the first nine months of 2025, sales of WLCSP (Wafer Level Chip Scale Package) products surged to 480 million units, generating RMB 258 million in revenue—a testament to significant growth. The Zhuhai factory's designed annual production capacity for WLCSP products in 2025 stands at 634 million units.

Vemsing Semiconductor exhibits a high concentration of both its top five customers and suppliers. The company was founded by Li Weicong and counts OPPO, Intel, Xiaomi, and other prominent entities among its investors. At present, China's power semiconductor device industry is marked by relative concentration. While domestic companies may be smaller in scale compared to their international counterparts, their market share is steadily expanding. However, narrowing the technological gap with overseas firms remains a paramount objective.