Senasic Eyes HK IPO After CATL Backing & Tech Milestones

Senasic Electronics Technology, a prominent Chinese chip designer backed by electric vehicle battery giant CATL, has successfully navigated its listing hearing at the Hong Kong Stock Exchange. The company, which specializes in wireless sensing system-on-chip (SoC) solutions, disclosed its post-hearing information pack on May 10, signaling a significant step towards its public debut. CICC and Guotai Haitong Securities are acting as joint sponsors for the anticipated offering.

Ranked as the third-largest automotive wireless sensing SoC provider globally and the largest within China, Senasic has established a strong foothold in high-growth sectors. Its proprietary platform, developed by alumni of Fudan University, integrates sensing, processing, and transmission capabilities into single-chip solutions. This technology has seen scaled commercialization in both the automotive and energy storage industries, creating a virtuous cycle of innovation and market validation. The company is now strategically expanding its focus to encompass broader physical artificial intelligence applications, aiming to enable devices to perceive and interact with real-world environments more effectively.

CATL, through its investment arm Chendao Capital, has demonstrated substantial confidence in Senasic, participating in three consecutive funding rounds. This makes Senasic the sole chip company to receive such sustained backing from CATL. Prior to this IPO, CATL held a 4.88% stake in the chipmaker. The company's investor base is extensive, featuring a mix of prominent venture capital and private equity firms including Granite Asia (formerly GGV Capital), Matrix Partners China, Walden International, Chengtong Mixed Reform Fund, China State-owned Capital Venture Investment Fund, SL Capital (backed by Legend Capital and SK Hynix), Hongtai Fund, Huatai Insurance Group, Huajin Capital, Xiamen C&D, Haiwang Capital, GF Xinde Investment, and Fibonacci VC. Additionally, strategic industrial investors such as Baolong, Sany Heavy Industry, SAIC Motor, Geely Capital, GAC Capital, the National Innovation Center of Intelligent and Connected Vehicles, Shangqi Capital, and Qufu Tianbo have also invested.

Senasic's technological prowess is evident in its market penetration. As of the end of 2025, the company had shipped over 241.9 million automotive sensing SoCs, achieving 100% coverage among China's top ten automotive original equipment manufacturers (OEMs). Since 2021, Senasic has leveraged its scalable SoC platform to enter new high-growth markets, notably energy storage and industrial electronics. In the energy storage sector, collaborations with companies like Gold Electronic have advanced wireless battery management system (BMS) technology, enhancing safety and market reach for energy storage solutions.

The company's financial performance underscores its growth trajectory. In 2025, Senasic reported revenue of RMB 478 million (approximately USD 70.2 million), meeting the Hong Kong Stock Exchange's main board requirement for audited revenue. This figure represents a compound annual growth rate exceeding 46% from 2023 to 2025, with revenues reaching RMB 223 million (USD 32.7 million) in 2023 and RMB 348 million (USD 51.1 million) in 2024. Profitability has also seen marked improvement, with gross margins climbing from 16.6% in 2023 to 28.0% in 2025. Concurrently, adjusted net losses have significantly narrowed, decreasing from RMB 187 million (USD 27.5 million) in 2023 to RMB 31 million (USD 4.6 million) in 2025.

Senasic's strategic expansion into physical AI aligns with the global trend of edge intelligence, where devices increasingly perform local sensing and real-time decision-making. This shift is crucial for advancements in sectors like robotics and industrial automation. The company's ability to filter noise and extract valid data in challenging, high-interference environments positions it well for applications requiring high sensing accuracy, such as in robotic joint motors. The net proceeds from the upcoming IPO are earmarked for expanding the company's business scale and further developing its technological capabilities.