China International Service Center

As the export value of chips has jumped to the top of single commodities in China, a group of "hidden champions" leading the world in niche markets are accelerating their integration into the global high-end industrial chain through technological innovation and capital support.

“As the export value of chips has leapt to the top among single commodities in China, a group of 'hidden champions' leading the world in niche markets are accelerating their integration into the global high-end industrial chain through technological innovation and capital support.

Text | Chang Weiqian

Editor | Jason

The globalization process of Chinese semiconductor companies is accelerating.

According to data released by the General Administration of Customs, in 2024, China's chip exports reached 298.11 billion units, with an export value of $159.4991 billion, a year-on-year increase of 18.7%. The chip export value exceeded the trillion-yuan mark for the first time and surpassed traditional strongholds such as clothing and mobile phones, becoming the single commodity with the highest export value in 2024.

The mature development of China's semiconductor industry has also nurtured many global 'hidden champions' in niche markets. We have observed that after the product exports have stabilized, many semiconductor companies in recent years have begun to seek integration into the global high-end supply chain through technological breakthroughs, capital operations, and industrial chain collaboration; while others have achieved overtaking on curves in niche markets through 'reverse innovation'.

A notable change in 2025 is that more and more semiconductor companies are launching listings in Hong Kong to promote the upgrading of their globalization strategies. For example, Xinmai Semiconductor, the global leader in OLED display PMIC (Power Management Integrated Circuit), Montage Technology, the world's largest supplier of memory interconnect chips, and GD Semiconductor, which ranks among the top ten globally in multiple niche fields. They are planning to leverage overseas capital to increase R & D investment and industry mergers and acquisitions to enhance their competitiveness in the global landscape.

This article will provide an overview of the overseas expansion status and strategic focuses of China's leading semiconductor companies by dissecting their prospectuses. (Unless otherwise specified, all data in this article are from the prospectuses of each company)

Compiled by 36Kr Global Source: Company prospectuses

Xinmai Semiconductor: The Global Leader in the OLED Display PMIC Market

Xinmai Semiconductor (SiliconMagic) was founded in 2019 and is a power semiconductor company headquartered in Hangzhou. According to Frost & Sullivan, based on the total shipments over the past decade, Xinmai Semiconductor ranks first in the global OLED display PMIC market.

Power semiconductors are mainly used to regulate voltage, current, etc. in circuits to achieve efficient power conversion. Xinmai Semiconductor's core business covers the R & D and sales of power management ICs and power devices. Its main products include:

Power Management IC (PMIC): Used for power management in portable devices such as smartphones and tablets.

Power Devices: Including MOSFETs and IGBTs, widely used in motor drives, communication equipment, and industrial automation.

Display PMIC: Provides power management solutions for LCD and OLED panels.

Xinmai Semiconductor innovatively adopts the Fab - Lite (light wafer fab) model, focusing more on chip design. At the same time, it ensures product performance and supply chain stability through strategic investment in wafer fabs. Simply put, this model combines the advantages of the traditional IDM (Integrated Device Manufacturer) and Fabless models: it doesn't build its own wafer fabs at a high cost like traditional large - scale manufacturers, nor does it rely entirely on external foundries like pure design companies.

Source: Xinmai Semiconductor prospectus

Through strategic investment, Xinmai Semiconductor holds a 16.76% equity stake in its wafer foundry partner, Fuxin Semiconductor, and is the exclusive industrial investor in Fuxin Semiconductor. Fuxin Semiconductor has developed process nodes ranging from 90nm to 55nm and has established a 12 - inch wafer manufacturing production line optimized specifically for high - performance power management ICs and power devices.

In terms of channels and R & D, Xinmai Semiconductor uses a direct sales model for strategic customers with high technical requirements and a need for in - depth support; and a distribution model for mature markets with clear demand. The company's core team has over 20 years of R & D experience. As of the last practicable date, the company has over 150 authorized patents and over 159 pending patent applications. From 2022 to 2024, its R & D expenditure as a proportion of total revenue increased from 14.6% to 25.8%.

From a global layout perspective, the company operates in two major markets: Greater China and overseas. In 2024, Xinmai Semiconductor's overseas revenue accounted for 68.1%, and its market covers South Korea, Japan, Germany, Brazil, India, etc. In 2020, the company acquired South Korean power management IC company SMI and established a dual - supply system for domestic and international markets based on this.

In July 2025, Xinmai Semiconductor submitted an application for listing on the H - share market, planning to raise funds through the Hong Kong stock market to further expand its global market. According to the prospectus, the funds raised from this Hong Kong stock offering will be mainly used for:

Enhancing R & D capabilities and expanding product supply;

Potential strategic investments or acquisition transactions;

Improving sales and operational efficiency;

Working capital and general corporate purposes.

Looking at the industry, the global market size of power semiconductors has increased from 411.5 billion yuan in 2020 to 595.3 billion yuan in 2024 and is expected to reach 802.9 billion yuan by 2029. Among them, the automotive sector will become the largest growth engine, while emerging applications such as AI servers and industrial robots will be the main growth drivers in the next five years.

Source: Xinmai Semiconductor prospectus

Montage Technology: The World's Largest Supplier of Memory Interconnect Chips

Montage Technology's history can be traced back to 2004 and it was listed on the STAR Market in 2019. According to Frost & Sullivan, based on revenue, Montage Technology is the world's largest supplier of memory interconnect chips, accounting for 36.8% of the market share in 2024.

The company currently has two major product lines:

Interconnect Chips: The company's main source of revenue, including memory interface chips, PCIe/CXL Retimer chips, etc., used to solve high - speed data transmission problems in scenarios such as data centers and AI servers.

Jindai® Server Platform: Provides a secure and controllable server CPU platform for domestic customers.

Main products of Montage Technology Source: Prospectus

Montage Technology adopts a typical Fabless (no wafer fab) model, outsourcing manufacturing, packaging, and testing processes and focusing on chip design itself. Its supplier concentration is relatively high, with the procurement from the top five suppliers accounting for over 70% of the total for many years. In terms of sales, direct sales account for over 85%.

Montage Technology's business is highly internationalized, and the overseas market is the company's main source of revenue. The prospectus shows that in 2022, 2023, 2024, and the three months ended March 31, 2024, and 2025 , the company's overseas sales accounted for approximately 66.9%, 84.0%, 70.8%, 76.5%, and 76.4% of the total revenue respectively. Its major customers include international memory giants such as Samsung, SK Hynix, and Micron. As of the three months ended March 31, 2025, the top five customers contributed 80.0% of the revenue.

In April this year, when Montage Technology replied to investors' concerns on the investor relations platform, it stated that currently, few customers require product delivery in the United States. In 2024, the revenue from products delivered in the United States accounted for less than 1% of the total, and the tariff adjustment has little direct impact on the company.

In July 2025, Montage Technology submitted an application for listing on the H - share market, planning to raise funds through the Hong Kong stock market to deepen its global strategy. According to the prospectus, the funds raised from this Hong Kong stock offering will be mainly used for:

Investing in the R & D and innovation of cutting - edge technologies in the field of interconnect chips in the next five years;

Improving commercialization capabilities, including retaining and recruiting sales, marketing personnel, and field application engineers (FAE) globally;

Strategic investments and/or acquisitions to achieve long - term growth strategies;

Working capital and general corporate purposes.

According to the prospectus, the global market size of high - speed interconnect chips is expected to grow from $15.4 billion in 2024 to $49 billion in 2030. Among them, the markets for memory interconnect chips and PCIe/CXL interconnect chips, which Montage Technology focuses on, are expected to achieve several - fold growth during the same period.

Source: Montage Technology prospectus

GD Semiconductor: Ranking Among the Top Ten Globally in Four Product Lines

GD Semiconductor was founded in 2005 and is a diversified chip design company. According to a report by Frost & Sullivan, based on sales in 2024, GD Semiconductor is the only company globally that ranks among the top ten in the four fields of NOR Flash, SLCNAND Flash, niche DRAM, and MCU.

The company also adopts the Fabless (no wafer fab) model, and its business is mainly divided into four major segments:

Special - Purpose Memory Chips: Including NOR Flash, NAND Flash, and niche DRAM, which are the company's main revenue generators.

MCU (Microcontroller): Puts forward the concept of an 'MCU department store' and has over 60 series and more than 700 products.

Analog Chips: Including power management, motor drives, etc. In 2024, it acquired Suzhou Saixin, the leading company in lithium - battery protection.

Sensor Chips: Mainly include fingerprint recognition and touch - control chips.

Source: GD Semiconductor prospectus

The company adopts the IPD (Integrated Product Development) framework to integrate the R & D process, enabling departments such as marketing, R & D, production, and sales to work together from the product concept stage to accelerate product iteration. As of the end of 2024, technical personnel accounted for over 70% of the company, and the R & D investment as a proportion of total revenue remained above 15%. During the same period, GD Semiconductor had registered 997 patents in the Chinese mainland and had 492 pending patent applications.

GD Semiconductor mainly sells products through distributors and also has some direct sales. The company has distributors and representatives in more than 40 countries or regions and has exclusive local service networks in the United States, South Korea, Japan, the United Kingdom, Germany, and Singapore. In 2022, 2023, and 2024, the sales to the top five customers accounted for 29.3%, 30.6%, and 33.3% of the total sales in the corresponding periods respectively.

In June 2025, GD Semiconductor submitted an application for listing on the H - share market, planning to raise funds through the Hong Kong stock market to deepen its global strategy. According to the prospectus, the funds raised from this Hong Kong stock offering will be mainly used for:

Continuously improving R & D capabilities;

Strategic industry - related investments or mergers and acquisitions (focusing on analog chips, SoCs, or other chip design companies related to the development trends of the AI edge - side application - related fields);

Global strategic expansion, including strengthening the global marketing and service network and improving operational efficiency;

Working capital and other general corporate purposes.

GD Semiconductor believes that the overseas market can bring a large number of diverse growth opportunities to the company. Therefore, the globalization strategy will next: accelerate the construction of the international headquarters; enhance the global supply chain capabilities to achieve production of main products in the Chinese mainland and overseas; and continuously expand the sales and service networks in countries such as the United States, South Korea, Japan, the United Kingdom, Germany, and Singapore.

In the field of special - purpose memory chips, which is its main business, the global market size is expected to increase from $13.59 billion in 2024 to $20.82 billion in 2029, with broad market space.