Frost & Sullivan
Beijing Junzheng Integrated Circuit Co., Ltd. (Stock Code: 3223.HK) successfully listed on the main board of the Hong Kong capital market on August 25, 2026. The company is a global leading provider of “storage + computing + simulation” chips, with products widely used in automotive electronics, industrial medical applications, and AIoT and smart security devices. Adopting a fabless model, the company focuses on chip research and development and design, and collaborates with leading wafer factories and semiconductor packaging and testing contract manufacturers to ensure business scalability. According to Frost & Sullivan, the company holds a leading position in several key markets worldwide. Frost & Sullivan provided exclusive industry consulting services for Beijing Junzheng Integrated Circuit Co., Ltd.’s listing, and we extend our warm congratulations on this successful launch.
Beijing Junzheng Integrated Circuit Co., Ltd. (hereinafter referred to as “Beijing Junzheng”) successfully went public on August 25, 2026. The company plans to issue 31,287,300 H shares, including 3,128,800 shares for initial public offering in Hong Kong (which can be reallocated), and 28,158,500 shares for international offering (which can be reallocated and depend on the exercise of over-allotment rights). Based on the initial offering structure, the Hong Kong public offering accounts for approximately 10% of the total global offering, while the international offering accounts for about 90%. The highest issue price per share is HK$102.80, raising a net amount of approximately HK$3.141 billion.
During the Hong Kong listing process, Frost & Sullivan performed the following tasks: helping the issuer accurately and objectively understand its position in target markets, using objective market data to identify, support, and highlight the issuer’s competitive advantages, assisting the issuer, investment banks, and other intermediaries in writing important sections of the prospectus such as overview, competitive advantages and strategy, industry overview, and business, helping the issuer communicate with the Stock Exchange and investors, aiding investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in responding to various questions from the Stock Exchange regarding the industry.
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Investment Highlights
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The company is a global leading provider of “storage + computing + simulation” chips, with a product portfolio covering three core lines: storage, computing, and simulation.
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According to Frost & Sullivan report:
1. Niche DRAM: The company ranks seventh globally and second among companies headquartered in the Chinese mainland.
2. SRAM: The company ranks second globally and first among companies headquartered in the Chinese mainland.
3. NOR Flash: The company ranks seventh globally and third among companies headquartered in the Chinese mainland.
4. IP-Cam SoC: The company ranks second among global IP-Cam SoC suppliers.
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The company possesses multiple independently developed core technologies and integrates these with its product portfolio to form a high-quality, reliable, low-energy, and long-life product system suitable for automotive and industrial applications.
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The company has a strong supply chain and quality management system, an international sales network with local service capabilities, and an international talent team capable of cross-cultural collaboration.
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Global Chip Industry Overview
Automobiles are evolving towards electrification, intelligence, and connectivity. According to Frost & Sullivan report, the global passenger vehicle shipments reached 90.9 million units in 2025; the penetration rate of electric vehicles is expected to rise from 24.3% in 2025 to 44.6% in 2030, and the penetration rate of smart cars is expected to increase from 63.5% in 2025 to 93.3% in 2030.
The popularity of edge AI devices continues to grow, driving rapid growth in shipments. According to Frost & Sullivan report, global edge AI device shipments increased from 44 million units in 2021 to an estimated 1,860 million units by 2030.
Source: Frost & Sullivan, expert interviews, public materials
By revenue, the global semiconductor market size increased from $51.24 billion in 2021 to $69.10 billion in 2025, and is expected to reach $110.36 billion by 2030. By category, in 2025, storage chips accounted for 34.3%, logic chips for 41.5%, analog chips for 13.9%, and others for 10.3%.
Source: Frost & Sullivan, expert interviews, public materials
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Global Storage Chips Market
Storage chips can be divided into niche storage and general-purpose storage based on application scenarios and technical characteristics. Niche storage focuses on specialized scenarios with strict requirements for reliability, stability, and environmental adaptability, such as automotive, industrial control, and aerospace. Representative categories include SRAM, niche DRAM, SLC NAND Flash, NOR Flash, and EEPROM. General-purpose storage targets large-scale universal scenarios such as consumer electronics and data center infrastructure, with mainstream products including standard DRAM and 3D NAND Flash.
According to Frost & Sullivan report, the global niche storage chip market size increased from $15.8 billion in 2021 to $22.3 billion in 2025, and is expected to reach $29.5 billion by 2030. Among them, from 2025 to 2030, niche DRAM, NOR Flash, and SLC NAND Flash are expected to grow at compound annual growth rates of 13.2%, 4.7%, and 15.4%, respectively.
Source: Frost & Sullivan, expert interviews, public materials
Driven by factors such as AI large model training, automotive electrification and intelligence, industrial automation, and consumer electronics upgrading, the demand for high-reliability, low-power, and long-life storage chips continues to expand. At the same time, global supply chain fluctuations and the process of domestic substitution accelerate the upgrade of the niche storage market structure.
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Global Computing Chips Market
Smart Vision Chips and IP-Cam SoC
Smart vision chips are core chip systems that cover visual information collection, processing, transmission, storage, and display. By 2025, the global smart vision chip market size exceeded RMB 100 billion. IP-Cam SoC integrates ISP, video encoding logic, and other specialized modules within a single chip, serving as the core processing unit for webcams and other smart vision terminals. According to Frost & Sullivan report, the global IP-Cam SoC market size reached $889.0 million in 2025.
Source: Frost & Sullivan, expert interviews, public materials
Embedded MPU
Embedded MPU combines the data processing capabilities of traditional AP with the real-time control functions of MCU, offering high-performance computing and efficient immediate response capabilities. It can be applied in industrial control systems, consumer electronics, and automotive electronics. According to Frost & Sullivan report, the global embedded MPU market size increased from $1.9 billion in 2021 to $3.3 billion in 2025, and is expected to reach $7.3 billion by 2030.
Source: Frost & Sullivan, expert interviews, public materials
AI-MCU
AI-MCU integrates AI computing modules such as NPU on the basis of standard MCU architecture, balancing low-power real-time control and device-side AI inference capabilities, meeting the demands of end-side intelligent control in the AIoT era. According to Frost & Sullivan report, the global AI-MCU market size increased from $0.4 billion in 2024 to $8.1 billion by 2030, with a compound annual growth rate of approximately 65.5%.
Source: Frost & Sullivan, expert interviews, public materials
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China Analog Chips Market
Analog chips mainly include power management chips and signal chain chips. According to Frost & Sullivan report, the China analog chips market size continued to grow from $26.8 billion in 2021 to $53.4 billion by 2030. Among them, from 2025 to 2030, power management chips and signal chain chips are expected to grow at compound annual growth rates of 13.0% and 10.8%, respectively.
Source: Frost & Sullivan, expert interviews, public materials
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Competitive Landscape in the Company’s Industry
According to Frost & Sullivan report, the company maintains a leading position in multiple core product categories such as storage and computing.
SRAM
In 2025, the global SRAM market, the company ranked second with revenue of $57.3 million and a market share of 23.9%, and first among companies headquartered in the Chinese mainland.
Source: Frost & Sullivan, expert interviews, public materials
Niche DRAM
In 2025, the global niche DRAM market, the company ranked seventh with revenue of $201.4 million and a market share of 2.1%, and second among companies headquartered in the Chinese mainland.
Source: Frost & Sullivan, expert interviews, public materials
NOR Flash
In 2025, the global NOR Flash market, the company ranked seventh with revenue of $157.1 million and a market share of 5.0%, and third among companies headquartered in the Chinese mainland.
Source: Frost & Sullivan, expert interviews, public materials
IP-Cam SoC
In 2025, the global IP-Cam SoC market, the company ranked second with revenue of $138.6 million and a market share of 17.6%.
Source: Frost & Sullivan, expert interviews, public materials
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Drivers of Industry Development
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Diversified demand expansion. AI large model training, automotive electrification and intelligence, industrial automation, and consumer electronics upgrading jointly drive the continuous expansion of demand for high-reliability, low-power, and long-life chips.
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Industrial structure adjustment. Against the backdrop of global supply chain fluctuations, countries are increasing investment in independent control of the chip value chain, and domestic manufacturers are accelerating domestic substitution in niche storage, computing chips, and analog chips.
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“Three modernizations” of automobiles and popularization of edge AI. The electrification, intelligence, and connectivity of automobiles, along with the rapid penetration of edge AI devices, continuously increase the number and value of chips per vehicle, and drive computing chips to upgrade towards higher performance and lower power consumption.
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Industry Trends
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Upgrading demand for automotive and industrial storage. Scenarios such as automotive electronics and industrial medical applications have higher requirements for wide temperature, high reliability, and long-life chips, driving continuous expansion of niche storage products such as SRAM, niche DRAM, NOR Flash, and SLC NAND Flash.
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Smart vision chips evolving toward AI. IP-Cam SoC is upgrading from traditional video processing units to computing platforms with AI capabilities. Enhanced computing power, multi-channel video processing, and energy efficiency optimization are the main directions.
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Embedded MPU and AI-MCU accelerating their penetration into edge AI. Terminal devices need to achieve local inference and real-time control under low-power conditions, driving the application of embedded MPU and AI-MCU in security, AIoT, and robotics.
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Analog chips growing together with automotive electronics and AI applications. Increased demand for automotive lighting, smart cabins, and power management drives continuous growth in the market for LED drive chips, power management chips, and signal chain chips.
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Barriers to Entry in the Integrated Circuit Industry
R&D innovation and product development
The chip design industry is a typical technology-intensive industry. The chip design process involves multi-disciplinary collaboration, requiring coordination of circuit design, architecture, system integration, software-hardware integration, and verification testing. The R&D cycle is long, and the verification cost is high. Especially in scenarios such as automotive DRAM and autonomous driving ADAS, products must meet strict requirements for wide temperature, vibration resistance, and functional safety levels, making it difficult for new entrants to overcome high technical and experience barriers.
Customers and brand relationships
The reliability and stability of chips directly determine the performance of terminal products. Major downstream customers and suppliers in the industry usually maintain long-term stable cooperation, and replacing suppliers requires a long certification and testing process. Existing chip suppliers have established brand reputation through long-term competition, and new entrants face significant challenges in gaining customer trust, establishing sales channels, and obtaining orders.
Supply chain
Chip design companies need to have the ability to coordinate key production processes such as wafer manufacturing and packaging. Leading enterprises have formed a full-process supply chain management system covering design, verification, wafer placement, testing, and delivery through long-term accumulation, ensuring product quality, delivery stability, and business continuity. Due to limited business scale and insufficient customer loyalty, new entrants usually cannot establish a comparable supply chain response system early on.
