In-Depth Analysis of AIKEMIC's STAR Market Listing Prospects and Wireless Communication Chip Business Competitiveness

Now I will provide a comprehensive analysis report based on collected information.

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AIKEMIC Technology (Shanghai) Co., Ltd. was founded in 2018. It is a high-tech enterprise focusing on high-end chip design in the wireless communication field, with its headquarters located in Shanghai Zhangjiang High-Tech Park. The company has R&D centers in Beijing, Shanghai, Shenzhen, Chengdu and other places, forming an R&D layout covering major domestic technology industry clusters [1].

According to public information, AIKEMIC submitted a counseling and filing report for initial public offering and listing to the China Securities Regulatory Commission (CSRC) on January 16, 2024, with CITIC Construction Investment Securities as the counseling institution, officially launching its A-share listing process [1]. As of 2025, the company has completed its D+ round of financing, with a stellar lineup of investors including well-known investment institutions such as Lightspeed Venture Partners, Walden International, IDG Capital, Wise Road Capital, Intel Capital, China Creation Ventures, and Xiaomi Group [1].

The most notable feature of AIKEMIC is that

, meaning the company has no controlling shareholder [1]. This shareholding structure is relatively rare among chip design enterprises and requires full demonstration during the listing review process. According to the STAR Market Review Q&A provisions, if an issuer has a relatively dispersed shareholding structure but a single shareholder holds 30% or more of the shares, that shareholder shall be identified as the controlling shareholder or actual controller in principle unless there is contrary evidence [2]. AIKEMIC’s situation clearly does not apply to this clause, so it needs to demonstrate the rationality of its shareholding structure through its articles of association, agreement arrangements, and actual operation status.

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The wireless communication chip design field where AIKEMIC operates belongs to the

industry, which aligns with the “hard technology” positioning prioritized by the STAR Market [3]. According to the “Interim Provisions on the Declaration and Recommendation of STAR Market Enterprises for Issuance and Listing” of the Shanghai Stock Exchange, the STAR Market mainly supports six major industry sectors including new-generation information technology, high-end equipment, new materials, new energy, energy conservation and environmental protection, and biomedicine, as well as other fields that meet the STAR Market positioning [3].

Chip design (integrated circuit design), as a core link in the semiconductor industry chain, is an important part of the national strategic emerging industry. Since 2024, the review pace for semiconductor enterprises on the STAR Market has accelerated. Moore Threads took only 88 days from acceptance to approval, becoming the fastest-reviewed STAR Market IPO since 2022 [3]. This case indicates that the STAR Market holds a positive and supportive attitude towards semiconductor enterprises with core technologies.

The STAR Market has clear evaluation criteria for enterprises’ sci-tech innovation attributes, mainly covering the following four dimensions [3]:

Evaluation Dimension	STAR Market Requirements	Expected Corporate Performance
R&D Investment Ratio	Cumulative R&D investment over the latest three years accounts for ≥5% of cumulative operating revenue, or cumulative amount ≥RMB 80 million	Further disclosure of financial data required
R&D Personnel Ratio	R&D personnel account for ≥10% of the total number of employees in the current year	Generally met by chip design enterprises
Invention Patents	≥7 invention patents applied to the main business and capable of industrialization	Further disclosure required
Revenue Growth Rate	Compound annual growth rate of operating revenue over the latest three years reaches 25%, or operating revenue in the latest year ≥RMB 300 million	Further disclosure required

AIKEMIC’s self-developed WiFi6 chip has completed mass production and obtained relevant certifications, and is officially positioned as “the first WiFi6 chip in China’s wireless communication field to achieve mass production certification” [1]. This technological breakthrough is expected to meet the STAR Market’s requirements for core technologies and invention patents.

AIKEMIC’s feature of having no controlling shareholder will be an important focus of the listing review. According to regulatory practices, the following key points need to be focused on for issuers identified as having no actual controller [2]:

The review authority requires the sponsor and the issuer’s lawyer to verify the following matters and express clear opinions:

• Provisions on control rights in the articles of association, agreements or other arrangements
• Attendance, voting process, and deliberation results of general meetings of shareholders
• Nomination and appointment of directors
• Proposal and voting process of major decisions of the board of directors
• Actual operation status of the company’s business management

For issuers without an actual controller, in review practice, the issuer’s shareholders are required to commit to lock up their shares for 36 months from the date of listing in descending order of shareholding ratio until the total locked-up shares account for no less than 51% of the total shares before issuance [2]. Shareholders within the scope of the 51% locked-up shares may be exempt from the 36-month lock-up requirement if they meet one of the following conditions:

• Employee stock ownership plans
• Shareholders holding less than 5% of the shares
• Venture capital fund shareholders that are exempt from the lock-up requirement in accordance with relevant regulations

The review authority focuses on whether the company’s control rights have changed in the latest three years. If the issuer’s shareholding and control structure, management team, and main business have not undergone major changes in the three years before the initial public offering, and relevant shareholders have taken measures conducive to the stability of the company’s shareholding and control structure such as share lock-up, the issuance review authority may take such circumstances as an important factor in judging that the company’s control rights have not changed [2].

Based on a comprehensive assessment, AIKEMIC’s STAR Market listing prospects are

:

• The track it is in (semiconductor/chip design) is a key supported field of the STAR Market
• The WiFi6 technological breakthrough aligns with the “hard technology” positioning
• Endorsed by well-known investment institutions with strong financing capabilities
• CITIC Construction Investment Securities acts as the counseling institution, with rich experience in STAR Market projects

• The structure with no controlling shareholder requires full demonstration and explanation
• Need to provide financial data and patent proof that meet the requirements for sci-tech innovation attributes
• The chip design industry is highly competitive, and it is necessary to prove technological leadership
• The valuation level after the D+ round of financing needs to match the issuance pricing

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The global WiFi chip market continues to grow. According to market research data, the global WiFi chip market size was approximately USD 21 billion in 2023, with a projected compound annual growth rate (CAGR) of about 4.4% over the next 10 years, and is expected to reach USD 34.5 billion by 2033 [4].

From the perspective of technological iteration, WiFi6/6E and WiFi7 technologies are rapidly replacing traditional WiFi4/WiFi5 products. According to forecasts, the market share of WiFi6/7 products will approach 50% by 2025 [5]. Meanwhile, with the rapid development of AIoT applications such as smart homes and smart wearables, the demand for IoT WiFi chips is strong. In 2022, the downstream IoT sector accounted for approximately 21% of global WiFi chip shipments [4].

Rank	Enterprise	Market Share
1	Broadcom	Approximately 24%
2	Qualcomm	Approximately 19%
3	MediaTek	Approximately 13%
4	Realtek	Approximately 11%
5	Espressif Systems	5th globally
6	Others	Approximately 22%

The global WiFi chip market presents a competitive landscape of

:

Smartphones are the largest application market for WiFi chips, accounting for approximately 30% of shipments. This field is mainly dominated by three companies: Qualcomm, Broadcom, and MediaTek, among which Qualcomm occupies an important market share by virtue of its bundling strategy with Snapdragon processors [5].

In the home router field, Broadcom is the technology leader, and high-end routers of brands such as Huawei and TP-LINK mostly adopt Broadcom chips [5].

IoT WiFi chips are the main breakthrough for domestic manufacturers. Espressif Systems, relying on its excellent product competitiveness and unique AIoT ecosystem, has shipped a total of over 700 million IoT chips, with a market share of approximately 35%, ranking first globally [5].

AIKEMIC’s self-developed WiFi6 chip has completed mass production and obtained relevant certifications, and is “the first WiFi6 chip in China’s wireless communication field to achieve mass production certification” [1]. This technological breakthrough is a milestone, marking the breakthrough from 0 to 1 for domestic manufacturers in the WiFi6 field.

The company’s R&D team is composed of top scientific and technological talents with rich domestic and international entrepreneurial experience [1]. This team background helps the company quickly establish competitive advantages in technological R&D and market expansion.

AIKEMIC has completed its D+ round of financing, receiving investments from well-known institutions such as Lightspeed Venture Partners, Walden International, IDG Capital, Wise Road Capital, Intel Capital, China Creation Ventures, and Xiaomi Group [1]. The strong shareholder background not only provides financial support but also brings industrial resources and strategic synergy.

The company’s headquarters is located in Shanghai Zhangjiang High-Tech Park, where semiconductor leading enterprises such as SMIC, Unisoc, and Huahong Semiconductor gather around, forming a complete industrial chain synergy effect [6].

In the WiFi chip field, AIKEMIC needs to face competition from international giants such as Broadcom, Qualcomm, and MediaTek. These enterprises have significant advantages in technological accumulation, patent layout, and customer resources. Meanwhile, in the domestic market, enterprises such as Espressif Systems and Bocom Semiconductor have also established strong market positions in the IoT WiFi chip field [5].

WiFi7 technology has been commercialized in early 2024, and manufacturers such as Broadcom and Qualcomm have launched related products. AIKEMIC needs to accelerate the R&D progress of WiFi7 products while consolidating its market position in WiFi6 to maintain technological competitiveness.

The process from chip mass production to large-scale commercial application requires client verification, introduction and other processes. Whether AIKEMIC’s WiFi6 chip can achieve large-scale shipments in segmented markets such as smartphones, routers, and IoT devices will be the key to its commercial success.

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Highlight Type	Specific Content
Track Value	Wireless communication chips are core components of emerging industries such as AIoT, 5G, and smart vehicles, with broad market space
Technological Scarcity	The first domestically produced WiFi6 chip with mass production certification, with high technological barriers
Capital Recognition	Supported by top investment institutions through multiple rounds of financing
Policy Support	The semiconductor industry is a national strategic emerging industry, enjoying policy support such as tax incentives and R&D subsidies

International giants have technological and scale advantages in the WiFi chip field, and domestic manufacturers are highly competitive. If AIKEMIC cannot maintain technological leadership, it may face the risk of market share erosion.

Wireless communication technology is iterating rapidly, and the evolution from WiFi6 to WiFi7 may change the competitive landscape. If AIKEMIC falls behind in the R&D of new technologies, it may lose its competitive advantages.

There are uncertainties in the process from chip mass production to large-scale commercial application. If client verification progresses slowly or market expansion is ineffective, it may affect the company’s performance.

The structure with no controlling shareholder may arouse concerns about the stability of control rights. It is necessary to pay attention to the specific feedback of the review authority on this issue.

The semiconductor industry has strong cyclicality and is greatly affected by factors such as the global economic situation and downstream terminal demand.

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As an emerging force in China’s wireless communication chip field, AIKEMIC’s STAR Market listing prospects need to be comprehensively assessed from the following dimensions:

The chip design track the company is in aligns with the “hard technology” positioning of the STAR Market and is expected to receive policy support.
The mass production certification of the WiFi6 chip reflects the company’s technological strength, but it needs to continue to make breakthroughs in new-generation technologies such as WiFi7.
The recognition of top investment institutions provides endorsement for financial support, but the valuation level after the D+ round of financing will affect the issuance pricing.
The structure with no controlling shareholder requires full demonstration and explanation, and may become a focus of the review.

Referring to the review pace of semiconductor enterprises on the STAR Market, such as Moore Threads which took only 88 days from acceptance to approval [3], if AIKEMIC can complete counseling acceptance and submit a registration application within 2025, it may complete listing as early as the second half of 2025 to the first half of 2026. However, the specific progress still depends on the completeness of the company’s financial data, the full demonstration of the shareholding structure, and the feedback from the review authority.

AIKEMIC needs to complete the large-scale commercial introduction of WiFi6 chips, while accelerating the R&D progress of WiFi7 products to consolidate its technological leadership.
With the rapid development of the AIoT market, AIKEMIC is expected to achieve business breakthroughs in fields such as smart homes, smart wearables, and industrial IoT, and establish a stable customer base.
If it can continue to make progress in technological R&D, product iteration, and market expansion, AIKEMIC is expected to become one of the leading enterprises in China’s wireless communication chip field and occupy a place in the global market.

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[1] AIKEMIC Technology Launches IPO Counseling, Self-developed WiFi6 Chip Enters Mass Production - Jiwei Network (https://jiweipreview.laoyaoba.com/n/974948)

[2] Shanghai Stock Exchange STAR Market Stock Issuance and Listing Review Q&A (II) - Shanghai Stock Exchange (https://www.sse.com.cn/lawandrules/sselawsrules/repeal/rules/c/10118675/files/61a74983d2e84970b5ae2525aa24d0a9.pdf)

[3] Moore Threads Lists on STAR Market, Muxi Semiconductor Launches STAR Market Subscription - Eastmoney.com (https://pdf.dfcfw.com/pdf/H3_AP202512111798083114_1.pdf)

[4] Espressif Systems (688018): Significant Volume Growth of AIoT New Products - Eastmoney.com (https://pdf.dfcfw.com/pdf/H3_AP202503141644368218_1.pdf)

[5] Competitive Landscape and Market Potential of Global WiFi Chips - Eastmoney.com (https://pdf.dfcfw.com/pdf/H3_AP202205161565957406_1.pdf)

[6] Investment and Financing in the Chip Semiconductor Industry - IT Juzi (https://static.itjuzi.com/pdf/57247fa1e211b4945252da54466dbc09.pdf)

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This analysis report is compiled based on public information, for reference only, and does not constitute investment advice. Investors should pay attention to the prospectus and regulatory inquiry responses disclosed by the company subsequently to obtain more accurate and complete information.