On December 16, 2025, Beijing OnMicro Electronics Technology Co., Ltd. (stock code: 688790) was officially listed on the STAR Market of the Shanghai Stock Exchange. Mr. Li Yongxi, Chairman of Guangzhou Zhiguang Electric Co., Ltd., was invited to attend the bell-ringing ceremony.
OnMicro’s successful listing marks a critical step forward in China’s localization of high-performance analog chips. It also represents another major achievement for Guangzhou Zhiguang Private Equity Fund Management Co., Ltd. (“Zhiguang Fund”) in the hard-technology investment sector, following the successful IPOs of its strategically invested portfolio companies Broadcom Giga (SZ.301095) and Huitong Microelectronics (SH.688512).
01 A Decade of Focused Innovation: Breakthroughs in Domestic RF Chip Technology
Founded in 2012, OnMicro is a national “Little Giant” enterprise specializing in advanced and niche technologies. The company focuses on the R&D, design, and sales of RF front-end chips, RF SoC chips, and analog chips, with products widely used in smartphones, automotive electronics, and the Internet of Things. Operating under a fabless business model, OnMicro has established R&D centers in Beijing, Shanghai, Dalian, and other locations. In recent years, by seizing opportunities arising from communication standard upgrades and domestic substitution, and by continuously enhancing product competitiveness and operational management, the company has achieved rapid expansion, with a compound annual growth rate exceeding 50%.
As a leading enterprise in China’s RF front-end chip sector, OnMicro demonstrates strong technological capabilities. The company has led or participated in six national-level and multiple provincial and municipal major scientific research projects. In particular, in the high-end 5G module segment, it has developed highly integrated products such as 5G LPAMiD modules, whose technical solutions and performance have reached the level of international peers, effectively breaking long-standing foreign monopolies.
02 Sustained Capital Empowerment: Synergistic Development of Industry and Finance
Since its establishment, OnMicro has attracted intensive investment from well-known industrial and financial investors, including Huawei Hubble Investment, Xiaomi Yangtze River Industry Fund, SMIC Capital, Shenzhen Capital Group, and Walden International. The strong participation of industrial capital not only validates the company’s core technological strength in the RF chip field, but also reflects broad market confidence in the logic of domestic substitution.
Recognizing OnMicro’s long-term growth potential, Zhiguang Fund established the “Zhiguang Jifu No. 1 Fund” in 2021 to make a strategic investment in the company, demonstrating its forward-looking strategic vision. With the coordinated support of industrial and financial capital, OnMicro launched its A-share IPO preparation in March 2023, was selected for the Hurun Global Unicorn Index in 2024, and successfully listed on the STAR Market in December 2025, firmly establishing its position as a key player in the RF chip industry.
03 Zhiguang Fund: Committed to Hard Technology and Empowering Industrial Innovation
OnMicro represents a deep and strategic deployment by Zhiguang Fund in a critical segment of the semiconductor value chain, and serves as a representative case of Zhiguang Fund’s “empowerment-driven investment” philosophy. Looking ahead, Zhiguang Fund will continue to adhere to its core strategy of “capital empowering industry,” focusing on systematic deployment and in-depth cultivation in the following two key areas:
Strategic investment focus: Continued deep engagement in the semiconductor core technology ecosystem, with emphasis on key links in the IGBT industry chain, high value-added analog chip design services, and next-generation information technologies, to strengthen the foundation of domestic hard technologies.
Industrial investment focus: Strong support for the green and low-carbon transformation and upgrading of the energy sector, concentrating on integrated energy technologies, power electronics technologies, digital technologies and applications, and building integrated industrial empowerment capabilities through the investment and operation of new energy assets.
Ms. Xiao Yingying, General Manager of Zhiguang Fund, commented: “OnMicro’s successful listing once again validates the long-term value of our philosophy of ‘driving innovation through capital and serving strategy through investment.’ Going forward, we will remain focused on core industrial technologies and the transformation of the energy system, systematically cultivating leading enterprises along the value chain, creating sustainable returns for our investors, and actively contributing to the development of a modern national industrial system.”
