HONGKONG, March 23rd 2026 —— CIC extends our warmest congratulations to NSING Technologies Pte. Ltd. (02701. HK) on its successful listing on the Hong Kong Stock Exchange (HKEX) today.
CIC's Collaborative Journey to the Listing
Throughout the listing process, CIC provided end-to-end support to the company and its sponsors:
Drafted and compiled the industry overview chapter of the prospectus, laying a solid research foundation for the formal listing application.
Assisted in responding to inquiries from regulatory authorities, ensuring comprehensive and accurate disclosure.
Refined listing application materials continuously to meet stringent market and regulatory requirements.
NSING – A Platform-Based MCU Design House
Founded in 2000, NSING is a platform-based MCU design house dedicated to providing control chips and system solutions for full-scenario intelligent terminals. Its MCU products have been widely applied across multiple key sectors including consumer electronics, industrial control and digital energy, smart home, automotive electronics, and medical electronics. Additionally, the company operates a lithium battery anode material business, demonstrating a diversified business model. Prior to its HKEX listing, NSING was already listed on the Shenzhen Stock Exchange (Stock Code: 300077).
NSING's chip business has achieved leapfrog development from application-specific market chips to general-purpose MCUs, and subsequently to high-end products such as edge AI computing. In 2023, the company simultaneously expanded its product portfolio to include BMS chips, RF chips, and other offerings. The company has continuously launched 32-bit MCU products based on Cortex-M0 to M7 architectures, optimizing chip size, power consumption, and performance to enable scenario upgrades from embedded control to edge intelligence. As early as 2019, NSING became the first fabless IC design house globally to achieve mass production of 40nmeFlash general-purpose MCUs, leading the industry-wide process upgrade trend for mainstream products. This breakthrough significantly enhanced product performance and energy efficiency, substantially strengthening the company's market competitiveness in high-performance computing and high-end control applications, and establishing a flexible, reusable, and cross-industry expandable full-stack product platform.
Market Position & 2026 HKEX IPO Financing
According to CIC’s research, NSING is one of the few platform-based MCU design companies in China. In terms of 2024 revenue, the company ranked third among Chinese enterprises in the global 32-bit platform-based MCU market. In the Chinese market for MCUs with built-in commercial cryptographic algorithm modules, the company ranked first. Its trusted computing chip products are widely used in embedded systems such as enterprise-grade computers, servers, and industrial control computers, maintaining a long-standing leading position in the Chinese market.
In this global offering, NSING issued a total of 95 million H shares as the base offering size, comprising 9.5 million shares for the Hong Kong public offering (10%) and 85.5 million shares for the international offering (90%). The maximum offer price was set at HK$10.80 per share. Cornerstone investors included Guohua Life Insurance, Harvest Oriental II SP (a flagship overseas investment theme fund under Harvest Fund Management), and Sunwoda Finance.
Global MCU Chip Market Size
In the AI era, terminal devices have become a critical foundation for perception and execution worldwide. Consequently, various terminals are continuously evolving toward greater intelligence, high-end functionality, and thinner, lighter designs. As the core controller of smart terminals, the MCU integrates computing and security functions, forming the technological foundation of the intelligent age.
According to CIC’s research, the global MCU market size is projected to grow from $29.9 billion in 2024 to $48.0 billion by 2029, representing a CAGR of 9.9%.
With the rapid maturity and development of emerging downstream applications such as AI, robotics, new energy, and the low-altitude economy, high-end MCU products featuring localized inference capabilities, security algorithm processing, and low power consumption are becoming critical enablers of industry upgrades. According to CIC data, the global 32-bit MCU market size is expected to grow from $20.0 billion in 2024 to $35.4 billion by 2029, at a CAGR of 12.1%. Leveraging core technologies in multi-core heterogeneous architecture, AI algorithm support, cryptographic modules, and power control, NSING has achieved mass production in high-growth areas such as edge intelligence, energy storage control, and humanoid robots, aligning proactively with industry development trends.
source: CIC
Key Driving Factors and Development Trends of the Global MCU Chip Industry
Based on in-depth industry research and analysis, CIC identifies the core driving factors and development trends of the global MCU chip industry as follows:
1. Intelligent Upgrading of Terminals in the AI Era
The intelligent upgrading of devices in various fields such as Industry 4.0, automotive intelligence and smart home has driven an increase in the installation volume of MCUs in various devices, especially the demand for mid-to-high-end MCU chips, boosting the development of the industry.
2. Booming Development of Emerging Industries Lifts Market Ceiling
New fields such as edge AI, various types of robotics, new energy and the low-altitude economy have opened up new market space. As the control core of intelligent terminals, MCU plays a crucial role, bringing strong growth momentum to the market.
3. High-end Functional Upgrading of MCUs
The explosive growth of AI demand has driven the continuous functional upgrading of MCUs. New modules such as NPU computing modules, wireless communication modules and sensor interfaces are being integrated into MCUs, which are evolving towards higher clock speeds and multi-core heterogeneous frameworks to enhance MCU chip capabilities.
4. Rising Demand for Safety and Reliability
With the deepening of intelligent transformation in various industries, MCU has become a basic configuration to ensure the safe and stable operation of devices. Especially in scenarios such as the financial sector, automotive electronics and the Internet of Things, the demand for MCU security is continuously increasing.
As a seasoned Industry Consultant, CIC offers services such as market sizing, competitive analysis, and enterprise value verification, etc., with global experience in advising "first-in-sector" IPOs in the Semiconductor and AI sectors.
From IPO preparation to listing hearings, CIC unearths the true intrinsic value of enterprises and translates it into actionable insights for successful capital market landing. Prior to NSING, CIC has supported leading enterprises in successful listings both domestically and overseas, including MiniMax, Biren Technology, Horizon Robotics and Baidu, etc.
CIC Reports are now available on Bloomberg and FactSet portals.
About CIC
CIC is a professional consulting firm offering tailored end-to-end support across the full investment and financing lifecycle. The firm boasts a world-leading track record in guiding landmark first-in-sector IPOs across global markets, alongside unrivaled reach and in-depth coverage capabilities across specialized niche market segments.
CIC helps enterprises refine scalable business models and craft compelling capital narratives to enable seamless access to global capital markets, while serving as a trusted due diligence partner to investment institutions. It delivers granular industry insights and direct access to subject matter experts, empowering clients to identify high-value opportunities and mitigate critical risks effectively.
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