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GalaxyCore Files for IPO on Star Market, Builds Factory in Shanghai
COVID-19 and China
Can you see micro things from a bird's-eye view? Image credit: GalaxyCore website

On July 7, fabless image sensor developer GalaxyCore filed an IPO prospectus, intending to go public on Shanghai's tech board – the Star Market.

The prospectus reveals that the company's revenues in 2017-2019 and the first quarter of 2020 were CNY 1.97 billion, CNY 2.19 billion, CNY 3.69 billion and CNY 1.25 billion respectively. Within the same period, R&D expenditure accounted for 12.66%, 9.83%, 9.68% and 5.39% of revenues – a significant decline.

The company mainly provides QVGA (80,000 pixels) and Megapixel CMOS (13,000,000 pixels) image sensors, LCD driver chips with a resolution between QQVGA and FHD. As the major business, CMOS image sensors sales are currently making up over 80% of the total revenues of GalaxyCore. In the first quarter of 2020, the proportion exceeded 90%.

According to Frost&Sullivan, in 2019 the company achieved 1.31 billion CMOS image sensor shipments, occupying a 20.7% market share globally, ranking second in the industry. In terms of sales, it ranked eighth in the global market by CNY 3.19 billion.

For the LCD driver chip business, it is the second-largest supplier in the Chinese market. accounting for 9.6% of all the shipments nationwide in 2019.

To gain more of the market and be more competitive, the chipmaker is building a new factory in the Lingang Special Area of the Shanghai Free Trade Zone (FTZ), where other projects exist in the fields of new energy, next-generation semiconductors, AI, biomedicine, aerospace, NEV, smart equipment, IC and Industrial IoT. The factory, with a total investment of CNY 48 billion, broke ground on July 7.

*Contributor: Ivan Platonov | Editor: Luke Sheehan
https://equalocean.com/research/2020042613923
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