Report

Viewtrix Technology Completes IPO

June 11, 2026

Viewtrix Technology has successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 1.1 billion ($140 million) in gross proceeds. The first day of trading closed with the share price up 92% from the IPO price, giving Viewtrix a valuation of around HKD 17 billion ($2.2 billion). According to the prospectus, approximately 47% of the proceeds will be used to support the development of AMOLED TDDI chips, while 33% will be invested in R&D for Micro-OLED and MicroLED backplanes.

Founded in 2012, Viewtrix is a fabless company offering AMOLED display driver ICs primarily used in smartphones and Micro-OLED display backplanes/drivers. Viewtrix launched its first AMOLED DDIC in 2019. In 2021, it successfully mass-produced and supplied AMOLED DDICs to one of China’s largest AMOLED panel manufacturers. In 2023, Viewtrix launched its first DDIC for LTPO panels, which was used in smartphones from a leading brand.

The company’s total revenue in 2025 was CNY 1.11 billion ($163 million), with the DDIC and Micro-OLED segments representing 72.6% and 26.7%, respectively. Revenue in DDIC experienced a slight decline in 2025, while revenue in Micro-OLED increased 293% YoY.

Revenue by Product

The company reported a loss of CNY 230.3 million ($34 million) in 2025, explained by investment in R&D. Viewtrix expects to record an increase in its net loss in 2026 due to a decrease in gross margin. Viewtrix says the anticipated decline in gross margin is primarily attributable to the impact of high memory prices and continued pricing pressure on DDICs.

To improve gross margins, Viewtrix plans to do the following:

Increase sales volumes to benefit from economies of scale in wafer procurement and back-end services.
Transition a portion of the wafer supply from foundries in Taiwan to foundries in Mainland China, which typically offer wafer prices that are 10% to 30% lower.
Introduce premium products with higher margin profiles, including flagship AMOLED DDICs targeting high-end smartphones and higher-specification Micro-OLED display backplanes/drivers.

Gross Profit and Gross Margin

In 2023, 2024 and 2025, sales to the company’s five largest customers accounted for 91.0%, 90.2% and 90.7% of its total sales in the respective years, while sales to the largest customer in each year accounted for 48.2%, 54.1% and 34.0%, respectively.

The company shipped 52.6 million DDICs in 2025, up from 32.3 million in 2023 and 51.3 million in 2024. The ASP per DDIC was CNY 15.3 in 2025.

For Micro-OLED backplanes/drivers, the company reports the number of wafers shipped instead of individual chips, because downstream panel manufacturers need to directly process the wafers to produce the Micro-OLED displays. Viewtrix shipped 16,468 wafers in 2025, up from 5,459 in 2023 and 3,326 in 2024. The ASP per wafer dropped 20% YoY to reach CNY 17,953 in 2025, explained by larger volume discounts offered to customers. Between 2023 and 2024, ASP per wafer increased as there was a higher proportion of 12” wafers in the product mix.

Viewtrix’s suppliers are primarily chip foundries and packaging and testing service providers. Purchases from the five largest suppliers amounted to CNY 832.5 million in 2023, CNY 849.3 million in 2024 and CNY 882.5 million in 2025, accounting for 97.8%, 97.2% and 96.4% of the company’s total purchases in the respective years. TSMC, the largest supplier, accounted for 42.3% of total purchases in 2025, down from 74.5% in 2024.

Sales Volume and ASP

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Author

Guillaume Chansin

Dr. Guillaume Chansin is a display analyst covering advanced and emerging display technologies. He has authored the display reports on XR and MicroLED displays. He is also a regular contributor to the Display Weekly Review Report. Guillaume has a Master’s degree in Applied Physics from INSA Toulouse and a PhD from Imperial College London.