Fourier Semiconductor Faces Patent Infringement Lawsuit from Aiwei Electronics at a Critical Moment in the Hong Kong IPO

In mid-March 2026, Shanghai Fourier Semiconductor Co., Ltd. faced an unexpected development in its Hong Kong Stock Exchange listing process. Just as the company had recently passed the Hong Kong Stock Exchange’s listing hearing and was only one step away from going public, a domestic competitor in the analog chip field, Aiwei Electronics, filed a lawsuit against it, claiming infringement of invention patents.

According to the court announcement disclosed by Tianyancha, the case will be officially heard on April 27, 2026, at the Shanghai Intellectual Property Court. This timing coincides with a sensitive window for Fourier Semiconductor’s IPO efforts, casting a heavy shadow over its listing process.

** Hearing just concluded, yet attacked unexpectedly; the timing is noteworthy**

Fourier Semiconductor passed the Hong Kong listing hearing on March 15, 2026. Prior to this, the company had obtained the China Securities Regulatory Commission’s approval for overseas issuance and listing, making rapid progress. Public information shows that this sensing intelligent chip provider, founded in 2016, mainly operates in automotive smart audio chips, high-power smart audio chips, and portable smart audio chips. Its clients include well-known brands such as Samsung, Xiaomi, vivo, Motorola, and Honor.

However, shortly after the hearing news, Shanghai Aiwei Electronics Technology Co., Ltd. filed a lawsuit against Fourier Semiconductor at the Shanghai Intellectual Property Court, alleging infringement of invention patents. The case number (2025) Hu 73 Patent Initial No. 195 indicates the hearing will be held at 9 a.m. on April 27, 2026. For Fourier Semiconductor, which is racing toward a listing, this timing is extremely sensitive—typically, between the hearing approval and official listing, issuers and underwriters need to complete roadshows, pricing, and allocation. A major intellectual property lawsuit at this stage could directly impact investor confidence.

** Revenue growth but ongoing losses**

According to the company’s IPO prospectus submitted to the Hong Kong Stock Exchange, Fourier Semiconductor has experienced rapid revenue growth in recent years, though profitability remains a challenge. Data shows that revenue for 2022, 2023, and 2024 was 130 million yuan, 150 million yuan, and 355 million yuan respectively, with significant compound annual growth. However, net profits during the same period continued to be in the red, with losses of 65.9 million yuan, 94.1 million yuan, and 56.8 million yuan over the three years.

In the first ten months of 2025, the company achieved revenue of 281 million yuan, with a gross profit of 56.06 million yuan, and a gross margin of 20%. Despite this, it recorded a net loss of 51.78 million yuan for the year. From the revenue structure, adaptive power control audio chips accounted for 51.6%, and portable power amplifier audio chips accounted for 39.3%, forming the company’s two main core businesses.

Notably, as of October 31, 2025, the company held cash and cash equivalents of 73.46 million yuan. In the context of ongoing losses and limited cash flow, this IPO is crucial for Fourier Semiconductor’s financial support.

** Plaintiff Aiwei Electronics: a strong player in the analog chip sector**

Aiwei Electronics, the plaintiff in this patent lawsuit, is a well-known listed company in China’s analog chip industry. Data shows that Aiwei Electronics was founded in 2008 and listed on the A-share market in August 2021. Its main business involves the research, development, and sales of integrated circuit products. The company’s revenue structure indicates that high-performance mixed-signal chips account for 51.64%, power management chips for 38.34%, and signal chain chips for 9.89%.

Financial data shows that from January to September 2025, Aiwei Electronics achieved revenue of 2.176 billion yuan and net profit attributable to shareholders of 276 million yuan, a year-on-year increase of 54.98%. As a listed company, Aiwei Electronics possesses considerable capital strength and technological accumulation. This patent lawsuit will likely exert substantial pressure on Fourier Semiconductor’s IPO process.

** Patent litigation as an IPO obstacle; industry competition intensifies**

In the semiconductor industry, encountering patent lawsuits from competitors before an IPO is not uncommon. In recent years, as domestic chip design competition has intensified, patent litigation has become a common tactic for companies to hinder rivals’ listing progress. For companies planning to go public, being found infringing can lead to product bans, damages, and other direct blows, severely affecting valuation.

This case involves infringement of invention patents, which have higher technical content and legal stability compared to utility models or design patents. A victory for the plaintiff could be devastating for the defendant. Court announcements indicate the case will be heard on April 27, with the focus on the dispute’s core issues, the specific patents involved, and whether Fourier Semiconductor is infringing, all of which will attract market attention.

Uncertainty in the listing process

For Fourier Semiconductor, which has already passed the hearing, this patent lawsuit introduces increased uncertainty into its listing timeline. According to Hong Kong Stock Exchange rules, issuers must fully disclose material litigation risks in their prospectus. Investors will also consider potential intellectual property disputes when valuing the company.

Market analysts suggest that Fourier Semiconductor could choose to actively defend, seek settlement, or challenge the patents’ validity. However, resolving this dispute within the IPO window is challenging, and the company may need to adjust its listing schedule. If the court ultimately finds infringement, the company could face product bans, directly impacting its core revenue from audio chips.

As of press time, Fourier Semiconductor has not issued an official response to the lawsuit. In the wave of domestic chip replacement, technical strength has extended from labs to courts, and the outcome of this lawsuit will largely determine the future of this domestic audio chip rising star.

Note: This article was generated with AI tools and does not constitute investment advice. Market risks exist; invest cautiously.