Code Moment | Congratulations to Global Leading High-Performance CIS Provider Gpixel on Hong Kong Stock Exchange Listing

On April 17, 2026, Gpixel — a portfolio company of Source Code Capital's "Ma Hui" network and a global leader in high-performance CIS (CMOS image sensors) — officially listed on the main board of the Hong Kong Stock Exchange, with stock code "03277.HK." The company issued 65.2942 million shares at HK$39.88 per share, raising approximately HK$2.6 billion in total; as of 10:00 a.m., its market cap exceeded HK$32 billion.

Driven by trends in advanced semiconductor process nodes, machine vision, AI vision, and intelligent manufacturing, high-performance image sensors are emerging as indispensable critical infrastructure in the smart era. Gpixel's IPO marks both a new starting point for the company and further proof of China's continued breakthroughs in high-end chip manufacturing.

Source Code Capital invested in Gpixel before its listing and has backed the company throughout its journey, even doubling down as a cornerstone investor. Xun Zhang, Managing Director at Source Code Capital, commented: "As the only domestic breakthrough in high-end CMOS image sensors — one of the most critical components in metrology and inspection equipment — Gpixel's listing not only validates China's hard-tech capabilities in the semiconductor chokepoints, but also signals a new phase in the self-containment and independence of the domestic semiconductor equipment supply chain. With its top-three global standing in industrial and scientific imaging, the company is moving from 'import substitution' to 'global leadership.' Being able to identify and accompany a company with both strategic value and global competitiveness like this is yet another affirmation of Source Code Capital's long-term conviction in hard tech."

At Gpixel's listing ceremony. From left: Haoteng Ying, Investment Vice President at Source Code Capital; Xinyang Wang, Co-founder, Chairman, and CEO of Gpixel; Xun Zhang, Managing Director at Source Code Capital.

Gpixel is a key component of Source Code Capital's ecosystem in AI and semiconductors. Previously, Xi'an ESWIN Materials — a leading domestic 12-inch semiconductor silicon wafer company in Source Code Capital's portfolio — listed on the STAR Market on October 28, 2025 (stock code: 688783). Biren Technology, a leading domestic GPU company, listed on the Hong Kong Stock Exchange on January 2, 2026 (stock code: 06082.HK), becoming the "first GPU stock in Hong Kong." SeeYA Technology, a global leader in silicon-based OLED technology, listed on the STAR Market on March 25, 2026 (stock code: 688781), becoming the "first domestic silicon-based OLED stock."

From semiconductor materials to chip design, from underlying manufacturing to end applications, Source Code Capital has been building systematic positions across the sector. On the application side, Source Code Capital's AI+robotics portfolio companies — including Unitree, Galaxy Universal, Booster Robotics, and Woan Technology (06600.HK) — represent important use cases for high-performance image sensors. In the AI industry, where technology intensity is high and cycles are long, Source Code Capital will continue to accompany and support outstanding companies with long-term patience, jointly advancing the progress of China's frontier technology industries.

Founded in 2012, Gpixel focuses on the R&D and design of high-performance CMOS image sensors. The company has mastered core technologies including global shutter pixels, HDR pixels, high-sensitivity pixels, low-noise circuits, high-speed readout circuits, TDI image sensors, BSI image sensors, 3D imaging sensors, and 3D wafer stacking — building solid technical moats across pixel design, circuit design, and process development for high-performance CMOS image sensors.

Gpixel has consistently pushed technological boundaries: in 2014, it developed the world's highest-resolution CMOS image sensor at the time (150 megapixels); in 2015, it launched the world's first backside-illuminated, scientific-grade CMOS sensor; in 2018, it introduced the world's smallest 2.5μm pixel global shutter product; in 2021, it released what was then the highest-resolution global shutter CMOS image sensor on the market (152 megapixels); and more.

Gpixel's nine major CMOS image sensor product series

Leveraging its strong technical capabilities, Gpixel has built a comprehensive product portfolio covering nine major series and over 50 standard products, while also providing custom sensor solutions. From scientific research markets to industrial inspection, semiconductor metrology equipment, and professional imaging, Gpixel has gradually conquered multiple high-barrier application scenarios. The company's image sensors have been exported to over 30 countries and regions worldwide, with subsidiaries in Hangzhou and Dalian in China, as well as Antwerp in Belgium and Tokyo in Japan, forming a global business footprint.

According to Frost & Sullivan data, by 2024 revenue, Gpixel ranked third globally in the industrial imaging CIS market with a 15.2% market share, and third globally in the scientific imaging CIS market with a 16.3% market share. In these two "niche tracks" that together account for less than 3% of the global CIS market, Gpixel ranks first among all Chinese CIS companies — a true hidden champion in its segments.