Despite consecutive years of losses, Innoscience’s stock price has surged dramatically—can its market capitalization realistically reach RMB 100 billion?

Introduction: From Years of Losses to Turning the Corner—How Is Innoscience Telling a New Growth Story? On July 31, NVIDIA’s official website updated its list of partners for the 800V DC power architecture initiative—and Innoscience (2577.HK) became the sole Chinese semiconductor company named on the list. Fueled by this news, on August 1, Innoscience’s share price surged over 60% intraday—setting a new all-time high. It closed up more than 30%, with total trading volume reaching HK$4.24 billion, ranking sixth across the entire Hong Kong market and marking the highest single-day trading volume since the company’s IPO. Screenshot of Innoscience’s stock price on August 1 Since its listing on the Main Board of the Hong Kong Stock Exchange on December 30, 2024, Innoscience Technology has rapidly attracted investor attention thanks to its technological expertise and market positioning in gallium nitride (GaN) power devices—doubling its market capitalization within just a few months. At IPO, Innoscience priced its shares at HK$30.86, raising a total of HK$1.4 billion; after deducting related expenses, net proceeds amounted to HK$1.3 billion. According to publicly available data: • In December 2024, shortly after listing, its share price ranged between HK$30.86 and HK$58.25; • In July 2025, the range expanded further—to HK$41.75–HK$79.20; • In early August 2025, its share price briefly hit an all-time high of HK$73.55—more than double its IPO price—and its market cap surpassed HK$51.5 billion. Notably, between July 3 and August 5, 2025, Innoscience’s share price soared from HK$36.80 to HK$75.15—a rise of over 100%—making it one of the rare high-growth tech stocks in the Hong Kong market. Historically, Hong Kong investors have tended to undervalue hard-tech companies. Innoscience’s decision to list in Hong Kong was, in fact, a pragmatic choice rather than a preferred one. This recent surge was primarily driven by Innoscience’s announcement in August 2025 of a strategic partnership with NVIDIA to jointly promote large-scale adoption of the 800V DC power architecture in AI data centers. Compared to traditional 54V power delivery, this new architecture delivers significant improvements in energy efficiency, thermal loss reduction, and system reliability—making it well-suited to meet future demands for hundredfold increases in computing power. Innoscience stated that its GaN devices support full-chain voltage conversion—from 800V input down to outputs ranging from 15V to 1200V—enabling complete GaN-based power systems capable of meeting the power supply requirements of megawatt-scale AI computing infrastructure. This not only enhances Innoscience’s strategic value in data center applications but also signals a pivotal moment for GaN technology’s large-scale deployment in high-power AI scenarios. Interestingly, on May 21, 2025, after U.S. market hours, Innoscience’s competitor Navitas Semiconductor (NVTS) similarly announced a collaboration with NVIDIA to develop the next-generation 800V high-voltage DC (HVDC) architecture—prompting its stock to surge 180%–200%. Reduced losses: Key financial comparisons Key milestones in Innoscience’s founding — Source: Compiled by SemiMedia Research Institute Innoscience is a globally leading integrated device manufacturer (IDM) engaged in the research, design, production, and sales of gallium nitride (GaN) power devices.

U.S. stocks hitting 52-week lows

On one side, AI-related stocks—including $AMD, $META, and $INTC—continue their strong rally. On the other, numerous consumer, real estate, telecom, utility, financial, and travel stocks have already fallen to—or are nearing—their 52-week lows. The broad indices may look robust, but not all stocks are participating in this bull market. Capital is becoming highly concentrated in just a few outperforming sectors. Today’s list of notable stocks trading at or near their 52-week lows includes: Consumer / Brands NKE, MCD, PEP, BROS, DKS, STZ, CLX Housing / Real Estate LOW, RKT, WY, FERG, ADC, SUI, PNR Financials / Telecom TMUS, TU, FIS, AON Utilities / Energy EXC, NRG, PPL, CMS, DTE Travel / Gaming LVS, WYNN, RRR, FLUT, BYD, WH Healthcare / Biotech ZTS, IONS China-Related TME, LI But here’s the most critical point: A 52-week low ≠ cheap—and certainly does not automatically signal a buying opportunity. Some companies hit new lows because earnings expectations are deteriorating; others face headwinds from industry cycles; some are merely experiencing valuation compression; and still others are simply being temporarily overlooked as massive capital flows into AI-related names.

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