# NOR Flash

China’s Xintianxia Seeks Hong Kong IPO Despite Weak Margins and Questionable Market Claims

Xintianxia, a Chinese fabless designer of NOR and SLC NAND Flash, has filed for a Hong Kong IPO despite falling revenues, low gross margins relative to peers and past regulatory warnings over disclosure. The company’s profitability lags larger rivals largely because of a product mix tilted to lower-capacity, lower-margin parts and a decision to report market share only among Fabless peers, which may give a distorted view of its competitive position.