西安2025年最大规模的IPO来了，多地国企抢筹战略配售股！

Core Viewpoint - Xi'an Yicai (688783.SH) is set to conduct its IPO on October 15, 2025, with a price of 8.62 yuan per share, aiming to raise approximately 46.36 billion yuan, making it the second-largest IPO in A-shares this year [2][4]. Company Overview - Xi'an Yicai focuses on the research, production, and sales of 12-inch silicon wafers [3]. - The company has not yet achieved profitability, with revenues from 2022 to the first half of 2025 being 10.55 billion yuan, 14.74 billion yuan, 21.21 billion yuan, and 13.02 billion yuan respectively, while net losses were recorded at -4.16 billion yuan, -6.92 billion yuan, -7.63 billion yuan, and -3.45 billion yuan [4]. Investment Interest - There is significant investor enthusiasm, with strategic placement investors securing a total of 268.9 million shares, accounting for 50% of the total issuance [5][6]. - Notable investments include 100 million yuan from CITIC Securities Investment Company for 11.6 million shares and 153 million yuan from CITIC Xi'an Yicai Employee Management Plans for 17.78 million shares [5]. Strategic Placement Investors - Many local state-owned enterprises are participating in the strategic placement, such as Chengdu Technology Innovation Investment Group, which invested 235 million yuan for 27.31 million shares [7][8]. - Other notable participants include Guangzhou Yuexiu Industrial Investment Company and Shanghai Automotive Group, investing 169 million yuan and 141 million yuan respectively [8][9]. Market Position and Challenges - Xi'an Yicai's IPO will position it as the second-largest listed private enterprise in Shaanxi, with an estimated market value of approximately 34.81 billion yuan at the IPO price [22]. - The company faces challenges in the highly competitive 12-inch silicon wafer market, dominated by the top five global manufacturers, which account for about 80% of the market share [20].