Venture(US:VEMLY) Sou Hu Cai Jing·2025-12-18 13:35Group 1 - The core point of the article is that Shenzhen Dapu Microelectronics Co., Ltd. is set to undergo an IPO review on December 25, marking it as the first unprofitable company accepted for listing on the ChiNext board [1][5] - Dapu Micro plans to raise 1.878 billion yuan for the development and industrialization of next-generation main control chips and enterprise-level SSDs, as well as for a production testing base and to supplement working capital [5] - The company specializes in the research and sales of enterprise-level SSD products and is one of the few domestic providers with full-stack self-research capabilities in "main control chips + firmware algorithms + modules" [5] Group 2 - Dapu Micro has not yet achieved profitability, reporting losses of 354 million yuan in the first half of 2025, 195 million yuan in 2024, 642 million yuan in 2023, and 368 million yuan in 2022, with a cumulative loss of 1.566 billion yuan over the past three and a half years [5] - The company meets the ChiNext listing criteria for unprofitable companies, which requires an expected market value of no less than 5 billion yuan and a minimum revenue of 500 million yuan in the most recent year [5][6] - The China Securities Regulatory Commission has introduced a third set of standards to support high-quality unprofitable innovative companies in going public, indicating a more inclusive approach to financing for such enterprises [6]