2025：A股半导体IPO募资近千亿！

Core Viewpoint - In 2025, China's semiconductor industry is experiencing a new wave of IPO activity, with the capital market becoming a key driver for the industry's transition to high-quality development. A total of 30 semiconductor companies have entered the A-share IPO acceptance process, aiming to raise nearly 100 billion yuan [2][14]. A-share Market - The A-share IPO market for the semiconductor industry remains active, with companies covering core segments such as chip design, manufacturing, materials, equipment, and testing. The trend shows a "steady start followed by a surge" with significant activity in December, where over 10 companies were accepted in a single month, accounting for one-third of the annual total [2][6][18]. - The total intended fundraising from the 30 accepted companies is approximately 98.586 billion yuan, with an average fundraising amount of 3.286 billion yuan per company [3][16]. - Leading companies like Changxin Technology (295 billion yuan), Huike (85 billion yuan), and Moer Thread (80 billion yuan) are among the largest fundraising projects, indicating strong financing demand in capital-intensive sectors [4][16]. Business Layout - The industry exhibits a clear trend of collaboration across various segments, with chip design remaining a key focus area, including high-value fields such as GPU, CPU, and RF front-end chips [4][17]. - Equipment and component companies are also active, indicating a gradual shift of domestic substitution towards upstream segments of the industry chain [5][17]. Listing Board Preferences - The Science and Technology Innovation Board (STAR Market) remains the preferred choice for over 60% of semiconductor companies due to its inclusive regulatory framework and focus on technological innovation, followed by the Growth Enterprise Market (GEM) [5][17]. Progress of Review - Several companies have shown a rapid listing pace, with firms like Angrui Micro, Youxun, and Moer Thread already listed, while others are in various stages of the registration process [5][17]. Hong Kong Market - Concurrently, 19 non-A-share semiconductor companies are planning to list in Hong Kong, covering key areas such as GPU, power semiconductors, sensors, and packaging, indicating an expansion of the capitalized path for China's semiconductor industry [7][19]. - The companies targeting the Hong Kong IPO market are characterized by a focus on high-growth sectors and a comprehensive coverage of the entire industry chain [20][21]. Industry Trends - The dual-market strategy of A-share and Hong Kong listings reflects the semiconductor industry's transition from initial domestic substitution to a phase of technological breakthroughs and international development [22][23]. - The increasing number of companies across various segments, including packaging and equipment, signifies a shift from "point breakthroughs" to "full-chain collaboration," emphasizing the importance of domestic substitution in supporting backend segments [23][24].