南京沁恒微终止科创板 IPO:一共才184天

Core Viewpoint - Nanjing Qinheng Microelectronics Co., Ltd. has terminated its IPO application for the Sci-Tech Innovation Board, indicating potential challenges in meeting the board's strategic requirements for innovation and technology [1][5]. Company Overview - Nanjing Qinheng Microelectronics is an integrated circuit design company focused on developing its own IP systems for chip integration, distinguishing itself from traditional chip design firms that typically purchase third-party IP [7]. - The company aims to create a comprehensive chip architecture based on self-researched interface and core IP, targeting the Internet of Things (IoT) market [7]. IPO Details - The company had planned to raise approximately 932 million yuan (about 9.32 billion yuan) through its IPO [4][5]. - The application was received on June 30, 2025, and the review process was terminated by the company and its sponsor, Huatai United Securities, indicating a proactive withdrawal [5][6]. Financial Performance - For the first half of 2025, the company's total revenue was approximately 24.89 million yuan, with a net profit of about 8.18 million yuan [13]. - The revenue composition shows that USB chips accounted for 49.41% of total revenue, while Bluetooth and Ethernet chips contributed 15.77% and 7.78%, respectively [9]. Fund Utilization Plan - The planned use of the raised funds was focused on three main R&D projects: USB chip development, network chip (Bluetooth and Ethernet) development, and full-stack MCU chip development, with total investments projected at approximately 93.15 million yuan [8][18].