马年首家！IPO过会

Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. has successfully passed the listing review by the Shanghai Stock Exchange for its IPO on the Sci-Tech Innovation Board, becoming the first company to be approved in the Year of the Horse [1][7]. Company Overview - Shenghe Jingwei is a red-chip enterprise aiming to raise 4.8 billion yuan for its IPO [1][5]. - The company specializes in advanced packaging and testing services for integrated circuits, focusing on 12-inch wafer processing and wafer-level packaging (WLP) [3][10]. - It supports high-performance chips, particularly GPUs, CPUs, and AI chips, by enhancing performance through heterogeneous integration beyond Moore's Law [3][10]. Financial Performance - The company reported revenues of 3.038 billion yuan, 4.705 billion yuan, and 3.178 billion yuan for the years 2023, 2024, and the first half of 2025, respectively [5][10]. - Net profits for the same periods were 34.13 million yuan, 214 million yuan, and 43.5 million yuan [5][10]. Market Position and Technology - Shenghe Jingwei is one of the earliest companies in mainland China to achieve mass production of 12-inch bumping technology [4][10]. - The company has rapidly developed and industrialized 12-inch wafer-level chip packaging (WLCSP) based on its advanced wafer processing capabilities [4][10]. IPO Details - The IPO process began with acceptance on October 30, 2025, followed by an inquiry phase on November 14, 2025, and a second round of inquiries completed on February 1, 2026 [3][9]. - The company is adhering to the second set of standards for red-chip enterprises, with an expected market value of no less than 5 billion yuan and recent annual revenue of no less than 500 million yuan [5][10]. Shareholding Structure - Shenghe Jingwei has no controlling shareholder or actual controller in the past two years [11]. - The largest shareholder, Wuxi Chanfang Fund, holds 10.89% of the shares, while the second-largest shareholder, the Zhaoyin system, controls 9.95% [11].