江苏半导体设备“独角兽”企业，启动IPO

Core Viewpoint - The article highlights the IPO initiation of Jiangsu Luwen Instruments, a semiconductor equipment company, indicating its significant growth and potential in the capital market, particularly in the context of the domestic semiconductor industry's development [1][4]. Group 1: Company Overview - Jiangsu Luwen Instruments, established in September 2015, has a registered capital of 196 million yuan and is led by Chairman Xu Kaidong [2][3]. - The company has a strong ownership structure, with 19.82% held by Leuven Instruments, providing international resources, and 2.98% by the Chinese Academy of Sciences, enhancing its core technology development [2][3]. - Luwen Instruments has secured 422 patents, including a recent one for a plasma etching machine that addresses uniformity issues, aligning with the high-precision etching demands of 5G and AI sectors [3]. Group 2: Market Position and Potential - The company specializes in providing equipment and process solutions for integrated circuit manufacturing, covering critical processes for various chip types, including logic chips and memory devices [3]. - Luwen Instruments has participated in 215 bidding processes, indicating high market recognition and acceptance [3]. - The semiconductor equipment sector is a key area for domestic substitution, with significant capital interest, as evidenced by 38 semiconductor companies aiming for A-share listings since 2025, targeting nearly 100 billion yuan in fundraising [4]. Group 3: Industry Context - The article emphasizes that the current trend of domestic substitution and policy support presents an optimal growth opportunity for companies like Luwen Instruments, which possess core technologies [4]. - The initiation of the IPO is seen as a crucial milestone for the company and a reflection of the accelerating rise of the domestic semiconductor equipment industry [4].