Core Viewpoint - In early 2026, two semiconductor companies, Qinheng Micro and Yadian Technology, withdrew their IPO applications for the Sci-Tech Innovation Board, both sponsored by Huatai United Securities, highlighting a trend of increasing scrutiny and changing focus in the IPO review process [1][3]. Group 1: Company Withdrawals - Qinheng Micro's IPO application was accepted on June 30, 2025, with a planned fundraising of 932 million yuan, but it did not respond to the inquiry from the Shanghai Stock Exchange (SSE) after entering the inquiry phase [3][4]. - Yadian Technology's IPO application was accepted on June 27, 2025, and similarly did not respond to the SSE's inquiry until the application was terminated on January 14, 2026 [4][5]. - A total of eight companies, including Qinheng Micro and Yadian Technology, withdrew their IPO applications from 2025 to January 22, 2026, with varying sponsoring institutions [1][2]. Group 2: Regulatory Focus - The SSE's inquiries have shifted focus from fundraising arrangements to core technology advancement and market development space since 2025, reflecting changes in policy direction and financing environment [1][6]. - The inquiries now emphasize the company's sustainable operational capability, control and independence, and significant changes during the IPO process, indicating a more detailed scrutiny approach [6][7]. - The regulatory environment has become increasingly stringent, with a focus on the evidence and logic behind companies' self-reported capabilities, requiring detailed supplementary information if inadequacies are found [8]. Group 3: Industry Context - The semiconductor industry is experiencing an IPO boom, driven by the rapid development of AI, but faces challenges such as intense global competition and low profit margins in certain segments [4][5]. - Qinheng Micro's core business is under pressure, with its gross margin declining from 63.32% in 2022 to 57.51% in 2024, and significant price drops in its key products [4][5]. - Yadian Technology's revenue is heavily reliant on a single customer, with over 50% of its income coming from a single client, raising concerns about customer concentration risk [4][5].

Group 1 - The core point of the article is that Shanghai Suyuan Technology Co., Ltd. has received acceptance for its IPO on the Sci-Tech Innovation Board, aiming to raise 6 billion yuan [1] Group 2 - The company is planning to use the funds raised from the IPO for its business expansion and technological development [1] - The acceptance of the IPO indicates a positive outlook for the company in the capital market [1] - The financing amount of 6 billion yuan reflects the company's growth potential and investor interest [1]

Group 1 - Huatai United Securities has withdrawn two semiconductor IPO projects within a week, including Jiangsu Yadian Technology Co., Ltd. [1] - Jiangsu Yadian Technology's IPO was terminated by the Shanghai Stock Exchange on January 14, 2026, making it the first company to have its IPO review terminated in 2026 [2] - The company aimed to raise 950 million yuan through its IPO, focusing on wet cleaning equipment for silicon-based semiconductors, compound semiconductors, and photovoltaic fields [2] Group 2 - Jiangsu Yadian Technology reported revenues of 121 million yuan, 442 million yuan, 580 million yuan, and 267 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively, with net profits of -94 million yuan, 10 million yuan, 85 million yuan, and 11 million yuan [3] - Nanjing Qinheng Microelectronics Co., Ltd. also withdrew its IPO application, which was accepted on June 30, 2025 [4] - Qinheng Micro focuses on connection technology and microprocessor research, aiming to develop integrated circuits based on self-developed interface IP and core IP [4]

Core Viewpoint - Shanghai Taosheng Electronic Technology Co., Ltd. has entered the inquiry stage for its IPO on the Sci-Tech Innovation Board, focusing on the semiconductor testing interface sector [1] Company Overview - Taosheng Technology specializes in semiconductor testing interfaces, providing critical testing hardware solutions for clients across the chip design, wafer manufacturing, and packaging testing industries [1] IPO Details - The company aims to raise approximately 1.058 billion yuan through its IPO, with plans to invest in several key projects including the construction of semiconductor testing interface and probe card production bases in Suzhou, R&D centers in Shanghai and Tianjin, and to supplement working capital [1]

Core Viewpoint - The Shanghai Stock Exchange has decided to terminate the review of Nanjing Qinheng Microelectronics Co., Ltd.'s application for an initial public offering (IPO) on the Sci-Tech Innovation Board, following the company's request to withdraw its application [1][3]. Group 1: Company Overview - Nanjing Qinheng Microelectronics focuses on connection technology and microprocessor research, operating as an integrated circuit design company that builds integrated chips based on self-developed professional interface IP and core IP [3]. - Jiangsu Qinheng Co., Ltd. holds a 56.04% stake in Qinheng Micro, making it the controlling shareholder [3]. Group 2: Shareholding Structure - Wang Chunhua owns 95.00% of Jiangsu Qinheng and directly holds 28.46% of Qinheng Micro's shares, controlling a total of 94.57% of the company through Jiangsu Qinheng and a partnership [4]. - The actual controller of Qinheng Micro is Wang Chunhua, who is also the executive partner of Nanjing Yihuo Technology Development Center [4]. Group 3: IPO Details - Qinheng Micro initially planned to issue no more than 21.08 million shares, representing at least 25% of the total share capital post-issuance, with all shares being new issues [4]. - The company aimed to raise approximately 931.54 million yuan for projects related to USB chip development, network chip development, and full-stack MCU chip development [4][5]. Group 4: Fund Allocation - The planned allocation of raised funds includes: - USB chip development and industrialization project: 262.75 million yuan - Network chip development and industrialization project: 302.10 million yuan - Full-stack MCU chip development and industrialization project: 366.69 million yuan - Total: 931.54 million yuan [5].

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].

Core Viewpoint - Dongfang Measurement and Control Technology Co., Ltd. has entered the inquiry stage for its IPO on the Sci-Tech Innovation Board, aiming to raise approximately 1.1 billion yuan for various projects [1] Company Overview - Dongfang Measurement and Control is a high-tech enterprise providing intelligent online detection and analysis equipment, intelligent control systems, and related services for industries such as non-ferrous metal mining, black metal mining, coal, cement, metallurgy, wind power, and petrochemicals [1] IPO Details - The company’s IPO was accepted on December 25, 2025, and it plans to use the raised funds for the industrialization of intelligent online analysis instruments, equipment, and control systems, as well as for the construction of a research and development center and a sales service center [1]

Core Viewpoint - Suzhou Lianxun Instrument Co., Ltd. has submitted its IPO registration for the Sci-Tech Innovation Board, aiming to raise approximately 1.711 billion yuan for various R&D and industrialization projects [1] Group 1: Company Overview - Lianxun Instrument is a high-end testing instrument equipment company, focusing on the R&D, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment [1] Group 2: IPO Details - The IPO was accepted on August 15, 2025, entered the inquiry phase on August 28, 2025, and was approved in the meeting held on January 14, 2026 [1] - The company plans to use the raised funds for the development and industrialization of next-generation optical communication testing equipment, automotive chip testing equipment, storage testing equipment, digital testing instruments, and the establishment of a next-generation testing instrument R&D center [1]

Core Viewpoint - Jiangsu Yadian Technology Co., Ltd. has had its IPO application on the Sci-Tech Innovation Board terminated, marking it as the first company to have its IPO halted in 2026 [3] Group 1: Company Overview - Yadian Technology is a leading supplier of wet cleaning equipment in China, focusing on the research, production, and sales of wet cleaning equipment for silicon-based semiconductors, compound semiconductors, and photovoltaic fields [3] - The company's products are primarily used in critical processes such as cleaning in the front-end wafer manufacturing of the semiconductor industry, playing a vital role in the upstream of the semiconductor supply chain [3] - According to third-party reports, Yadian Technology ranked second among domestic brands in market share for slot-type wet cleaning equipment in 2024 [3] Group 2: Financial Performance - The company has shown rapid growth in its financial performance, with revenues of 120.73 million yuan, 441.75 million yuan, and 580.41 million yuan from 2022 to 2024 [4] - The net profit attributable to shareholders after deducting non-recurring gains and losses transitioned from a loss of 81.01 million yuan in 2022 to a profit of 82.52 million yuan in 2024 [4] - Yadian Technology has invested significantly in R&D, with a total of 146 million yuan over the past three years, and has 133 R&D personnel, accounting for nearly 30% of its total workforce [4] Group 3: IPO Details - The company originally planned to raise 950 million yuan through its IPO, intending to invest in high-end semiconductor equipment industrialization, advanced process semiconductor technology research and development projects, and to supplement working capital [4] - The IPO application was voluntarily withdrawn after failing to progress past the inquiry stage, which began on July 21, 2025 [3][4] Group 4: Market and Regulatory Context - The termination of the IPO reflects the high standards and strict requirements of the Sci-Tech Innovation Board regarding information disclosure quality, technological attributes, and sustainable operational capabilities [6] - Despite being in a strategically supported industry, the company must fully meet regulatory requirements related to board positioning and internal controls [6] - The termination of the project also prompts the lead underwriter, Huatai United Securities, to reassess its risk management and project selection processes [6]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the initial public offering (IPO) application of Shiya Technology Co., Ltd., which is a provider of micro-display solutions, particularly focusing on silicon-based OLED micro-displays [1] Company Overview - Shiya Technology specializes in providing overall solutions for micro-displays, with its core product being silicon-based OLED micro-displays [1] - The company offers value-added services including strategic product development, optical systems, and XR (extended reality) overall solutions [1] IPO Details - The IPO application was accepted on June 26, 2025, and entered the inquiry phase on July 21, 2025, with approval received on December 24, 2025, and registration submitted on December 26, 2025 [1] - The company aims to raise approximately 2.015 billion yuan, which will be allocated to the expansion of ultra-high-resolution silicon-based OLED micro-display production lines and the construction of a research and development center after deducting issuance costs [1]