Core Viewpoint - Shenzhen Nanfei Microelectronics Co., Ltd. has submitted an IPO counseling record to the Shenzhen Securities Regulatory Bureau, with CITIC Securities as the counseling broker, indicating its intention to go public [1]. Company Overview - Nanfei Micro was established on November 13, 2015, with a registered capital of 414 million yuan. The legal representative is Zeng Yu [2]. - The company primarily engages in the design, production, sales, and service of Ethernet data exchange, smart network cards, PHY, and PCIe Switch chips and modules [2]. Shareholding Structure - The controlling shareholder, Zeng Yu, directly holds 17.82% of the shares and indirectly controls 12.25% of the voting rights through partnerships. Together with other parties, he can control 48.92% of the voting rights [5]. - The shareholder list includes several state-owned capital entities, with specific holdings such as 6.0613% by Shenzhen Zhongxuhongtu Investment Partnership [5]. Product Development and Market Position - Nanfei Micro has established R&D and operational sales centers in multiple cities, employing nearly 400 people, with over 85% in R&D roles [3]. - The company has achieved mass production of various chips, including gigabit/10-gigabit industrial Ethernet SOC switch chips and PCIe Switch chips. In 2023, the annual shipment of mid-range switch chips exceeded 1 million units [3][4]. - The company focuses on high-speed interconnect technology for supernode systems, which is critical for AI computing, and is developing products compatible with the UALink standard [4]. Recent Financing Activities - Nanfei Micro has completed eight rounds of financing, with the latest C round in September 2025 raising over 1 billion yuan. The funds will be used for R&D and to supplement working capital [6]. - The company has attracted significant investment from various state-owned and industrial capital sources, including the Guangdong Semiconductor and Integrated Circuit Industry Investment Fund [6]. Recent Developments - In December 2025, a public announcement indicated that Feiling Kesi plans to indirectly invest in Nanfei Micro through a partnership, contributing 40.8 million yuan [7]. - By January 2026, the partnership completed the private fund registration and signed agreements for capital increase, with a total investment of 119 million yuan, representing 1.8195% of Nanfei Micro's registered capital [8].