格隆汇新股 募资49亿元！上海半导体硅片巨头冲击IPO，联想押注 原创 阅读全文 ...

Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. successfully completed its IPO on the Sci-Tech Innovation Board, raising approximately 4.636 billion yuan, marking it as the largest IPO in Shaanxi Province in 2025 and the second largest in A-shares this year, following Huadian New Energy [2][4]. Group 1: IPO Details - The IPO price was set at 8.62 yuan per share, with a total issuance of 53.78 million shares, resulting in a net fundraising amount of about 4.507 billion yuan [2]. - The issuance was met with high enthusiasm from the market, with nearly 80% of investors with access to the Sci-Tech Growth tier participating in the online subscription [4]. Group 2: Strategic Support and Investment - Notable participation from national and local investment funds, including the National Integrated Circuit Industry Investment Fund (Phase II) and the Shaanxi Integrated Circuit Fund, indicates strong recognition of the company's long-term value [4]. - Xi'an Yiswei's largest shareholder, Xian High-tech Investment, held a 9.06% stake prior to the IPO, highlighting its role as an "angel investor" [4]. Group 3: Technological Advancements - The company has established a comprehensive technical system covering five core processes: crystal growth, shaping, polishing, cleaning, and epitaxy, positioning itself as a representative of "hard technology" in the domestic 12-inch silicon wafer sector [6]. - As of June 2025, Xi'an Yiswei has applied for a total of 1,843 domestic and international patents, with over 80% being invention patents, and has received authorization for 799 patents, with more than 70% being invention patents [6]. Group 4: Market Position and Client Base - Xi'an Yiswei has rapidly evolved from a new entrant to a significant player in the global 12-inch silicon wafer market, achieving full coverage of domestic and international first-tier clients [7]. - The company ranks as the top or second supplier of 12-inch silicon wafers to major domestic storage IDM manufacturers and is the leading supplier to first-tier logic wafer foundries in mainland China [7]. Group 5: Production Capacity and Future Plans - The first factory's production capacity has been increased from 500,000 wafers per month to 640,000 wafers per month as of June 2025, while the second factory has reached a capacity of 110,000 wafers per month [8]. - By 2026, the combined production capacity of both factories is expected to exceed 1.2 million wafers per month, aiming for a global market share of over 10%, which will significantly alleviate the supply-demand imbalance in the domestic 12-inch silicon wafer market [10].

Core Viewpoint - Shanghai ChaoSilicon Semiconductor Co., Ltd. has recently had its IPO application accepted by the Sci-Tech Innovation Board, despite being an unprofitable semiconductor wafer company, indicating a growing interest in the domestic semiconductor industry [1][3]. Company Overview - Shanghai ChaoSilicon focuses on the research, production, and sales of 300mm and 200mm semiconductor wafers, which are in high demand globally. The company also engages in silicon wafer regeneration and processing services [2]. - The company has developed into a well-known international semiconductor wafer manufacturer, with significant backing from local state-owned enterprises in Shanghai and Chongqing [3]. Financial Highlights - Shanghai ChaoSilicon aims to raise nearly 5 billion yuan through its IPO [3]. - The company reported revenues of approximately 921 million yuan, 928 million yuan, and 1.327 billion yuan for the years 2022, 2023, and 2024, respectively, with corresponding net losses of about 803 million yuan, 1.044 billion yuan, and 1.299 billion yuan [14]. - As of the end of 2024, the total assets of the company are projected to be approximately 1.549 billion yuan, with a debt-to-asset ratio of 52.33% [15]. Market Position - Shanghai ChaoSilicon's main products include P-type and a small amount of N-type silicon wafers, with a production capacity of 700,000 pieces per month for 300mm wafers and 400,000 pieces per month for 200mm wafers [7]. - The company has established supply relationships with 18 of the top 20 global integrated circuit companies, enhancing its industry recognition [11]. Competitive Landscape - The global semiconductor wafer market is highly concentrated, with major players from Japan, Germany, South Korea, and Taiwan dominating. Chinese companies primarily produce wafers of 150mm and below, with few capable of producing 200mm wafers [7][9]. - Shanghai ChaoSilicon is one of the few companies in mainland China that has achieved significant breakthroughs in large-size silicon wafer production technology, maintaining a competitive edge in core technology and production processes [8]. Investment and Shareholding - The company has successfully completed multiple rounds of financing, with significant investments from various funds and state-owned enterprises, indicating strong confidence in its growth potential [16]. - The largest shareholder, Shanghai Yuanzhi, currently holds 10.60% of the shares, which will be diluted to 9.01% post-IPO [18]. Governance Structure - To maintain control by the founding team, the company has implemented a dual-class share structure, granting special voting rights to certain shares held by the actual controller, Chen Meng [19][20].