Core Insights - The IPO approval rate has exceeded 90% this year, with 24 companies reviewed and only 2 facing deferred decisions [2][5][7] Group 1: IPO Approval Process - The first company to pass the IPO review in the Year of the Horse is Shenghe Jingwei Semiconductor Co., Ltd., which received approval on February 24 [2][5] - The IPO review process has accelerated, particularly in January and February, which are typically busy months for IPO approvals due to financial reporting deadlines [3][10] - The North Exchange has held 16 listing committee meetings this year, with a notable increase in the number of meetings held weekly [8][10] Group 2: Company Performance and Projections - Shenghe Jingwei's IPO application was accepted in late October 2022, and it aims to raise 4.8 billion yuan, with over 80% of the funds allocated for a 3D multi-chip integration packaging project [5][6] - The company expects its revenue to grow from 1.633 billion yuan in 2022 to 4.705 billion yuan in 2024 [5] - The overall market for IPOs is expected to remain stable, with a focus on technology companies, which have seen increased interest despite some not being profitable yet [11] Group 3: Market Dynamics - The dynamic balance between the primary and secondary markets is anticipated to lead to a further recovery in the IPO market as the number of companies under review decreases [4][10] - The trading volume in the secondary market has remained high, contributing to the recovery of the market's financing functions [10][11] - The current IPO review pace aligns with market expectations, with many companies taking about six months from acceptance to approval [10]

Core Viewpoint - SJ Semiconductor Corporation (盛合晶微) has successfully passed the listing review by the Shanghai Stock Exchange, marking a significant milestone in its IPO process as a leading advanced packaging enterprise in the semiconductor industry [1] Group 1: Company Overview - SJ Semiconductor is recognized as a global leader in integrated circuit wafer-level advanced packaging, with notable technological barriers and scale advantages in mid-silicon wafer processing, wafer-level packaging, and multi-chip integration packaging [1] - The company is projected to achieve a revenue of 6.521 billion yuan in 2025, representing a year-on-year growth of 38.59%, and a net profit of 923 million yuan, reflecting a substantial year-on-year increase of 331.80% [1] Group 2: IPO and Fundraising - The company plans to raise 4.8 billion yuan through its IPO to expand its core business in 3D packaging, indicating a broad valuation and market capitalization potential post-listing [1] Group 3: Shareholder Information - *ST Yushun (ST宇顺) indirectly holds approximately 330.72 thousand shares of SJ Semiconductor, corresponding to a holding ratio of about 0.206% [4] - *ST Yushun has invested in the Yuanhe Changxin No. 2 Venture Capital Partnership, holding about 7.80% of the fund, which in turn owns 42.4 million shares of SJ Semiconductor, making it the fifth-largest shareholder [2][3] - The investment in SJ Semiconductor is expected to yield significant asset appreciation for *ST Yushun as the company progresses with its IPO [4]

Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. is progressing with its IPO on the Sci-Tech Innovation Board, with the Shanghai Stock Exchange set to review its application on February 24, 2026 [1] Group 1: Company Overview - Shenghe Jingwei was established in 2014 and is one of the few companies in China that has achieved mass production from mid-stage silicon wafer processing to wafer-level packaging and 2.5D/3D multi-chip integration packaging [1] - The company is the first in mainland China to achieve large-scale production of 2.5D silicon-based packaging technology [1] Group 2: Business Positioning - Shenghe Jingwei has established strong technical barriers, being one of the earliest companies in mainland China to achieve mass production of 12-inch bumping [1] - The company ranks first in revenue for 12-inch WLCSP in mainland China with a market share of approximately 31% for the year 2024 [1] - In the multi-chip integration packaging sector, Shenghe Jingwei is one of the earliest and largest producers in mainland China, representing the most advanced level in this technology field [1] Group 3: Financial Performance - The company has successfully captured opportunities from the global shift in the integrated circuit industry, entering the supply chains of leading industry clients and receiving recognition for its delivery capabilities and quality control [2] - From 2022 to 2025, the company achieved operating revenues of 1.633 billion, 3.038 billion, 4.705 billion, and 6.521 billion yuan, with net profits of -329 million, 34.13 million, 21.4 million, and 92.3 million yuan respectively [2] Group 4: IPO Fund Utilization - The funds raised from the IPO will primarily be used for the "3D multi-chip integration packaging project" and the "ultra-high-density interconnect 3D multi-chip integration packaging project" [2] - The implementation of these projects is expected to provide essential support for the development of the digital economy and artificial intelligence in China, while enhancing the company's technological innovation capabilities [2]

Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. has submitted its prospectus for an IPO on the Sci-Tech Innovation Board, marking a significant event in the semiconductor industry as it follows a trend of chip companies listing in Hong Kong [1] Company Overview - Shenghe Jingwei is an advanced packaging and testing enterprise for integrated circuits, with a market share second only to Changdian Technology, Tongfu Microelectronics, and Huatian Technology in mainland China [1][4] - The company was established in August 2014 in the Cayman Islands, with its main operations located in Jiangyin, Jiangsu Province [3] - The company has no actual controller or major shareholder, with its largest shareholder holding a 10.89% stake [3] Financial Performance - In 2022, the company reported a loss of 329 million yuan, but revenue has been increasing due to rising demand for advanced packaging [8] - Revenue figures for the years 2022 to 2025 (first half) are 1.633 billion yuan, 3.038 billion yuan, 4.705 billion yuan, and 3.178 billion yuan respectively, with net profits turning positive in 2023 and 2024 [8] - The company's gross profit margin has improved significantly from 6.85% in 2022 to 31.64% in the first half of 2025, reflecting better cost control and product mix [14][15] Business Structure - The revenue composition has shifted from mid-stage silicon wafer processing to multi-chip integration packaging, with the latter's share increasing from 5.32% in 2022 to 56.24% in the first half of 2025 [11] - The company primarily serves high-performance computing chips, smartphone processors, RF chips, storage chips, power management chips, communication chips, and network chips [4] Market Position - Shenghe Jingwei holds approximately 1.6% of the global packaging and testing market, ranking as the tenth largest globally and fourth in mainland China [24][32] - The global integrated circuit packaging and testing market is projected to grow from $55.46 billion in 2019 to $101.47 billion in 2024, with a compound annual growth rate (CAGR) of 12.8% [29] Investment and Future Outlook - The company plans to raise 4.8 billion yuan to invest in multi-chip integration packaging projects, aiming to enhance its production capacity [36] - Despite positive cash flow from operations, the company requires external financing to cover its investment needs, indicating a reliance on both equity and debt financing [23][36]

Group 1: IPO Market Developments - The week of October 27 to November 2 saw significant IPO activity, including the listing of the first batch of newly registered companies in the Sci-Tech Innovation Board's growth tier, with three unprofitable companies making their debut [1] - The companies He Yuan Bio-U, Xi'an Yicai-U, and Bi Bei Te-U collectively listed on the Sci-Tech Innovation Board, with closing prices on October 31 showing substantial increases compared to their issue prices, with gains of 3.25 times, 2.33 times, and 92% respectively [1] - Mo Er Thread received its IPO registration approval on October 30, taking four months from application acceptance to registration effectiveness [1][2] Group 2: Mo Er Thread Company Overview - Mo Er Thread, established in June 2020, focuses on the research, design, and sales of GPUs and related products, aiming to raise 8 billion yuan through its IPO for various AI and graphics chip development projects [2] - The company plans to allocate funds for the development of a new generation of AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [2] Group 3: Tian Su Measurement Company Insights - Tian Su Measurement, which provides calibration, testing, and certification services, received its IPO registration approval during the same week, but highlighted risks related to declining certificate prices that could impact performance [2][3] - The company's calibration business revenue accounted for over 91% of its main business income during the reporting period, with a noted decrease in certificate prices from 142.01 yuan to 119.43 yuan [2] Group 4: Sheng He Jing Wei Semiconductor Company Profile - Sheng He Jing Wei Semiconductor's IPO application was accepted on October 30, with plans to raise 4.8 billion yuan, focusing on advanced packaging and testing for integrated circuits [3] - The company reported revenues of 16.33 billion yuan in 2022, with projections of 30.38 billion yuan and 47.05 billion yuan for the following years, but also noted a significant customer concentration risk [3][4] Group 5: Zhu Zhou Ke Neng New Materials Company Status - Zhu Zhou Ke Neng New Materials' IPO application was terminated after being in a stagnant state since July 2023, despite meeting the R&D investment criteria for the Sci-Tech Innovation Board [4][5] - The company specializes in the research, production, and sales of rare metal elements and reported fluctuating revenues and net profits, alongside deteriorating cash flow from operating activities [5]