Group 1 - Huatai United Securities has withdrawn two semiconductor IPO projects within a week, including Jiangsu Yadian Technology Co., Ltd.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 - The article discusses the IPO application of Yadian Technology, a supplier of wet cleaning equipment for semiconductors, highlighting its growth, market position, and future prospects in the semiconductor industry [2][4][45]. Group 1: Company Overview - Yadian Technology was established in March 2019 and is based in Suzhou, focusing on the large-scale application of wet cleaning technology in silicon-based semiconductors, compound semiconductors, and photovoltaic sectors [7]. - The company has achieved a significant market position, ranking second among domestic brands in the market share of slot-type wet cleaning equipment in China by 2024 [7]. - Yadian Technology's registered capital is 83.97 million yuan, and its founder, Qian Cheng, serves as the chairman and general manager [7]. Group 2: Financial Performance - Yadian Technology's revenue has shown substantial growth, with figures of 1.21 billion yuan in 2022, 4.42 billion yuan in 2023, and projected 5.80 billion yuan in 2024 [16]. - The net profit has improved from a loss of 940 million yuan in 2022 to a profit of 850 million yuan in 2024 [16]. - The company plans to raise 950 million yuan through its IPO to fund high-end semiconductor equipment industrialization and advanced process research and development projects [9]. Group 3: Product and Market Position - Yadian Technology offers over 20 types of semiconductor wet cleaning equipment, with a focus on high-tech applications in the semiconductor industry, including 14nm process products [23]. - The company has established a competitive edge in the photovoltaic wet cleaning equipment sector, becoming a core supplier for leading companies like Longi Green Energy [26]. - The main products include wet cleaning equipment for silicon-based and compound semiconductors, which accounted for 71.01%, 74.97%, and 69.71% of the main business revenue from 2022 to 2024, respectively [18]. Group 4: Clientele and Market Concentration - Major clients of Yadian Technology include well-known companies such as Huazhong Microelectronics, BYD, and Longi Green Energy, with the top five customers accounting for 76.25% of the main business revenue in 2024 [32][33]. - The company has a high customer concentration, with significant sales to a few key clients, indicating a reliance on major contracts for revenue [32]. Group 5: Research and Development - As of December 31, 2024, Yadian Technology employs 133 R&D personnel, representing 29.82% of its total workforce, with a total of 214 patents, including 111 invention patents [27][29]. - The company has been focusing on self-research and domestic production of key components, which has led to a decrease in procurement concentration from major suppliers over the past three years [34]. Group 6: Ownership and Control - Qian Cheng, the founder and chairman, directly holds 22.59% of Yadian Technology and controls an additional 18.70% through partnerships, totaling 41.29% of the voting rights [36][40].