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].

Core Viewpoint - The article discusses the recent IPO progress of several domestic semiconductor companies, highlighting their innovations and market potential in the semiconductor industry. Group 1: IPO Progress of Semiconductor Companies - Multiple domestic chip companies, including Ziguang Tongchuang, Qinheng Micro, and others, have announced their IPO advancements [2] - Ziguang Tongchuang has initiated its IPO process with the support of CITIC Securities, focusing on FPGA chips and EDA development tools [3][5] - Qinheng Micro has completed its IPO counseling work and aims to provide solutions for IoT connectivity through its self-developed interface IP and microprocessor core [6][7][8] - Sibiqi has restarted its IPO process after previous setbacks, focusing on AI-driven voice technology and solutions for various industries [9][10] - Yuexin Semiconductor has begun its IPO counseling with Guotai Junan, aiming to enhance its production capacity for analog chips [11][12][13] - Ruishi Chuangxin is preparing for its IPO, focusing on high-performance RF front-end chips for 4G/5G applications [15][16] - Xinyaohui has also initiated its IPO process, specializing in semiconductor IP development and providing comprehensive IP platform solutions [17][18][19] Group 2: Market Potential and Innovations - FPGA chips are highlighted for their flexibility and low latency, making them suitable for various applications, including industrial and automotive sectors [4] - Qinheng Micro's focus on self-developed IP enhances its product performance and reduces costs, contributing to its competitive edge [8] - Sibiqi's strategy emphasizes the integration of cloud and chip technologies to drive AI applications in smart devices [9][10] - Yuexin Semiconductor's new production line aims to achieve a monthly output of nearly 80,000 12-inch wafers, significantly boosting its manufacturing capacity [12][13] - Ruishi Chuangxin's product offerings cater to the growing demand for RF components in mobile and IoT markets [16] - Xinyaohui's comprehensive IP solutions support advanced protocols and are positioned to meet the needs of AI and high-performance computing sectors [19][21]

Group 1 - The core viewpoint of the news is that Huatai United Securities has completed the IPO guidance work for Nanjing Qinheng Microelectronics Co., Ltd., indicating the company's readiness for public listing [1] - Qinheng Micro has established a sound corporate governance structure, accounting practices, and internal control systems, demonstrating a comprehensive understanding of the legal responsibilities and obligations related to issuing and listing [1] - The company previously attempted an IPO in 2022 but was unsuccessful, and it restarted the guidance filing in September 2024, completing the process in less than eight months [1] Group 2 - Qinheng Micro focuses on connection technology and microprocessor core research, specializing in integrated circuit design based on self-developed interface IP and microprocessor core IP [2] - The company's chip design emphasizes foundational construction and vertical specialization, starting with key IP components and building finished chips, complemented by upper-layer protocol stacks and computer drivers [2] - The self-developed IP system enhances the flexibility of chip architecture, reduces external IP component costs, and improves overall product performance while lowering power consumption and increasing efficiency [2]