Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. has applied for IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 4.8 billion RMB, and is recognized as a leading advanced packaging and testing enterprise in the integrated circuit industry [1]. Group 1: Company Overview - Shenghe Jingwei specializes in advanced packaging and testing services, focusing on wafer-level packaging (WLP) and chiplet multi-chip integration packaging, particularly for high-performance chips like GPUs, CPUs, and AI chips [1][3]. - The company has established itself as one of the earliest and largest players in the chiplet multi-chip integration packaging sector in mainland China, with capabilities to compete with global leaders [1][3]. Group 2: Technological Advancements - In the mid-sized silicon wafer processing field, Shenghe Jingwei is one of the first companies in mainland China to achieve mass production of 12-inch bumping and is the first to offer 14nm advanced process bumping services, filling a gap in the high-end integrated circuit manufacturing supply chain [2]. - The company has achieved significant advancements in wafer-level chip packaging, including the development of 12-inch WLCSP and Low-K WLCSP, leading the market with a 31% share in 2024 [2]. Group 3: Market Position - In the chiplet multi-chip integration packaging domain, Shenghe Jingwei holds a dominant position with an 85% market share in 2.5D integration revenue in 2024, showcasing its advanced technology comparable to global leaders [3]. - The company provides customized advanced packaging services for various high-performance chips, catering to sectors such as AI, data centers, autonomous driving, and 5G communications, thus contributing to China's digital and intelligent infrastructure [3]. Group 4: Financial Performance - The company reported revenues of approximately 1.633 billion RMB, 3.038 billion RMB, and 4.705 billion RMB for the years 2022, 2023, and 2024 respectively, with a projected revenue of 3.178 billion RMB for the first half of 2025 [4]. - Net profits for the same periods were approximately -329 million RMB, 34.13 million RMB, 214 million RMB, and 435 million RMB for the first half of 2025 [4].

Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. has successfully passed the review for its IPO on the Sci-Tech Innovation Board, marking the first IPO approval in the Year of the Horse [2]. Company Overview - Shenghe Jingwei, previously known as Zhongxin Changdian Semiconductor (Jiangyin) Co., Ltd., is a joint venture with roots in both SMIC and Changdian Technology, focusing on advanced packaging and testing services for integrated circuits [3]. - The company aims to raise 4.8 billion yuan through its IPO, with a strong emphasis on supporting high-performance chips, including GPUs, CPUs, and AI chips [2][7]. Financial Performance - In 2022, Shenghe Jingwei reported revenues exceeding 6.5 billion yuan and a net profit of over 900 million yuan, showcasing significant growth and operational efficiency [7]. - The company has shown a trajectory of increasing revenues from approximately 1.63 billion yuan in 2022 to an expected 6.52 billion yuan in 2025, with net profits transitioning from a loss of 329 million yuan in 2022 to a projected profit of 923 million yuan in 2025 [9]. Shareholder Structure - As of the IPO, the largest shareholder is Wuxi Chanfang Fund with a 10.89% stake, followed by various stakeholders from the Zhaoyin and Huawen groups, indicating a diversified ownership structure without a controlling shareholder [5][6]. Future Projections - Shenghe Jingwei anticipates revenue growth of 9.91% to 19.91% in Q1 2026, with net profits expected to rise by 6.93% to 18.81% compared to the previous year [12]. - The company plans to utilize the funds raised from the IPO for projects focused on three-dimensional multi-chip integration packaging, enhancing its capabilities in high-end packaging services [12].

Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. is set to be reviewed for its initial public offering on the STAR Market, potentially becoming a significant semiconductor company in the A-share market [1] Financial Performance - The company is projected to achieve a compound annual growth rate (CAGR) of nearly 70% in revenue from 2022 to 2024, with 2025 expected to reach new heights [3] - Revenue figures for 2022, 2023, and 2024 are 1.633 billion, 3.038 billion, and 4.705 billion yuan respectively, with a net profit of 34.13 million yuan in 2023 and an increase to 214 million yuan in 2024 [3] - For 2025, the company anticipates revenue of 6.521 billion yuan, a year-on-year increase of 38.59%, and a net profit of 923 million yuan, reflecting a growth of 331.80% [3] - The first quarter of 2026 is expected to generate revenue between 1.650 billion and 1.800 billion yuan, with net profit projections showing significant growth [3] Market Position and Technology - Shenghe Jingwei is a leading player in the advanced packaging and testing segment of the integrated circuit industry in mainland China, focusing on mid-stage silicon wafer processing and advanced packaging [4] - The company has established itself as a leader in several core business areas, including being one of the first in mainland China to achieve mass production of 12-inch bumping technology [5] - In the wafer-level chip-scale package (WLCSP) sector, the company ranks first in revenue in mainland China with a market share of approximately 31% [5] - The company leads the 2.5D integration technology market in mainland China with an 85% market share in 2024 [5] Research and Development - The company has invested 1.149 billion yuan in R&D from 2022 to 2024, accounting for 12.25% of its revenue during the same period [6] - As of June 30, 2025, the company holds 229 patents, including 157 domestic and 72 international patents, with over 99% of its revenue derived from core technologies [6] - The IPO proceeds will be used to fund projects aimed at enhancing multi-chip integration packaging capabilities, which are crucial for supporting the growth of digital economy and AI sectors [6]

Core Viewpoint - Wuxi's IPO landscape is rapidly expanding, highlighted by the emergence of Shenghe Jingwei, a notable unicorn in the semiconductor industry, which is preparing for its A-share listing [5][11]. Group 1: Shenghe Jingwei's Development - Shenghe Jingwei was established in 2014 with investments from leading semiconductor companies, aiming to create a complete domestic 12-inch integrated circuit manufacturing chain [8]. - The company has achieved significant milestones, including becoming the first in mainland China to mass-produce 14nm silicon wafer bump processing [10]. - By 2024, Shenghe Jingwei is projected to have the largest 12-inch bump manufacturing capacity in mainland China, providing advanced packaging services for various high-performance chips [10]. Group 2: Financial Performance - Shenghe Jingwei's revenue from 2022 to mid-2025 is expected to grow from approximately 1.633 billion to 3.178 billion yuan, with net profits transitioning from a loss of 329 million yuan to a profit of 435 million yuan [10]. - The company has attracted significant investment, with a valuation reaching 20 billion yuan after a C+ round financing in 2023 [14]. Group 3: Wuxi's IPO Landscape - Wuxi has seen a surge in IPOs, with four companies listed in A-shares since 2025, and a total of 167 listed companies, including 126 A-share companies [6][19]. - The local government has implemented various supportive measures to facilitate the growth of listed companies, contributing to Wuxi's economic development [19][20]. Group 4: Economic Impact - Wuxi's GDP is projected to reach approximately 1.63 trillion yuan in 2024, with a growth rate of 5.8% [20]. - The city is recognized for its strong manufacturing base, with Jiangyin County leading in the number of listed companies among county-level cities in China [20].

Core Viewpoint - Shenghe Jingwei, a prominent unicorn in the semiconductor industry, is preparing for an IPO in the A-share market, supported by local government and significant investments from major industry players [1][6]. Company Development - Shenghe Jingwei was established in 2014 by Semiconductor Manufacturing International Corporation (SMIC) and Jiangsu Changjiang Electronics Technology Co., Ltd. (JCET) to create a complete domestic 12-inch advanced integrated circuit manufacturing supply chain [2]. - The company has evolved from its initial focus on silicon wafer processing to becoming a leader in advanced packaging technology, providing customized integrated circuit services for various high-performance chips [4][5]. Financial Performance - Shenghe Jingwei's revenue has shown significant growth, with figures reaching approximately 1.633 billion yuan in 2022, 3.038 billion yuan in 2023, and projected to be 4.705 billion yuan in 2024, with a net profit turning positive in 2023 [5]. Investment and Valuation - The company has attracted substantial investment, achieving a valuation of 20.5 billion yuan (approximately 2.05 billion USD) as of 2024, with the largest shareholder being a local state-owned enterprise [7][9]. - Recent funding rounds have included a C+ round raising approximately 5.24 billion yuan, further solidifying its financial standing and market position [8]. Industry Context - Wuxi, where Shenghe Jingwei is located, has become a significant hub for the semiconductor industry, with over 1,000 companies and a projected integrated circuit output exceeding 250 billion yuan in 2024 [3][12]. - The local government has implemented various initiatives to support IPOs and foster a conducive environment for high-quality development, resulting in a growing number of companies preparing for public offerings [12][13].