Core Insights - Shenghe Jingwei Semiconductor Co., Ltd. has successfully passed the IPO approval for the Sci-Tech Innovation Board, marking it as the first company to achieve this in the Year of the Horse [1][2] - The company is the first and only enterprise in mainland China to achieve large-scale production of 2.5D silicon-based chip packaging technology, showcasing its strategic rise supported by Kunyuan Asset's FOF ecosystem [1] Industry Trends - The AI boom is reshaping the global technology landscape, with computing power becoming a focal point in the semiconductor industry, as evidenced by IDC's prediction that China's computing power will reach 1,460.3 EFLOPS by 2026, doubling from 2024 [3] - The demand for high-performance chip manufacturing is surging, with industry experts noting that computing power demand is doubling every 3 to 4 months, necessitating new evolution paths in the semiconductor sector [4] Company Performance - Shenghe Jingwei is recognized as one of the largest and fastest-growing advanced packaging enterprises globally, ranking as the 10th largest and 4th largest in mainland China according to Gartner [6] - The company has the largest 12-inch bumping capacity in mainland China and is the first to provide 14nm advanced process bumping services, filling a critical gap in the high-end integrated circuit manufacturing chain [6] - In the 2.5D packaging market, Shenghe Jingwei holds an impressive 85% market share in mainland China, demonstrating its leading position in this technology [7] Financial Aspects - Shenghe Jingwei plans to raise 4.8 billion yuan through its IPO to invest in three-dimensional multi-chip integration packaging projects and enhance its manufacturing capacity for advanced packaging technologies [7] - The company’s revenue growth rate from 2022 to 2024 is the highest among the top ten global enterprises in the advanced packaging sector [6] Strategic Vision - Kunyuan Asset emphasizes the importance of "patient capital" in supporting hard technology breakthroughs, fostering a collaborative investment ecosystem that nurtures leading tech companies [8] - The successful IPO of Shenghe Jingwei is seen as a testament to the deep trust and mutual achievement between capital and technology, highlighting the potential for significant industrial advancement driven by the synergy of computing power, core algorithms, and intelligent terminals [9]

Company Overview - Shenghe Jingwei is an integrated circuit wafer-level advanced packaging and testing company, planning to raise 4.8 billion yuan through its IPO, with 4 billion yuan allocated for a 3D multi-chip integration packaging project and 800 million yuan for a high-density interconnect 3D multi-chip integration packaging project [3][4] Market Position - Shenghe Jingwei holds the largest market share in mainland China for 2.5D integration, with an 85% market share, and ranks first in revenue for 12-inch WLCSP with a market share of approximately 31% [5][6] Financial Performance - From 2022 to 2025, Shenghe Jingwei's revenue is projected to grow from 1.633 billion yuan to 6.521 billion yuan, while net profit is expected to turn from a loss of 329 million yuan in 2022 to a profit of 923 million yuan in 2025 [6] - The company's multi-chip integration packaging business has shown rapid growth, with revenues increasing from 86 million yuan in 2022 to 2.078 billion yuan in 2025 [6] Industry Trends - The advanced packaging industry is driven by the demand for smaller, integrated, and high-performance chips, particularly in mobile devices and high-performance computing sectors such as AI and data centers [7] - The global market for multi-chip integration packaging is expected to grow from 2.49 billion USD in 2019 to 8.18 billion USD in 2024, with a compound annual growth rate (CAGR) of 26.9% [7] Future Outlook - Shenghe Jingwei aims to continue innovation and expand its capabilities in advanced multi-chip integration packaging, leveraging its comprehensive experience in chip manufacturing to meet the growing demand for high-performance packaging solutions [8]

Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. has successfully passed the listing review by the Shanghai Stock Exchange for its IPO on the Sci-Tech Innovation Board, becoming the first company to be approved in the Year of the Horse [1][7]. Company Overview - Shenghe Jingwei is a red-chip enterprise aiming to raise 4.8 billion yuan for its IPO [1][5]. - The company specializes in advanced packaging and testing services for integrated circuits, focusing on 12-inch wafer processing and wafer-level packaging (WLP) [3][10]. - It supports high-performance chips, particularly GPUs, CPUs, and AI chips, by enhancing performance through heterogeneous integration beyond Moore's Law [3][10]. Financial Performance - The company reported revenues of 3.038 billion yuan, 4.705 billion yuan, and 3.178 billion yuan for the years 2023, 2024, and the first half of 2025, respectively [5][10]. - Net profits for the same periods were 34.13 million yuan, 214 million yuan, and 43.5 million yuan [5][10]. Market Position and Technology - Shenghe Jingwei is one of the earliest companies in mainland China to achieve mass production of 12-inch bumping technology [4][10]. - The company has rapidly developed and industrialized 12-inch wafer-level chip packaging (WLCSP) based on its advanced wafer processing capabilities [4][10]. IPO Details - The IPO process began with acceptance on October 30, 2025, followed by an inquiry phase on November 14, 2025, and a second round of inquiries completed on February 1, 2026 [3][9]. - The company is adhering to the second set of standards for red-chip enterprises, with an expected market value of no less than 5 billion yuan and recent annual revenue of no less than 500 million yuan [5][10]. Shareholding Structure - Shenghe Jingwei has no controlling shareholder or actual controller in the past two years [11]. - The largest shareholder, Wuxi Chanfang Fund, holds 10.89% of the shares, while the second-largest shareholder, the Zhaoyin system, controls 9.95% [11].