Core Viewpoint - Zhuhai Yueya Semiconductor Co., Ltd. has recently received acceptance for its IPO on the ChiNext board, indicating a significant step towards public listing and capital raising in the semiconductor industry [1] Company Overview - Zhuhai Yueya Semiconductor specializes in the research, production, and sales of advanced packaging key materials and products [1] - The company's product offerings include RF module packaging substrates, ASIC chip packaging substrates, flip chip ball grid array packaging substrates, power management chip packaging substrates, and embedded packaging modules [1] IPO Details - The company aims to raise approximately 1.224 billion yuan through its IPO [1] - The net proceeds, after deducting issuance costs, will be allocated to the expansion project for high-efficiency embedded packaging modules targeting the AI sector, a research and development center project, and to supplement working capital [1]

Core Viewpoint - Zhuhai Yueya Semiconductor Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to raise approximately 1.224 billion yuan for expansion projects and working capital [3][4]. Financial Summary - The company plans to allocate 1.037 billion yuan for the AI-focused high-performance embedded packaging module expansion project, 107 million yuan for the R&D center project, and 80 million yuan for working capital [4]. - In the first half of 2023, Yueya Semiconductor reported a revenue of 811 million yuan [5]. - Projected revenues for 2022, 2023, and 2024 are 1.667 billion yuan, 1.7 billion yuan, and 1.796 billion yuan, respectively, with net profits of 415 million yuan, 188 million yuan, and 215 million yuan [4][5]. Shareholder Structure - The largest shareholder is AMITEC Company, holding 39.9452% of shares, followed by Xin Xin Chuan with 30.9106% [6][9]. - Other notable shareholders include Oriental Fortune Management and Zhuhai Huajin Lingrui, holding 2.221% and 2.7104% respectively [8][9]. Ownership Changes Post-IPO - After the IPO, AMITEC's shareholding will decrease to 33.9535%, while Xin Xin Chuan's will drop to 26.274% [10]. - The total number of shares post-IPO will be approximately 1.049 billion, with the public holding 15% [10].

Core Insights - Zhuhai Yueya Semiconductor Co., Ltd. has received acceptance for its IPO application on the ChiNext board, focusing on advanced packaging materials and products [2] - The company’s product range includes RF module packaging substrates, ASIC chip packaging substrates, and embedded packaging modules, serving various sectors such as mobile phones, AI servers, and communication base stations [2][3] - Yueya Semiconductor has achieved significant milestones in product industrialization, including the commercialization of RF module packaging substrates in 2009 and the mass production of embedded packaging modules in 2017 [2][3] Technology - The company has developed proprietary copper pillar technology, enabling the industrialization of chipless packaging substrates and the creation of hybrid embedded packaging technology [3] - Yueya Semiconductor is among the few manufacturers globally to have industrialized embedded chip technology, allowing for the embedding of wafers and passive components within packaging substrates, which reduces packaging area and enhances product performance [3] - The company has successfully mass-produced packaging substrates and power management modules for 5G RF power amplifiers and AI servers, achieving breakthroughs in FC-BGA packaging substrates for 3nm node ASIC chips and mid-to-high-end CPU/GPU [3] Market Position - The company is focused on the RF front-end and power management analog chip markets while actively expanding into the digital chip market, particularly high-performance computing [3] - Yueya Semiconductor has established long-term stable partnerships with renowned clients, including Qorvo, Texas Instruments, and others, demonstrating strong international competitiveness [3] - Industry experts believe that with the rapid development of 5G communication and artificial intelligence, the demand for advanced packaging will continue to rise, positioning Yueya Semiconductor to enhance its capital strength and accelerate capacity expansion through the IPO [3]