Core Viewpoint - The article discusses the recent developments of Jiangsu Xinde Semiconductor Technology Co., Ltd., which focuses on semiconductor packaging and testing, and its application for listing on the Hong Kong Stock Exchange amid supportive policies for the semiconductor industry [1][3]. Company Overview - Jiangsu Xinde Semiconductor was founded in September 2020 by Xinlianxin, Nanjing Yuanjun, and Ningtaixin, primarily engaged in semiconductor packaging design, customized packaging products, and testing services [3]. - The company has attracted significant investors, including MediaTek and Lei Jun's Xiaomi Changjiang, with Ningtaixin being the largest shareholder holding 9.49% of the equity [5][3]. Industry Context - The semiconductor industry is crucial in the era of AI, 5G, IoT, and automotive electronics, with packaging technology becoming a key area for innovation as Moore's Law slows down [6]. - Advanced packaging techniques are essential for maintaining performance and reliability in smaller, high-density semiconductor products, with high entry barriers due to equipment costs and the need for skilled talent [6]. Financial Performance - In the first half of 2025, Xinde Semiconductor's revenue reached 475 million yuan, a 22% increase year-on-year, driven by QFN and BGA packaging products, which accounted for 31% and 31.8% of revenue, respectively [7]. - Despite revenue growth, the company reported a loss of 207 million yuan in the same period due to high sales costs, primarily from material expenses, although adjusted EBITDA showed improvement [8]. Market Outlook - The global semiconductor packaging and testing market is projected to grow from 495.6 billion yuan in 2020 to 649.4 billion yuan in 2024, with a compound annual growth rate of 7%, and expected to reach 933 billion yuan by 2029 [8]. - The company faces seasonal sales fluctuations influenced by the consumer electronics sector, particularly around holidays [8]. Investment Considerations - The semiconductor sector is benefiting from national policies and domestic substitution demand, with companies like SMIC and Hua Hong Semiconductor showing strong performance [9]. - However, Xinde Semiconductor's revenue growth is slowing, with increases of 89%, 62.5%, and 22.1% expected for 2023, 2024, and the first half of 2025, respectively, and the company has yet to achieve profitability [9].

Core Viewpoint - The semiconductor sector in the Hong Kong stock market has experienced significant growth this year, with companies like Huahong Semiconductor and Shanghai Fudan seeing substantial stock price increases [1][2]. Group 1: Market Performance - The semiconductor sector in Hong Kong has seen a surge, with Huahong Semiconductor (01347.HK) rising over 260%, and Shanghai Fudan (01385.HK), InnoCare (02577.HK), and SMIC (00981.HK) also increasing by more than 130% [1]. - More semiconductor companies are entering the Hong Kong market, with Jiangsu Xinde Semiconductor Technology Co., Ltd. recently submitting its prospectus for a mainboard listing [2]. Group 2: Company Overview - Jiangsu Xinde Semiconductor focuses on advanced packaging technology and has accumulated extensive experience since its establishment in September 2020, covering various packaging types such as QFN, BGA, LGA, WLP, and 2.5D/3D [3][4]. - The company has established a comprehensive technology platform for advanced packaging, known as CAPiC, to continuously develop cutting-edge technologies [4]. Group 3: Client Base and Investments - Xinde Semiconductor has built a diverse client base in key chip areas, including major companies like MediaTek, Amlogic, and Broadcom [4]. - The company has received investments from various sources, including local state-owned assets and well-known institutions, with notable shareholders including Xiaomi and OPPO [4]. Group 4: Financial Performance - Xinde Semiconductor has reported continuous losses, with revenues projected to be RMB 269 million in 2022, increasing to RMB 475 million in the first half of 2025, while losses are expected to remain significant [5][6]. - The adjusted net losses for the same period are projected to decrease from RMB 301 million in 2022 to RMB 111 million in the first half of 2025 [5][6]. Group 5: Revenue Structure and Risks - The revenue structure is relatively balanced among different product lines, with QFN, BGA, LGA, and WLP contributing 31.0%, 31.8%, 20.1%, and 16.9% respectively in the first half of 2025 [6]. - The company relies heavily on a few major clients, with the top five clients accounting for approximately 60.5% of total revenue in 2022 [7][8]. Group 6: Financing and Future Plans - Xinde Semiconductor has seen an increase in financing costs, with bank borrowings rising from RMB 384 million in 2022 to RMB 824 million in the first half of 2025 [9]. - The company plans to use the funds raised from its IPO for building production facilities, enhancing R&D capabilities, and expanding its customer collaboration ecosystem [9].

港交所官网披露，江苏芯德半导体科技股份有限公司(以下简称芯德半导体)日前向港交所首次呈交了 IPO(首次公开募股)申请文件，华泰国际为其独家保荐人。 招股书显示，芯德半导体拟将此次港股IPO募集资金用于兴建生产基地及生产线以及采购生产相关设 备、提升先进封装技术的研发能力和半导体封测技术竞争力、提升商业化能力及扩展客户协作生态系 统，以及用作营运资金及其他一般公司用途。 《每日经济新闻》记者梳理芯德半导体招股书发现，虽然公司的资料显示其为国内少数率先集齐多项技 术能力的先进封装产品提供商之一，但自2022年至2025年上半年，公司处于持续亏损的状态，累计亏损 超13亿元。同期，芯德半导体还处于"资不抵债"的状态(即资产总值小于负债总值)。例如，截至2025年 上半年末，公司资产净值为-9.5亿元。此外，就在芯德半导体近日首次递表的前几个月，公司的多名股 东还通过股份转让的方式累计套现超7700万元。 记者注意到，报告期内，芯德半导体的销售成本居高不下，分别为4.84亿元、7.05亿元、9.94亿元和5.52 亿元。其中，公司所称的设备折旧及摊销的成本占比均不到26%。 公司主要收入来自封测 芯德半导体是一家半 ...