Core Viewpoint - The semiconductor market is experiencing robust growth driven by emerging technologies such as AI, 5G, IoT, and automotive electronics, leading to a strong demand for high-performance, low-power chips [1] Industry Overview - The global semiconductor packaging and testing market is projected to grow from 649.4 billion RMB in 2024 to 933 billion RMB by 2029, with a compound annual growth rate (CAGR) of 7.5% [1] - The trend of vertical specialization is deepening within the industry, with more companies adopting a fabless model to focus on complex chip design while outsourcing manufacturing and testing [1] Company Profile - Jiangsu Xinde Semiconductor Technology Co., Ltd. (Xinde Semiconductor) was established in September 2020 and has accumulated significant experience in packaging technology, covering advanced packaging capabilities such as QFN, BGA, LGA, WLP, and 2.5D/3D [2] - Xinde Semiconductor has received recognition from several well-known clients, contributing to its revenue growth, although its profitability remains a concern as it seeks to enter the capital market [2] Financial Performance - Xinde Semiconductor's revenue has shown rapid growth, with figures of 269 million RMB in 2022, 509 million RMB in 2023, and a projected 827 million RMB in 2024, reflecting a strong upward trend [3] - For the first half of this year, the company reported revenue of 475 million RMB, a year-on-year increase of 20% [3] - The majority of Xinde Semiconductor's revenue comes from packaging products and testing services, which accounted for over 99% during the reporting period [4] Revenue Breakdown - The revenue from QFN and BGA products has consistently been the largest, with their respective shares being 31.1% and 31.8% in the first half of 2025 [4] - The company has seen an increase in revenue from LGA and WLP products, with their shares rising from 17.9% and 10.6% in 2022 to 20.1% and 17% in the first half of 2025 [4] Market Position - Xinde Semiconductor ranks seventh in the Chinese general-purpose semiconductor OSAT market, with a market share of approximately 0.6% as of 2024 [8] - The company is one of the few providers in China that has integrated all advanced packaging technologies, positioning itself for growth despite being a newer entrant in the market [3][8] Strategic Initiatives - Xinde Semiconductor plans to strategically expand into overseas markets, targeting regions such as Taiwan, South Korea, Japan, Southeast Asia, the United States, and Germany to establish a solid business foundation [10] - The company aims to enhance its competitive edge through a comprehensive R&D strategy focused on high-performance packaging solutions and innovative technologies [9]

Core Viewpoint - The semiconductor market is experiencing robust growth driven by emerging technologies such as AI, 5G, IoT, and automotive electronics, leading to a strong demand for high-performance, low-power chips [1] Industry Overview - The global semiconductor packaging and testing market is projected to grow from 649.4 billion RMB in 2024 to 933.0 billion RMB by 2029, with a compound annual growth rate (CAGR) of 7.5% [1] - The trend towards vertical specialization in the semiconductor industry is deepening, with more companies adopting a fabless model to focus on complex chip design while outsourcing manufacturing and testing [1] Company Profile - Jiangsu Xinde Semiconductor Technology Co., Ltd. (referred to as "Xinde Semiconductor") was established in September 2020 and has accumulated extensive experience in packaging technology, covering advanced packaging capabilities such as QFN, BGA, LGA, WLP, and 2.5D/3D [2] - Xinde Semiconductor has received recognition from several well-known clients, contributing to its revenue growth [2] Financial Performance - Xinde Semiconductor's revenue has shown rapid growth, with figures of 269 million RMB in 2022, 509 million RMB in 2023, and a projected 827 million RMB in 2024, reflecting a strong upward trend [3] - For the first half of this year, the company's revenue reached 475 million RMB, a year-on-year increase of 20% [3] Revenue Structure - Over 99% of Xinde Semiconductor's revenue comes from packaging products and testing services, with QFN and BGA products being the primary revenue contributors [4] - The revenue share from LGA and WLP products has been increasing, with their respective contributions rising from 17.9% and 10.6% in 2022 to 18.2% and 18.5% in 2024 [4] Market Position - Xinde Semiconductor ranks seventh in the Chinese general-purpose semiconductor OSAT market, holding a market share of approximately 0.6% as of 2024 [8] - The company is the newest player among the top eight competitors in this field, which collectively dominate over 50% of the market share [8] R&D Strategy - The company focuses on R&D as a key strategy to enhance its competitive edge, covering high-performance 2.5D/3D packaging solutions, high-precision optical sensing solutions, automotive-grade packaging technology, innovative glass substrate technology, and iterative development of existing technologies [9] Market Expansion Plans - Xinde Semiconductor plans to strategically expand into overseas markets, targeting regions such as Taiwan, South Korea, Japan, Southeast Asia, the United States, and Germany to establish a solid business foundation [10] - The upcoming listing on the Hong Kong Stock Exchange is expected to attract more attention to Xinde Semiconductor, presenting both opportunities and challenges for the company [10]

Core Viewpoint - The semiconductor industry chain is experiencing significant activity in the capital market, with multiple companies in various segments, including chip design, wafer processing, and packaging and testing, moving towards IPOs. Jiangsu Xinde Semiconductor Technology Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, indicating its intent to go public [1]. Company Overview - Jiangsu Xinde Semiconductor, established in September 2020 and headquartered in Nanjing, specializes in semiconductor packaging and testing [2][3]. - The company is controlled by a group of major shareholders, holding a combined voting power of 24.95% prior to the IPO [3]. - The management team includes experienced professionals with over 20 years in the semiconductor industry [3]. Financial Performance - Xinde Semiconductor has reported losses totaling 1.315 billion RMB over the past three and a half years, with significant cash flow pressures [8]. - Revenue figures for the years 2022 to 2025 show a growth trend, with revenues of 269 million RMB in 2022, 509 million RMB in 2023, and projected 827 million RMB in 2024 [9][10]. - The company has faced negative gross margins, with gross profit margins of -79.8% in 2022 and improving to -16.3% in the first half of 2025 [9]. Product and Service Offering - Xinde Semiconductor provides a diverse range of packaging technologies, including 2.5D/3D integration, flip chip, and wire bonding, catering to various semiconductor product needs [4][5]. - The product mix includes QFN, BGA, LGA, WLP, and 2.5D/3D products, with QFN and BGA contributing significantly to revenue [11]. Market Position - The company holds a market share of 0.6% in the Chinese semiconductor packaging and testing market, ranking seventh among general-purpose OSAT companies [16][29]. - The global semiconductor packaging and testing market is projected to reach 649.4 billion RMB in 2024, with the Chinese market expected to be 248.1 billion RMB [21][27]. Industry Trends - The semiconductor packaging and testing industry is driven by the demand for high integration and low-power chips, particularly in communications, consumer electronics, and AI sectors [27]. - Advanced packaging technologies are becoming crucial for enhancing chip performance and efficiency, with the market for advanced packaging expected to grow significantly [27][28].

Core Viewpoint - Jiangsu Xinde Semiconductor Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for expanding production capacity and enhancing advanced packaging technology research [1][2]. Company Overview - Xinde Semiconductor specializes in semiconductor packaging technology solutions, offering customized packaging products and testing services, with a product portfolio that includes QFN, BGA, LGA, WLP, and 2.5D/3D products [2]. - The company has completed over 2 billion RMB in financing over the past five years, attracting notable investors such as Xiaomi and OPPO [2]. Financial Performance - The company has reported negative gross and net profit margins for the past three years, with a debt-to-asset ratio exceeding 100% [2][7]. - In terms of operating performance, Xinde Semiconductor has experienced continuous losses from 2022 to 2025, with net losses of approximately 3.60 billion RMB, 3.59 billion RMB, 3.77 billion RMB, and 2.19 billion RMB respectively [4]. - The gross margins for the years 2022 to 2025 are reported as -79.82%, -38.43%, -20.13%, and -16.3% [5][6]. Market Potential - The semiconductor market is projected to grow significantly, with global and Chinese market sizes expected to reach 43,710 billion RMB and 16,022 billion RMB in 2024, respectively, and further increase to 65,480 billion RMB and 28,133 billion RMB by 2029 [3]. Use of IPO Proceeds - The funds raised from the IPO will primarily be used for building a production base, establishing new production lines, procuring production-related equipment, enhancing advanced packaging technology research, and improving the company's commercialization capabilities [1][2]. Challenges and Risks - The company faces challenges related to high production costs, including depreciation of production equipment and financing expenses, which contribute to its ongoing losses [4][5]. - The high asset-to-debt ratio reflects the capital-intensive nature of the advanced packaging sector, necessitating continuous investment in production capacity and technology upgrades [7]. Future Outlook - Xinde Semiconductor plans to attract a broader range of industry clients by continuously launching advanced packaging solutions and deepening cooperation with existing clients [9].

Core Viewpoint - Jiangsu Xinde Semiconductor Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor [1]. Company Overview - Xinde Semiconductor is a provider of semiconductor packaging and testing solutions, focusing on developing packaging designs, customized packaging products, and testing services [3]. - The company is one of the first in China to possess advanced packaging technology capabilities, which are crucial for enhancing chip performance and efficiency in the post-Moore's Law era [3][4]. Technology and Innovation - The company has established a comprehensive technology platform covering all branches of advanced packaging technology, enabling continuous research and development of cutting-edge technologies [3][4]. - As of October 22, 2025, the company holds 211 patents in China, including 32 invention patents and 179 utility model patents, which strengthen its competitive advantage [4][5]. Business Model - Operating under the OSAT (Outsourced Semiconductor Assembly and Test) model allows the company to focus resources on packaging design, production, and testing services, while clients concentrate on semiconductor chip design and wafer manufacturing [5]. - This model supports advanced packaging research and professional facilities, enabling clients to access cutting-edge technology without extensive internal development [5]. Financial Performance - The company reported revenues of approximately RMB 269 million, RMB 509 million, RMB 827 million, and RMB 475 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [6]. - The net losses for the same periods were approximately RMB 360 million, RMB 359 million, RMB 377 million, and RMB 219 million [6].

Core Viewpoint - Jiangsu Xinde Semiconductor Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor [1] Company Overview - Xinde Semiconductor is a provider of semiconductor packaging and testing solutions, focusing on developing packaging designs, custom packaging products, and testing services [3] - The company is one of the first in China to possess advanced packaging technology capabilities, which are crucial for enhancing chip performance and efficiency in the post-Moore's Law era [3][4] - Since its establishment in September 2020, the company has accumulated extensive experience in advanced packaging and has mass production capabilities covering various technologies such as QFN, BGA, LGA, WLP, and 2.5D/3D [3] Technology and Innovation - The company has invested in continuous technological innovation, holding a significant intellectual property portfolio with 211 patents in China, including 32 invention patents and 179 utility model patents [4][5] - The OSAT (Outsourced Semiconductor Assembly and Test) model allows the company to focus resources on packaging design, production, and testing services, providing flexibility to adapt to market changes [5] Financial Performance - The company reported revenues of approximately RMB 269.4 million, RMB 509.1 million, RMB 827.4 million, and RMB 475 million for the six months ending June 30 in 2022, 2023, 2024, and 2025, respectively [6] - The company incurred losses of approximately RMB 360.3 million, RMB 358.9 million, RMB 376.6 million, and RMB 218.6 million for the same periods [6]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of 江蘇芯德半導體科技股份有限公司 Jiangsu Silicon Integrity Semiconductor Technology Co., Ltd. (the "Company") (A joint stock company ...

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Core Insights - Huada Technology has invested 2 billion yuan to establish Nanjing Huada Advanced Packaging Co., marking a significant commitment to the semiconductor packaging industry in Nanjing [1][5] - The company aims to fill the gap in domestic 2.5D/3D advanced packaging technology, which is currently non-existent in China, focusing on reducing reliance on foreign materials and equipment [2][3] Investment and Expansion - Huada Technology has continuously invested in Nanjing for seven years, with a total planned investment of 34 billion yuan to develop an advanced packaging industrial base [5][6] - The company has launched multiple projects, including a 8 billion yuan investment in 2018 and a 10 billion yuan investment in 2024 for the second phase of the advanced packaging base [5] Technological Development - The new Nanjing facility will focus on advanced packaging techniques such as 2.5D/3D, which enhance performance and reduce power consumption through chip stacking [2][3] - The company is also collaborating with leaders in AI and robotics to implement smart automation in the packaging process, aiming to replace manual labor in nearly 40 scenarios [4] Industry Impact - The establishment of Huada Advanced is part of a broader trend of growth in Nanjing's integrated circuit industry, which has seen a revenue increase of 15.4% year-on-year, reaching 26.5 billion yuan in 2024 [6] - The clustering effect of Huada Technology's investments has attracted other semiconductor companies, contributing to a complete integrated circuit industry chain in the region [6]

Core Insights - The project in Huai'an's Qingjiangpu District focuses on high-end semiconductor chip packaging and testing, with significant construction progress and an expected operational date by the end of 2025 [3][5]. Project Overview - The first phase of the project involves an investment of 1 billion yuan, covering an area of approximately 31 acres, and includes the construction of a modern intelligent factory and a 310 square meter Class A warehouse [3][5]. - The project aims to establish 15 semiconductor chip packaging lines and an accelerated life testing line, with plans to create a national-level integrated circuit product laboratory [3][5]. Production Capacity and Economic Impact - Once fully operational, the project is expected to achieve an annual packaging capacity of over 900 million semiconductor chips and generate annual sales of 1 billion yuan, creating 600 new jobs [3][5]. Industry Context - The semiconductor packaging and testing project aligns with national strategic emerging industries and is categorized as an encouraged sector under the revised industrial structure adjustment guidance [5]. - The project utilizes 28nm technology, which meets over 90% of domestic demand, offering high performance and cost-effectiveness [5]. Competitive Landscape - The domestic semiconductor packaging market is competitive, but there remains a gap in advanced packaging technologies compared to international standards, with traditional packaging types still dominating the market [6]. - The project focuses on high-reliability packaging products such as DFN, LGA, and BGA, which are in high demand across various sectors including robotics, AI servers, and automotive [7]. Government Support - The local government has provided robust support for the project, facilitating a streamlined process for company registration, project filing, and financing, which has bolstered investor confidence [7].