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].

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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