Core Viewpoint - Jiangsu Xinde Semiconductor Technology Co., Ltd. (hereinafter referred to as Xinde Semiconductor) has submitted its IPO application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor. The company aims to use the funds raised for building production bases, enhancing R&D capabilities, and expanding its customer ecosystem, despite facing continuous losses exceeding 1.3 billion yuan from 2022 to mid-2025 [1][4]. Group 1: Company Overview - Xinde Semiconductor is a semiconductor packaging and testing technology solution provider, focusing on developing packaging designs and providing customized packaging products and testing services [2]. - Since its establishment in September 2020, the company has accumulated significant experience in advanced packaging technology and has production capabilities for various packaging types, including QFN, BGA, LGA, WLP, and 2.5D/3D [2][3]. - The company's revenue primarily comes from packaging and testing services, with domestic sales accounting for over 93% of total revenue during the reporting period [2]. Group 2: Financial Performance - Xinde Semiconductor reported revenues of 269 million yuan, 509 million yuan, 827 million yuan, and 475 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively, while incurring losses of approximately 360 million yuan, 359 million yuan, 377 million yuan, and 219 million yuan during the same periods [4]. - The company has been in a state of "net negative assets" throughout the reporting period, with total assets of 2.167 billion yuan, 2.836 billion yuan, 3.222 billion yuan, and 3.579 billion yuan, against total liabilities of 2.51 billion yuan, 3.586 billion yuan, 4.137 billion yuan, and 4.530 billion yuan [5][6]. - The net asset deficit has been increasing, with figures of -343 million yuan, -750 million yuan, -916 million yuan, and -950 million yuan reported [6]. Group 3: Shareholder Activity - Prior to the IPO application, several shareholders of Xinde Semiconductor engaged in share transfers, collectively cashing out over 77 million yuan in the months leading up to the filing [7].