Updates on Invested Projects｜Year of the Horse's First IPO Review Approved: SJSEMI Passes, Net Profit Nearly ¥900 Million.

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Updates on Invested Projects

    The 6th deliberative meeting of the Shanghai Stock Exchange Listing Review Committee for 2026 was held on February 24. A total of 1 enterprise was reviewed, and SJSEMI was approved!

     SJ Semiconductor Co., Ltd. is a world-leading advanced wafer-level packaging and testing enterprise for integrated circuits. Starting from advanced 12-inch middle-end silicon wafer processing, the company further provides full-process advanced packaging and testing services including wafer-level packaging (WLP) and chiplet multi-chip integration packaging, and is committed to supporting various high-performance chips, especially graphics processing units (GPUs), central processing units (CPUs) and artificial intelligence chips, so as to achieve comprehensive performance improvements such as high computing power, high bandwidth and low power consumption through heterogeneous integration in line with the More than Moore strategy.

In the field of middle-end silicon wafer processing, the company is one of the first in Chinese mainland to launch and achieve mass production of 12-inch bumping, and also the first enterprise capable of providing 14nm advanced process bumping services, filling the gap in the high-end integrated circuit manufacturing industry chain in Chinese mainland. Since then, the company has successively achieved breakthroughs in high-density bumping processing technologies for multiple more advanced process nodes, ranking among the international advanced integrated circuit manufacturing industry chain. According to statistics, by the end of 2024, the company owned the largest 12-inch bumping production capacity in Chinese mainland.

In the field of wafer-level packaging, relying on its leading middle-end silicon wafer processing capabilities, the company has rapidly achieved the R&D and industrialization of 12-inch large-size wafer-level chip packaging (wafer-level chip scale packaging, WLCSP), including 12-inch Low-K WLCSP for more advanced technology nodes and ultra-thin chip WLCSP with rapidly growing market space. According to statistics, in 2024, the company ranked first in Chinese mainland in terms of revenue from 12-inch WLCSP, with a market share of approximately 31%.

In the field of chiplet multi‑chip integration packaging, the issuer has a technical platform layout fully comparable to the world’s leading enterprises. Particularly in 2.5D integration based on TSV Interposer, the most mainstream solution in the industry, the issuer is among the earliest enterprises in Chinese mainland to realize mass production with the largest production scale, representing the most advanced level of Chinese mainland in this technical field, with no technological generation gap compared with the world’s top players. According to statistics, in 2024, the issuer ranked first in Chinese mainland in terms of revenue from 2.5D packaging, with a market share of approximately 85%. In addition, the issuer continues to enrich and improve its technical platforms such as 3D integration (3DIC) and 3D Package, aiming to achieve breakthroughs in more cutting-edge key technologies of the integrated circuit manufacturing industry and create new growth drivers for its future operating performance.

The issuer provides one-stop customized advanced IC packaging and testing services for a wide range of chips, including high-performance computing chips, smartphone application processors, radio frequency chips, memory chips, power management chips, fingerprint identification chips, and network communication chips. These products are applied in end markets such as high-performance computing, artificial intelligence, data centers, autonomous driving, smartphones, consumer electronics, and 5G communications, enabling the issuer to deeply participate in China’s digital, information-based, networked, and intelligent development.

China has explicitly stated its goal to accelerate the development of the digital economy, deepen the integration of the digital and real economies, and foster internationally competitive digital industrial clusters, which has driven the development of data centers, 5G communications and many other end-use application sectors. Meanwhile, the emergence of multimodal large models such as ChatGPT and autonomous driving technologies such as Robotaxi has promoted artificial intelligence technology from the B-side to the C-side, bringing an exponential increase in computational parameters and a surge in demand for computing power, thus presenting historic growth opportunities for the high-performance computing industry chain. Benefiting from these trends, during the Reporting Period, the issuer’s main business revenue amounted to RMB 161,844.87 ten thousand, RMB 300,987.94 ten thousand, RMB 468,264.30 ten thousand and RMB 316,792.00 ten thousand respectively, showing a rapid growth trend. The composition of the issuer’s main business revenue during the Reporting Period is as follows:

        The sponsor for the issuer’s IPO is China International Capital Corporation Limited (CICC), the auditing firm is RSM China, and the law firm is AllBright Law Offices. Prior to the Offering, the total share capital of the company was 78.65 million shares. The company intends to offer no more than 22.913043 million shares publicly (without considering the over-allotment option), and the total share capital after the Offering will not exceed 101.563043 million shares. The issuer and the lead underwriter may adopt an over-allotment option, which shall not exceed 15% of the offering size without the over-allotment option.

1. Controlling Shareholder and Actual Controller. Prior to the Offering, the total issued share capital of the company was 1,607.3079 million shares. The company intends to issue no less than 178.5898 million shares and no more than 535.7693 million RMB ordinary shares to the public (before exercise of the over-allotment option), accounting for no less than 10% and no more than 25% of the total share capital of the company after the Offering.

2. Key Financial Data. For the period from 2022 to 2024 and January–June 2025, the company’s operating revenues were RMB 1.633 billion, RMB 3.038 billion, RMB 4.705 billion and RMB 3.178 billion respectively; the net profits attributable to the parent company excluding non-recurring gains and losses were RMB -349 million, RMB 31.6245 million, RMB 187 million and RMB 422 million for the same periods.

3. Planned Fund Raising of RMB 4.8 Billion for Two Projects. The IPO intends to raise RMB 4.8 billion, which will be used for the 3D Multi-Chip Integration Packaging Project and the Ultra-High-Density Interconnect 3D Multi-Chip Integration Packaging Project.

4. Specific Listing Standards Met by the Issuer. The issuer complies with the requirements stipulated in the Circular of the General Office of the State Council Transmitting the CSRC’s Several Opinions on Launching the Pilot Program for Domestic Issuance of Stocks or Depositary Receipts by Innovative Enterprises (Guo Ban Fa [2018] No. 21) for red-chip enterprises not yet listed overseas, namely “rapidly growing operating revenue, independent R&D and internationally advanced technologies, and a relatively advantageous position in competition within the industry”. The issuer adopts the second set of standards under Article 2.1.3 of the Listing Rules of Stocks on the Science and Technology Innovation Board of the Shanghai Stock Exchange: “estimated market value of no less than RMB 5 billion and operating revenue of no less than RMB 500 million in the most recent year”.

5. Corporate Focus. The issuer will continue to innovate, adopt advanced manufacturing and management systems from the front-end wafer manufacturing process, and continuously expand the breadth and depth of quality control according to the production process characteristics of advanced packaging, so as to provide first-class middle-end silicon wafer manufacturing and testing services and promote the comprehensive improvement of the advanced integrated circuit manufacturing industry chain. Meanwhile, the issuer will leverage its comprehensive advantages in chip manufacturing experience covering front, middle and back-end processes, and commit to building one-stop service capabilities for advanced chiplet multi-chip integration packaging and testing. In the More-than-Moore era, the issuer will cooperate closely with customers, invest heavily in R&D and drive technological progress to meet the comprehensive demand for advanced packaging driven by overall performance upgrades including high computing power, high bandwidth and low power consumption.

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Source:Mega IPO;

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