Recently, semiconductor companies such as Pioneer Jingke, Huangshan Valley Jie, Horizon, Qiangda Circuit, Longtu Photomask, and He Mei Jingyi have made the latest progress in their IPOs, involving fields like semiconductor design, manufacturing, packaging and testing, upstream materials, and automotive chips.

Shanghai Stock Exchange: Pioneer Jingke will make its debut on the Science and Technology Innovation Board on August 16

On August 9, the Shanghai Stock Exchange announced that Jiangsu Pioneer Precision Technology Co., Ltd. (hereinafter referred to as "Pioneer Jingke") will go public on the Science and Technology Innovation Board on August 16.

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The prospectus shows that Pioneer Jingke, established in 2008, focuses on precision manufacturing of key components in the niche fields of semiconductor etching and thin film deposition equipment. Especially in the field of etching equipment, Pioneer Jingke is one of the few domestic suppliers that have mass-produced and supplied key components for domestic etching equipment of 7nm and below, directly competing with international manufacturers.In the semiconductor manufacturing industry, etching equipment and thin-film deposition equipment are internationally recognized as the two core devices with technical difficulties second only to lithography equipment. They are also the two major equipment with a value proportion comparable to lithography equipment in chip production line investment, accounting for about 40% of the semiconductor equipment market share. The breakthrough in the iterative upgrade of these core devices to advanced processes is crucial for the development of China's chip industry.

It is reported that in 2023, the scale of the market segment for key process components applied in etching equipment produced by Pioneer Precision Technology in China is about 777 million yuan, with a market share of over 15%; the scale of the market segment for key process components applied in thin-film deposition equipment is about 1.12 billion yuan, with a market share of over 6%.

In terms of financial data, from 2021 to 2023, Pioneer Precision Technology's revenue was 424 million yuan, 470 million yuan, and 558 million yuan, respectively; net profit was 105 million yuan, 105 million yuan, and 80 million yuan, respectively. In the first half of this year, Pioneer Precision Technology's revenue increased by 147.04% year-on-year to 548 million yuan; net profit increased by 314.23% year-on-year to 112 million yuan.

Its latest prospectus shows that the company plans to raise 587 million yuan, which will be used for the expansion and upgrade of the Jingjiang Precision Assembly Parts Manufacturing Base, the Wuxi Xianyan Equipment Module Production and Assembly Base project, the Wuxi Xianyan Precision Manufacturing Technology Research and Development Center project, and the working capital supplement project.

Power semiconductor module heat sink substrate manufacturer Huangshan Valley Jie is going public.

(Note: The original text seems to be cut off or incomplete at the end, so the translation ends accordingly.)On August 9th, the Shenzhen Stock Exchange disclosed that Huangshan Valley Jie Co., Ltd. (hereinafter referred to as "Huangshan Valley Jie") was approved for listing on the day, planning to debut on the Growth Enterprise Market (GEM).

The prospectus shows that Huangshan Valley Jie is mainly engaged in the research and development, production, and sales of heat dissipation substrates for power semiconductor modules. Its products are primarily applied in the field of new energy vehicles and are an important component of power semiconductor modules used in new energy vehicle motor controllers.

The prospectus indicates that from 2021 to 2023, Huangshan Valley Jie achieved revenues of 255 million yuan, 537 million yuan, and 759 million yuan, respectively, with net profits of 34.27 million yuan, 99.47 million yuan, and 157 million yuan, respectively.

However, in 2024, the performance of Huangshan Valley Jie declined. According to the latest disclosed data, in the first quarter of 2024, Huangshan Valley Jie achieved operating income of 140.1425 million yuan, a decrease of 9.83% compared to the same period of the previous year; the net profit attributable to the parent company was 26.1278 million yuan, a decrease of 8.44% compared to the same period of the previous year; the net profit attributable to the parent company after deducting non-recurring gains and losses was 26.0643 million yuan, a decrease of 8.38% compared to the same period of the previous year. In addition, Huangshan Valley Jie also expects that in the first half of 2024, the revenue will decline by 13.07% to 9.86% year-on-year; the net profit will decline by 15.00% to 12.02% year-on-year; the net profit attributable to the parent company after deducting non-recurring gains and losses will decline by 17.65% to 14.55% year-on-year. Huangshan Valley Jie explained that the decline in performance is mainly due to the rapid decline in export volume affected by foreign new energy vehicle-related policies and the intense competition in the new energy vehicle market, which has led to a decline in the sales prices of the company's products.Overall, the current sluggishness in the automotive market has had a significant impact on Huangshan Valley Jie's performance. In this IPO attempt on the Growth Enterprise Market, Huangshan Valley Jie plans to raise 502 million yuan, which will be allocated to the intelligent manufacturing and capacity enhancement project for power semiconductor module heat dissipation substrates, the research and development center construction project, and the replenishment of working capital, with the planned investments being 328 million yuan, 73.5441 million yuan, and 100 million yuan, respectively.

Horizon Robotics' Hong Kong IPO has been approved by the China Securities Regulatory Commission and is about to be listed!

On August 9, the China Securities Regulatory Commission announced the filing notice for the overseas listing of Horizon Robotics, marking the official approval of Horizon Robotics' Hong Kong IPO by the regulatory authority. According to the information released by the regulatory commission, Horizon Robotics plans to issue no more than 1.15 billion overseas listed ordinary shares and list on the Hong Kong Stock Exchange, expecting to raise approximately 500 million US dollars.

Public information shows that Horizon Robotics was established in 2015. In 2016, it released its first-generation intelligent computing architecture BPU (Brain Processing Unit); in 2017, it released the Journey 1 automotive-grade processing chip; in 2019, it announced the mass production of its first automotive-grade AI chip, Journey 2. Since then, it has gradually expanded its business to provide integrated intelligent driving solutions that coordinate software and hardware.

At the end of March this year, Horizon Robotics officially submitted its prospectus to the Hong Kong Stock Exchange, with Goldman Sachs, Morgan Stanley, and CITIC Construction Investment as its joint sponsors. According to the data disclosed in the prospectus at that time, from 2021 to 2023, Horizon Robotics achieved revenues of 467 million yuan, 906 million yuan, and 1.552 billion yuan, with growth rates of 94.1% and 71.3%, respectively, and a compound annual growth rate of 82.3% for the three years from 2021 to 2023. During the same period, Horizon Robotics' gross profit was 331 million yuan, 628 million yuan, and 1.094 billion yuan, with gross profit margins of 70.9%, 69.3%, and 70.5%, respectively. Among them, the automotive solutions are divided into two business areas: product solutions and licensing and services. The prospectus shows that the company's licensing and services revenue growth is significant, reaching 963 million yuan in 2023, exceeding the 506 million yuan of product solutions.As intelligent driving chip companies, Horizon Robotics' gross margin and cash flow performance from 2021 to 2023 has surpassed that of Black Sesame Technologies, which recently went public. In terms of gross margin, Horizon Robotics' gross margins for 2021 to 2023 were 70.9%, 69.3%, and 70.5%, respectively; during the same period, Black Sesame Technologies' gross margins were 36.1%, 29.4%, and 24.7%. However, it is worth noting that both Horizon Robotics and Black Sesame Technologies are facing losses. From 2021 to 2023, Horizon Robotics' net losses were 2.064 billion yuan, 8.72 billion yuan, and 6.739 billion yuan; adjusted net losses were 1.103 billion yuan, 1.891 billion yuan, and 1.635 billion yuan. The main reason for the losses is the large proportion of R&D expenses.

Additionally, the prospectus shows that since its establishment, Horizon Robotics has received multiple investments, with a gathering of star capital, accumulating a total of $2.36 billion (approximately 17 billion yuan) in financing.

Currently, Horizon Robotics is fully promoting the mass production of the new generation of intelligent computing solutions for vehicles, the Journey 6 series. At the end of July, Jianzhi Robotics announced that the company's multiple mid-range solutions based on Horizon Robotics' Journey 6E have been designated by leading car companies and Tier 1 suppliers, and have officially started mass production and delivery development. According to Horizon Robotics' previous plan, the Journey 6 series will start the delivery of the first pre-installed mass production model in 2024 and is expected to achieve mass production and delivery of more than 10 models in 2025. Currently, the first batch of mass production cooperation car companies and brands for the Journey 6 series include SAIC Motor, Volkswagen Group, BYD, Ideal Automobile, GAC Group, Shenlan Automobile, BAIC Group, Chery Automobile, Exeed Automobile, and Lan Tu Automobile.

China Securities Regulatory Commission: Agrees to Qiangda Circuit's IPO registration application on the ChiNext board

On August 9, the official website of the China Securities Regulatory Commission disclosed the approval for the registration of the initial public offering of Shenzhen Qiangda Circuit Co., Ltd. (hereinafter referred to as "Qiangda Circuit"), and the company's IPO registration was approved. The number of shares to be issued by Qiangda Circuit this time does not exceed 18.844 million shares, and it will be listed on the ChiNext board of the Shenzhen Stock Exchange.Public information shows that Qiangda Circuit's main business is the R&D, production, and sales of PCBs, and it is a PCB enterprise focusing on high-end prototype and small-batch boards. The company has a profound accumulation in process technologies such as high multi-layer boards, ultra-thick copper boards, HDI boards, high-frequency high-speed boards, special boards, and other special processing, forming multiple core technologies, and the main process capabilities of PCBs have reached the mainstream level of the industry.

It is worth noting that the prospectus shows that from 2021 to 2023, the company was rated as one of the top 100 enterprises in the Chinese electronic circuit industry by the China Electronic Circuit Industry Association for three consecutive years. Among them, the company's ranking in the comprehensive PCB enterprises was 84th, 80th, and 82nd respectively in 2021-2023, and the ranking in the domestic-funded PCB enterprises was 51st, 48th, and 53rd respectively.

The prospectus shows that Qiangda Circuit's revenue in 2021, 2022, and 2023 was 710 million yuan, 731 million yuan, and 713 million yuan respectively; the net profit was 68.069 million yuan, 90.9 million yuan, and 91.06 million yuan respectively; the net profit after deducting non-recurring gains and losses was 63.957 million yuan, 81.947 million yuan, and 85.03 million yuan respectively. Qiangda Circuit's revenue in the first half of 2024 was 389 million yuan, an increase of 7.46% compared to the same period of the previous year of 362 million yuan; the net profit was 51.98 million yuan, an increase of 12% compared to the same period of the previous year of 46.41 million yuan. Qiangda Circuit expects a revenue of 788 million yuan in 2024, an increase of 10.52% compared to the same period of the previous year of 713 million yuan; the expected net profit after deducting non-recurring gains and losses is 92.745 million yuan, an increase of 9% compared to the same period of the previous year.

Qiangda Circuit plans to raise 600 million yuan this time, of which 480 million yuan will be used for the annual production of 960,000 square meters of multi-layer boards and HDI boards project of Nantong Qiangda Circuit Technology Co., Ltd., and 120 million yuan will be used for the supplementary working capital project.Semiconductor Mask Manufacturer Longtu Photomask Officially Goes Public

On August 6th, Shenzhen Longtu Photomask Co., Ltd. (hereinafter referred to as "Longtu Photomask") successfully went public on the Science and Technology Innovation Board of the Shanghai Stock Exchange, becoming the first independent third-party semiconductor mask manufacturer to be listed on the Science and Technology Innovation Board. The stock issue price is 18.50 yuan per share, with an issue price-earnings ratio of 30.20 times.

The prospectus shows that Longtu Photomask's main business is the research and development, production, and sales of semiconductor photomasks. Semiconductor photomasks are mainly used in the fields of power semiconductors, MEMS sensors, IC packaging, analog IC, and other specialty process semiconductor areas, with end applications covering new energy, photovoltaic power generation, automotive electronics, industrial control, wireless communication, the Internet of Things, consumer electronics, and other scenarios. Its function is to transfer the circuit patterns carried by the photomask to substrate materials such as silicon wafers through exposure, thereby realizing the mass production of integrated circuits.

It is worth mentioning that Longtu Photomask has mastered the key technology for the production and manufacturing of semiconductor photomasks at process nodes of 130nm and above, playing a leading role in the "domestic substitution" process of the semiconductor photomask industry.

In addition, in August 2022, Longtu Photomask established a subsidiary in Zhuhai High-tech Zone—Zhuhai Longtu Photomask Technology Co., Ltd. (hereinafter referred to as "Zhuhai Longtu"), and initiated the construction of a high-end semiconductor chip photomask manufacturing base project and a high-end semiconductor chip photomask R&D center project. It is reported that the planned factory area of Zhuhai Longtu is about 20,000 square meters, and it plans to produce chip photomasks at 65-130nm process nodes to meet the demand for photomask products within this process range by chip design companies and wafer factories. The construction of the project is progressing in an orderly manner, and it is expected to be completed in the third quarter of this year, with production expected to start in the first quarter of 2025.In terms of performance, from 2021 to 2023, Longtu Photomask achieved operating revenues of 114 million yuan, 162 million yuan, and 218 million yuan respectively; the net profit attributable to the parent company was 41.1642 million yuan, 64.4821 million yuan, and 83.6087 million yuan respectively. As a highlight, the company's compound annual growth rate (CAGR) of business income was 38.56%, and the CAGR of its net profit exceeded 40%. Looking forward to the first half of 2024, Longtu Photomask estimates that its operating income will reach 125 to 130 million yuan, a year-on-year increase of 21.17% to 26.02%; the net profit attributable to the parent company is expected to be between 48 and 50 million yuan, a year-on-year increase of 19.41% to 24.39%.

In its performance sector, Longtu Photomask's prospectus shows that from 2020 to the first half of 2023, photomasks used in the power semiconductor field were the main source of income for Longtu Photomask, and both the revenue and the proportion of revenue have shown an increasing trend year by year. Longtu Photomask points out that in the field of power semiconductor photomasks, the company's process nodes have covered the needs of the mainstream process of global power semiconductors.

For this IPO, Longtu Photomask plans to raise funds of 663 million yuan, mainly for the high-end semiconductor chip photomask manufacturing base project, the high-end semiconductor chip photomask R&D center project, and to supplement working capital.

Among them, the "high-end semiconductor chip photomask manufacturing base project" is to implement the development and industrialization of semiconductor photomasks with higher processes (130nm-65nm nodes) through the technical upgrading of the company's existing core products, and to accelerate the domestic substitution process of semiconductor photomasks below the 130nm process node; the "high-end semiconductor chip photomask R&D center project" will carry out the development of high-end semiconductor photomask technology processes according to market and customer needs.Hongjing Microelectronics Accelerates IPO on the Science and Technology Innovation Board

Recently, the China Securities Regulatory Commission (CSRC) disclosed the guidance filing report on the initial public offering (IPO) of Hongjing Microelectronics Technology Co., Ltd. (hereinafter referred to as "Hongjing Micro") on the Science and Technology Innovation Board.

Public information shows that Hongjing Micro, established in 2009, is a company with independent intellectual property rights. It specializes in integrated circuit design, software development, system solution design, and provides overall solutions and electronic product design services. It focuses on multimedia chip design, mainly in the technical directions of audio and video acquisition, transmission, and processing. Its products can be applied in fields such as new-type flat panels, high-speed railways, automobiles, broadcasting, medical, and intelligent manufacturing.

The official website information shows that Hongjing Micro currently has at least 43 multimedia chip products, providing 7 major application solutions including medical endoscopy, drone aerial photography, and video acquisition, and providing technical services nationwide. Overseas sales areas include 17 countries and regions such as the United Kingdom, South Korea, and Israel.

At the same time, Hongjing Micro has invested in 12 enterprises, including Hefei Kaiying Information Technology Co., Ltd., Hefei Hongjing Semiconductor Technology Co., Ltd., Chengdu Hongyi Electronic Technology Co., Ltd., and Hongjing Micro Electronic Technology (Xi'an) Co., Ltd., etc.According to the filing materials of Hongjing Micro, the company's operating income for the years 2022 and 2023 was 2,911.419 million yuan and 2,856.633 million yuan, respectively, and the net profit attributable to the parent company was 194.099 million yuan and 276.393 million yuan, respectively. It can be seen that in 2023, its net profit increased by 42.4%.

HeMei Jingyi's first round of review inquiry reply for the Science and Technology Innovation Board IPO disclosure

Since entering the inquiry status on January 25, Shenzhen HeMei Jingyi Semiconductor Technology Co., Ltd. (referred to as "HeMei Jingyi"), which is sprinting for the Science and Technology Innovation Board IPO, disclosed the reply letter of the first round of review inquiries on August 2.

It is understood that since its establishment in 2007, HeMei Jingyi has been focusing on the IC packaging substrate field, engaged in the research and development, production, and sales of IC packaging substrates. It is one of the few domestic manufacturers that have fully mastered the mass production technology of independently controllable IC packaging substrates. The Shanghai Stock Exchange mainly inquired about the company's product technology advancement, main customers, related transactions with Baiwei Storage, gross profit margin, and other situations.

In response to the technical situation of HeMei Jingyi's various IC packaging substrate products, HeMei Jingyi replied that the company's various IC packaging substrate products do not belong to products with low technical level and fully competitive mature products. The company's products have covered two major series: WB-BGA/CSP and FC-BGA/CSP, and are widely used in the fields of storage chips, logic chips, and sensor chips. As of the date of signing the feedback reply, the company's first batch of four-layer FC-BGA packaging substrates has passed customer verification, and this type of product is mainly used for microprocessor chips.Harmony Precision Art stated that although the company has a certain gap in the field of FC-BGA packaging substrate compared with international advanced IC packaging substrate enterprises, it has gradually formed its own controllable FC-BGA packaging substrate products and related production processes, core technologies, and intellectual property rights. The company currently does not have the production equipment for ABF materials and has mastered the application technology of domestic similar ABF materials. The company currently does not have the ball planting process, but can achieve the opening process before ball planting. The minimum opening diameter for ball planting under the company's process capability is 60μm. The company currently does not have the process capability for SAP process.

Regarding nearly 60% of the revenue still coming from low-end products, Harmony Precision Art replied that it will accelerate the process of turning to mid-to-high-end products. According to Harmony Precision Art's disclosure, from 2021 to 2023, the company's revenue from low-end storage chip packaging substrates was 176.34 million yuan, 195.0595 million yuan, and 193.6835 million yuan, accounting for 76%, 67.41%, and 56.66% respectively. These products are mainly used for terminal products such as memory cards and memory disks that are facing personal consumers. Personal consumers' demand for storage capacity is less than that of enterprise-level and industrial-level users. The circuit fineness and storage capacity of these products are relatively low and belong to the low-end category.

From 2021 to 2023, Harmony Precision Art's revenue from high-end storage chip packaging substrates was 0.4289 million yuan, 16.5495 million yuan, and 15.6448 million yuan, accounting for 0.18%, 5.72%, and 4.58% respectively. During the reporting period, the company's revenue from mid-range storage chip packaging substrates was 55.272 million yuan, 77.7695 million yuan, and 132.5041 million yuan, accounting for 23.82%, 26.87%, and 38.76% respectively.

In addition, Harmony Precision Art was questioned by the Shanghai Stock Exchange about the low proportion of revenue from non-storage chip packaging substrate products such as logic chip packaging substrates and whether there is a competitive disadvantage. In response, the company replied, "Due to the overall production capacity, the company is temporarily unable to undertake a large number of logic chip packaging substrate product orders, which limits the growth of revenue for this part of the products; compared with competitors in the same industry, the company's logic chip packaging substrate products have a later production time and are severely limited in production capacity, which has a certain competitive disadvantage." Harmony Precision Art said that from January to May 2024, the company's revenue from logic chip packaging substrates has greatly increased as a proportion of the main business income; in the future, with the completion and production of the Zhuhai production base, the company's overall production capacity will be greatly improved, and it will be possible to achieve mass production of FC-BGA packaging substrates. The company's revenue and market share of logic chip packaging substrate products will be significantly increased, effectively making up for the competitive disadvantage in this field.

In response to the related transactions with Baiwei Storage, Harmony Precision Art replied that the company has been trading with Baiwei Storage since its establishment in 2010, earlier than the time when Baiwei Storage accepted investment from Dacheng Chuangtong and Wang Zanzhang served as a director of Baiwei Storage. As of December 31, 2023, Dacheng Chuangtong held a 4.23% stake in Baiwei Storage and a 6.38% stake in the company. Wang Zanzhang, as an external director, does not participate in the company's daily business activities and is also difficult to lead the company's major decisions, which has a relatively small impact on the company's production and operation. On November 20, 2023, the company held the third temporary shareholders' meeting of 2023, and the meeting elected the new board of directors. The former director Wang Zanzhang no longer serves as a director, so the company no longer has a related relationship with Baiwei Storage.Financial data shows that from 2020 to 2022 and the first half of 2023, the company achieved operating income of 189 million yuan, 254 million yuan, 312 million yuan, and 162 million yuan, respectively. The net profit attributable to the parent company during the same periods was 36.87 million yuan, 19.24 million yuan, 29.32 million yuan, and 15.21 million yuan. He Mei Jingyi plans to issue no more than 59.155 million shares publicly, expecting to raise 800 million yuan, which will be used for the Zhuhai Fushan IC substrate production base construction project (Phase I) (600 million yuan) and to supplement working capital (200 million yuan).