First of the Year of the Horse! Shenghe Jingwei's IPO has been approved

On February 24, the Shanghai Stock Exchange official website announced that Shenghe Jingwei Semiconductor Co., Ltd. (referred to as “Shenghe Jingwei”) successfully passed the listing review by the SSE Science and Technology Innovation Board Listing Committee, becoming the first company to pass the review in the Year of the Horse.

It is worth noting that Shenghe Jingwei is a red-chip enterprise, planning to raise 4.8 billion yuan to pursue a listing on the STAR Market.

From the on-site inquiry, the SSE Listing Committee asked Shenghe Jingwei to explain the technical sources of its 2.5D business, the application fields, development trends, and market potential of three technical routes, as well as new customer development, business stability with major clients, and the sustainability of performance.

According to the review results, Shenghe Jingwei has no further issues to address.

Looking back at its IPO journey, Shenghe Jingwei’s application for the STAR Market IPO was accepted on October 30, 2025, and entered the inquiry stage on November 14 of the same year. On February 1, 2026, Shenghe Jingwei completed its second round of review responses.

“Against the backdrop of the ongoing implementation of the STAR Market reform, hard-tech enterprises in fields like semiconductors and artificial intelligence are accelerating their connection with the capital market. Shenghe Jingwei’s rapid progress to the hearing stage after multiple review inquiries demonstrates the inclusiveness, adaptability, competitiveness, and attractiveness of the capital market system,” industry insiders told Shanghai Securities News.

According to the prospectus, Shenghe Jingwei is an integrated circuit wafer-level advanced packaging and testing company. It started with advanced 12-inch mid-section silicon wafer processing and further provides wafer-level packaging (WLP) and multi-chip module (MCM) packaging services, supporting various high-performance chips, especially graphics processing units (GPU), central processing units (CPU), and AI chips, through heterogeneous integration beyond Moore’s Law to achieve high computing power, high bandwidth, and low power consumption.

In the mid-section silicon wafer processing field, Shenghe Jingwei is one of the earliest companies in mainland China to develop and mass-produce 12-inch bumping. In wafer-level packaging, leveraging its leading mid-section silicon wafer processing capabilities, Shenghe Jingwei quickly achieved R&D and industrialization of 12-inch large-dimension wafer-level chip packaging (WLCSP).

For this IPO, Shenghe Jingwei plans to raise 4.8 billion yuan, which will be used for 3D multi-chip packaging projects and ultra-high-density interconnect 3D multi-chip packaging projects.

It is noteworthy that Shenghe Jingwei is a red-chip enterprise. The company has chosen the STAR Market as the second standard for red-chip enterprises applying for listing, which requires “a projected market value of no less than 5 billion yuan and an operating revenue of no less than 500 million yuan in the most recent year.”

In terms of performance, from 2023 to the first half of 2025, the company achieved operating revenues of 3.038 billion yuan, 4.705 billion yuan, and 3.178 billion yuan, respectively, with net profits attributable to shareholders of 34.13 million yuan, 214 million yuan, and 435 million yuan.

Regarding ownership structure, in the past two years, Shenghe Jingwei has had no controlling shareholder or actual controller. As of the signing date of the prospectus, the largest shareholder was Wuxi Industrial Development Fund with a 10.89% stake; the second largest was the combined shareholding of the China Merchants Bank system shareholders at 9.95%; the third was Houwang System shareholders at 6.76%; the fourth was Shenzhen Yuanzhi No.1 at 6.14%; and the fifth was CICC system shareholders at 5.33%. No single shareholder can control the general meeting of shareholders or decisively influence shareholder resolutions.

Source: Shanghai Securities News

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