The first in the Year of the Horse! Shenghe Jingwei IPO approved

On February 24, the Shanghai Stock Exchange's official website announced that Shenghe Jingwei Semiconductor Co., Ltd. (referred to as "Shenghe Jingwei") has successfully passed the listing review committee of the Shanghai Stock Exchange for its Sci-Tech Innovation Board IPO, becoming the first company to pass the review in the Year of the Rabbit.

It is noteworthy that Shenghe Jingwei is a red-chip enterprise, aiming to raise 4.8 billion yuan to pursue its listing on the Sci-Tech Innovation Board.

From the on-site inquiries, the listing committee of the Shanghai Stock Exchange requested Shenghe Jingwei to explain the stability of its business and the sustainability of its performance in relation to its main customers, considering the technical sources of its 2.5D business, the application fields, development trends, market space of the three technical routes, and the situation of new customer development.

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

Looking back at the IPO journey, Shenghe Jingwei's Sci-Tech Innovation Board 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 the second round of inquiry responses.

"Against the backdrop of the continuous advancement of the Sci-Tech Innovation Board reform, hard tech companies in fields such as semiconductors and artificial intelligence are accelerating their connection to the capital market. After multiple rounds of review inquiries, Shenghe Jingwei quickly advanced to the meeting stage, which is a strong reflection of the inclusiveness, adaptability, competitiveness, and attractiveness of the capital market system," an industry insider told the Shanghai Securities Journal.

The prospectus shows that Shenghe Jingwei is an advanced packaging and testing enterprise for integrated circuit wafer-level packaging, starting with advanced 12-inch mid-wafer processing, and further providing full-process advanced packaging and testing services such as wafer-level packaging (WLP) and chiplet multi-chip integrated packaging, dedicated to supporting various high-performance chips, especially graphics processing units (GPUs), central processing units (CPUs), and artificial intelligence chips, achieving comprehensive performance improvements in high computing power, high bandwidth, and low power consumption through heterogeneous integration that surpasses Moore's Law.

In the mid-wafer processing field, Shenghe Jingwei is one of the earliest companies in mainland China to carry out and achieve mass production of 12-inch bumping. In the wafer-level packaging field, based on its leading mid-wafer processing capabilities, Shenghe Jingwei has quickly realized the research and industrialization of 12-inch large-size wafer-level chip packaging (wafer-level chip scale packaging, WLCSP).

For this IPO, Shenghe Jingwei plans to raise 4.8 billion yuan for its three-dimensional multi-chip integrated packaging project and ultra-high-density interconnect three-dimensional multi-chip integrated packaging project.

It is worth mentioning that Shenghe Jingwei is a red-chip enterprise, and the company has chosen to apply for listing on the Sci-Tech Innovation Board under the second set of standards designed for red-chip enterprises, namely "expected market value of no less than 5 billion yuan, and 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, with net profits attributable to the parent company of 34.1306 million yuan, 214 million yuan, and 435 million yuan, respectively

From the perspective of equity structure, in the past two years, Shenghe Jingwei has had no controlling shareholder and no actual controller. As of the date of signing the prospectus, the largest shareholder, Wuxi Chanfang Fund, holds a shareholding ratio of 10.89%, the second largest shareholder, the shareholders of the China Merchants Bank system, collectively control a shareholding ratio of 9.95%, the third largest shareholder, the shareholders of the Houwang system, collectively hold a shareholding ratio of 6.76%, the fourth largest shareholder, Shenzhen Yuanzhi No. 1, holds a shareholding ratio of 6.14%, and the fifth largest shareholder, the shareholders of the China International Capital Corporation system, collectively hold a shareholding ratio of 5.33%. No single shareholder of the company can control the shareholders' meeting and is insufficient to have a decisive influence on the resolutions of the shareholders' meeting.

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