On March 31, the listing review status for Shanghai XINMI Technology Co., Ltd. on the Shanghai Stock Exchange's STAR Market was updated to "terminated." The termination followed the company and its sponsor withdrawing the issuance and listing application, in accordance with relevant provisions of the Shanghai Stock Exchange's review rules.
According to its prospectus, XINMI Technology is a leading domestic enterprise in semiconductor-grade perfluoroelastomer sealing products. The company focuses intensely on the technological R&D and application innovation of perfluoroelastomers. It was the first in China to independently develop semiconductor-grade perfluoroelastomer materials and achieve stable mass production of key semiconductor equipment components like perfluoroelastomer sealing rings. This has effectively broken the monopoly held by foreign companies such as DuPont, Goodyear, and PPE in China's semiconductor-grade perfluoroelastomer sealing ring market.
XINMI's products meet the stringent vacuum sealing requirements across different models and full series of process points in core semiconductor front-end manufacturing equipment. They comprehensively cover both advanced and mature process technology nodes and have achieved breakthroughs and scaled sales in advanced processes, including 232-layer NAND flash memory chips, DRAM chips at 19nm and below, and logic chips at 5nm-14nm.
According to Frost & Sullivan statistics, in 2023 and 2024, the company's sales scale of semiconductor-grade perfluoroelastomer sealing rings ranked third in the Chinese market for two consecutive years, and first among Chinese enterprises. XINMI has grown into a leading domestic supplier of high-end perfluoroelastomer sealing rings for semiconductor equipment.
At the industry level, due to their excellent performance, perfluoroelastomer sealing rings are widely used in semiconductors, liquid crystal panels, photovoltaics, aerospace, oil and gas extraction, and other fields. In 2024, the global market size for perfluoroelastomer sealing rings in the semiconductor sector was 27.48 billion yuan, accounting for 87.54% of the total, and is projected to expand to 44.62 billion yuan by 2028, with a share of 91.10%. Frost & Sullivan data also shows that the Chinese market for perfluoroelastomer sealing rings was 7.01 billion yuan in 2024, with the semiconductor application segment accounting for 5.68 billion yuan, or 81.00%, ranking first. As industry applications continue to grow, the proportion of the semiconductor-grade segment is expected to increase from 81.00% in 2024 to 90.20% by 2029, becoming the most significant part of the perfluoroelastomer sealing ring market.
According to the prospectus, XINMI Technology planned to raise 785 million yuan through its IPO. Of this, 526 million yuan was earmarked for the R&D and Industrialization Project for Semiconductor-grade Perfluoroelastomer Sealing Parts, and 259 million yuan for the Construction of an R&D Center.
Financially, for the years 2022, 2023, and 2024, XINMI Technology reported operating revenues of approximately 41.5903 million yuan, 130 million yuan, and 208 million yuan, respectively. During the same periods, the company's net profits were 1.7338 million yuan, 36.3884 million yuan, and 68.9356 million yuan, respectively.
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