On December 19, Maxone Semiconductor (688809.SH) commenced its subscription phase with an offering price of RMB 85.09 per share. The subscription cap is set at 7,500 shares, and the P/E ratio stands at 48.55x. The company is listed on the Shanghai Stock Exchange, with China Securities serving as its sponsor.
According to the prospectus, Maxone Semiconductor is a high-tech enterprise specializing in semiconductor design and manufacturing services, focusing on the R&D, design, production, and sales of probe cards—a critical component in wafer testing. The company possesses proprietary MEMS probe manufacturing technology, enabling mass production and sales of MEMS probe cards, thereby breaking the monopoly of foreign manufacturers in this segment.
Probe cards are consumable hardware used in the wafer testing phase of semiconductor production, serving as a foundational element in the semiconductor supply chain. As a crucial link between wafer fabrication and chip packaging, wafer testing facilitates defect detection and functional verification, directly impacting chip yield and manufacturing costs.
With expertise in demand analysis, technical capabilities, extensive delivery experience, and scalable production, Maxone has gained recognition from clients. During the reporting period, the company served over 400 clients, covering key players in chip design, wafer foundries, and packaging and testing. Notable clients include Moore Threads Technology Co., Ltd., Horizon Robotics, ZTE Microelectronics, GigaDevice, and Will Semiconductor, among others.
Historically dominated by foreign players, the probe card industry presents significant localization opportunities. Maxone has emerged as a leading domestic manufacturer, ranking ninth and sixth globally in 2023 and 2024, respectively, according to Yole data. The company competes directly with international leaders in the probe card market.
Maxone offers a comprehensive range of probe card products and holds 24 core technologies, with 182 authorized patents (72 domestic and 6 international patents) as of September 30, 2025.
Financially, the company reported revenues of approximately RMB 254 million, RMB 354 million, RMB 641 million, and RMB 374 million for 2022, 2023, 2024, and the first half of 2025, respectively. Net profits for the same periods were RMB 15.62 million, RMB 18.66 million, RMB 233 million, and RMB 138 million.
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