Yuexin Semiconductor Technology Co., Ltd. (referred to as Yuexin Semiconductor) has submitted its IPO application to the ChiNext board, which was accepted by the Shenzhen Stock Exchange on December 19. The lead underwriter is GF Securities.
Dubbed "Guangzhou's First Chip," Yuexin Semiconductor is Guangdong Province's first self-developed and mass-produced 12-inch wafer manufacturer, specializing in analog chip production. Its latest post-investment valuation from external equity financing stands at RMB 25.3 billion.
**Strong Endogenous Growth but Prolonged Path to Profitability** With its IPO bid, Yuexin Semiconductor disclosed recent financial data. According to its prospectus, revenue for 2022, 2023, 2024, and the first half of 2025 was RMB 1.545 billion, RMB 1.044 billion, RMB 1.681 billion, and RMB 1.053 billion, respectively. The company highlighted robust endogenous growth, with 2024 revenue surging 61.09% year-on-year.
However, Yuexin Semiconductor remains unprofitable, with widening losses. Net profits attributable to shareholders for the same periods were -RMB 1.043 billion, -RMB 1.917 billion, -RMB 2.253 billion, and -RMB 1.201 billion, respectively. As of June 30, 2025, accumulated losses totaled -RMB 8.936 billion.
The prospectus attributes the losses to the capital-intensive nature of wafer manufacturing, technology-intensive demands, the diversified product lifecycle of analog chips, and share-based compensation expenses. Despite heavy R&D investments, the company has yet to achieve significant economies of scale due to prolonged product validation cycles.
**Key Shareholders Include Zhiguang Electric and Guangzhou State-Owned Capital**
Yuexin Semiconductor has no controlling shareholder or actual controller. Its founding shareholders are Guangzhou Yuxin Zhongcheng Equity Investment Partnership (16.88% stake) and Science City (Guangzhou) Investment Group (8.82% stake). Yuxin Zhongcheng is controlled by Li Yongxi, who also oversees
Since its 2017 inception, Yuexin Semiconductor has raised multiple funding rounds, attracting state-owned investment platforms and auto giants like SAIC and GAC. GF Xinde Investment Management, a GF Securities subsidiary, also participated.
**IPO Funds to Drive Transformation** The company aims to raise RMB 7.5 billion via its IPO, allocating RMB 3.5 billion to a 12-inch analog specialty wafer production line (Phase III) and RMB 2.5 billion to R&D for specialty process platforms—80% of the total.
Yuexin Semiconductor plans to evolve from pure analog foundry services to a hybrid platform integrating analog, digital upgrades, and optoelectronic fusion. Chairman Chen Jin emphasized deepening collaboration with design firms and end-users to enhance China’s self-sufficiency in high-end analog, mixed-signal, and optoelectronic chips, targeting sectors like consumer electronics, industrial control, automotive, and AI.
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