Shenzhen Stock Exchange (SZSE) has accepted the ChiNext IPO application of Guangdong-based semiconductor manufacturer CanSemi Technology on December 19, marking the reactivation of the bourse's third listing standard for innovative enterprises.
Experts noted that adopting this standard enhances ChiNext's inclusivity for high-quality tech firms, facilitates advanced production factors aggregation in technology sectors, and promotes the virtuous cycle between technology, capital, and industry. Long-term benefits include improved market structure, strengthened sector characteristics, and enhanced listed company quality.
CanSemi, Guangdong's first mass-producing 12-inch wafer manufacturer specializing in analog chips, reported R&D expenditures of 601.43 million yuan, 605.32 million yuan, 445.59 million yuan, and 185.56 million yuan from 2022 to H1 2025 respectively. The company holds 681 patents, including 312 inventions. Its 7.5 billion yuan fundraising plan targets capacity expansion through a 12-inch analog IC production line (Phase III), specialty process R&D, and working capital.
The company aims to establish scaled production advantages while creating a domestic ecosystem for equipment, materials, and design tools. Future strategies include transitioning to a hybrid technology platform combining analog, digital, and optoelectronic capabilities, with intensified R&D focus on consumer electronics, industrial control, automotive, and AI sectors.
This development follows China Securities Regulatory Commission Chairman Wu Qing's June 2025 announcement at the Lujiazui Forum about implementing ChiNext's third standard for pre-profit tech firms. Shenzhen-based Dapu Microelectronics became the first pre-profit applicant on June 27, with its IPO review scheduled for December 25.
Zhonghang Securities chief economist Dong Zhongyun highlighted three key values of this standard: expanding financing channels for innovative firms, optimizing capital market valuation systems toward innovation-driven metrics, and supporting strategic emerging industries like semiconductors and biotech.
On June 30, SZSE issued guidelines clarifying "asset-light, high-R&D" criteria for ChiNext firms, benefiting over 200 companies mainly in IT and biotech sectors. Founder Securities economist Yan Xiang emphasized that ChiNext reforms align financial systems with new productive forces development needs, differentiating its positioning from STAR Market and Beijing Exchange while focusing on innovation-driven sectors.
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