On December 17, Jiangsu Zhanxin Semiconductor Technology Co., Ltd. (Jiangsu Zhanxin) announced that its IPO application for the ChiNext board of the Shenzhen Stock Exchange has been accepted. Huatai United Securities serves as its sponsor, with plans to raise CNY 889.5 million.
According to the prospectus, Jiangsu Zhanxin specializes in the R&D, design, testing, and sales of high-reliability analog chips and micro-module products. Its analog chip offerings primarily include power management chips, such as DC/DC converters, linear regulators (LDO), and load/current limit switches (LoadSwitch). The micro-module products support functions like isolated/non-isolated DC/DC conversion, logic control, signal modulation, and diode control. The company also provides complementary discrete device products to clients.
Additionally, Jiangsu Zhanxin is expanding its product line into signal chain chips, having preliminarily completed R&D layouts for current-sensing chips, voltage reference chips, comparators, operational amplifiers, and timing chips. Its products have gained recognition from major state-owned military-industrial clients, including China Electronics Technology Group, China Electronics Corporation, AVIC, CASIC, and China Aerospace Science and Technology Corporation, and are widely used in airborne, missile-borne, shipborne, land-based, and portable equipment platforms.
During the reporting period, the company supplied products to over 1,600 clients, accumulating a diverse customer base.
In terms of market competition, due to the specialized nature of the military electronics industry, no third-party data on market share among military IC manufacturers is publicly available. Key players in military power management chips include Jiangsu Zhanxin, Beijing Sevenstar Huachuang, Microelectronics Co., Ltd. (a subsidiary of listed company NAURA), ZCore Technology, Zhenhua Fenghuang, Beijing Shengyu Technology, and Beijing Yanhuang Guoxin Technology.
Proceeds from the IPO, after deducting issuance costs, will be allocated to priority projects.
Financially, Jiangsu Zhanxin reported revenues of approximately CNY 367 million, CNY 466 million, CNY 413 million, and CNY 340 million for 2022, 2023, 2024, and the first half of 2025, respectively. Net profits for the same periods were CNY 148 million, CNY 179 million, CNY 95.3543 million, and CNY 124 million.
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