Torrance's IPO process has advanced rapidly. The company's ChiNext IPO application passed the listing committee review on April 24. Less than two weeks later, on May 8, the China Securities Regulatory Commission (CSRC) approved its registration for the initial public offering and listing on the ChiNext board.
This signifies that this precision manufacturing enterprise from Qidong, Jiangsu province, is only steps away from its official debut on the ChiNext board, pending final underwriting and listing procedures. Public information shows Torrance was founded in 2017 and specializes in metal components for semiconductor equipment. Its client list includes leading semiconductor equipment manufacturers such as Naura Technology Group Co.,Ltd. and Advanced Micro-Fabrication Equipment Inc. China. For this ChiNext IPO, the company plans to raise 900 million yuan to fund a semiconductor core equipment components manufacturing project, a research and development center project, and to supplement working capital.
For a company seeking a ChiNext listing, the narrative is straightforward: Torrance operates within the semiconductor equipment supply chain, benefiting from domestic substitution trends, and has secured a position in the supply systems of major clients. However, the flip side is equally apparent: the company's revenue is heavily concentrated among a few large customers. From 2023 to 2025, Naura and AMEC collectively contributed 74.29%, 83.51%, and 81.32% of Torrance's revenue, respectively. In other words, over the past three years, more than 70% to 80% of its revenue came from just two clients. While securing leading customers validates its product capabilities and supply chain position, it also implies that the company's growth and operational stability are heavily dependent on the procurement cycles of these major clients. During the listing committee inquiry, the stability of Torrance's operating performance was a key focus.
Qian Ke, the company's actual controller, is a central figure. Public records indicate Qian Ke was born in 1973, holds U.S. permanent residency, holds a bachelor's degree in computer software, and previously worked for overseas companies. Since 2017, he has served as General Manager and Executive Director of Torrance Limited; after the joint-stock company was established, he assumed the roles of Chairman, General Manager, and CEO. However, public scrutiny of Torrance extends beyond Qian Ke himself to his relatives and related equity transactions. Public reports show that Jiangxi Lide, controlled by Qian Ke's brother-in-law Liu Zhihua, invested 22.4752 million yuan in Torrance in October 2022. Through subsequent equity transfers, it fully exited its stake, cashing out a total of 645 million yuan. This means that before the company's official listing, a relative of the actual controller completed a substantial exit. Another connection points to Qian Ke's cousin, Qian Yanjuan. Public reports indicate that Nantong Gaomi and Shanghai Gaohao, controlled by Qian Yanjuan, have appeared on Torrance's list of related-party suppliers. During the reporting period, Torrance's procurement from these related parties amounted to 10.0457 million yuan, 23.6682 million yuan, and 27.4311 million yuan, accounting for 4.50%, 5.53%, and 5.23% of its operating costs for the respective periods. For manufacturing companies, outsourcing and supply chain partnerships are common. However, when suppliers are connected to the actual controller's relatives, the questions extend beyond "what was procured" to "why procure from them," "whether pricing is fair," and "whether operations are sufficiently independent." The Shenzhen Stock Exchange also inquired about the fairness of pricing in Torrance's related-party procurement. The company explained that the main contract terms and transaction methods in its procurement agreements showed no significant differences compared to other suppliers.
This represents a key governance tension for Torrance: it must present a growth story centered on domestic substitution in semiconductor equipment components to the capital markets, while simultaneously addressing more practical concerns such as related-party transactions with relatives, pre-IPO equity exits, and high customer concentration.
Performance metrics also show signs of pressure. From 2023 to 2025, Torrance's operating revenue was 291 million yuan, 610 million yuan, and 720 million yuan, respectively, demonstrating clear growth in scale. However, in 2025, both its net profit attributable to shareholders and net profit attributable to shareholders after deducting non-recurring items declined. Its gross profit margin also decreased from 29.89% in 2024 to 27.14% in 2025. Currently, Torrance has obtained IPO registration approval, leaving only the final steps before its official market debut. Moving forward, the market's focus may extend beyond a successful listing to whether the company can translate the光环 of being a "semiconductor equipment components supplier" into stable performance, transparent governance, and a public company structure capable of withstanding long-term scrutiny.
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