The A-share market was rocked by a significant development on the evening of July 17, 2026.
Qiangyi Semiconductor (Suzhou) Co., Ltd., a star performer on the STAR Market for less than a year, announced that its controlling shareholder and Chairman, Zhou Ming, has finalized his divorce from his wife, Jiang Chunlan. As part of the settlement, Zhou Ming transferred half of his equity stake—approximately 14.07 million shares, representing 10.86% of the company's total shares—to his former spouse.
Based on the closing price of 423 yuan per share that day, this "divorce settlement" is valued at a staggering 5.95 billion yuan. The news immediately sparked intense public debate. Some joked it was "one of the most expensive divorces in history," while others expressed concern about potential instability in the company's control following the dilution of the controlling shareholder's stake. There were also suspicions that this might be a novel strategy to circumvent share sale restrictions.
Understanding the Settlement Details
First, let's examine the specifics of the division. Prior to the split, Zhou Ming directly held about 27.14 million shares (20.95% of total shares) and indirectly held 1 million shares (0.77%) through three employee持股 platforms, bringing his total stake to 21.72%. Jiang Chunlan held no company shares.
Upon signing the divorce agreement, Zhou Ming's holdings were split in half. A total of 14.07 million shares, comprising 13.569 million directly held shares and 500,000 indirectly held shares, were transferred to Jiang Chunlan. Post-transfer, each holds a 10.86% stake, achieving an "absolute equal split."
However, a crucial detail emerged simultaneously. Concurrently with the divorce, Zhou Ming and Jiang Chunlan signed a ten-year "Voting Agreement." This agreement stipulates that Jiang Chunlan unconditionally and irrevocably agrees to vote in line with Zhou Ming's directives on all major company decisions. Without Zhou Ming's written consent, she cannot seek control of the company, either alone or in concert with third parties.
What does this mean? Zhou Ming's effective voting control remains unchanged. Before the split, he controlled 21.72%. After the split, his personal holding dropped to 10.86%, but combined with Jiang Chunlan's 10.86% and shares held by other parties acting in concert, he now controls 34.06% of the voting rights. His status as the company's actual controller remains unshaken.
Furthermore, all 14.07 million transferred shares are subject to lock-up restrictions and are not freely tradable on the secondary market. According to the CSRC's new regulations on share reductions, all parties involved in a divorce-related share split must continue to jointly comply with the rules governing major shareholder减持.
In essence: the couple has separated, the assets have been divided, but the steering wheel of the company remains firmly in Zhou Ming's hands.
Examining the Company's Profile
After understanding the event, it's worth examining the company itself. Qiangyi Semiconductor was founded in 2015 in the Suzhou Industrial Park and listed on the STAR Market on December 30, 2025, with an IPO price of 85.09 yuan per share.
Its core business is probe cards. In simple terms, during chip manufacturing, after wafers are produced, each chip must be tested for functionality. The probe card acts as the "bridge" connecting the testing equipment to the wafer, serving as the core hardware for wafer testing. Without it, chips cannot be tested and are therefore unusable.
The probe card sector is characterized by extremely high technical barriers and has long been dominated by American and Japanese companies. Qiangyi Semiconductor is one of the very few domestic companies in China capable of achieving full-process independent control over MEMS probe cards and is the only mainland Chinese company in recent years to break into the global top ten in the semiconductor probe card industry. Its global market share was 3.42% in 2024, ranking sixth, and improved to 3.87% in 2025, solidifying its sixth-place position.
Financial Performance Review
For the full year 2025, the company reported revenue of 1.012 billion yuan, a year-on-year increase of 57.81%, and net profit attributable to shareholders of 395 million yuan, surging 69.43%. Probe card sales revenue was 964 million yuan, accounting for 95.27% of total revenue, with a gross margin as high as 65.03%.
The first quarter of 2026 was particularly noteworthy. Revenue reached 285 million yuan, a staggering increase of 229.39% year-on-year. Net profit attributable to shareholders was 112 million yuan, skyrocketing 697.60% year-on-year. Adjusted net profit was 111 million yuan, up 782.99%.
The company attributed this explosive growth to booming global demand for AI computing chip testing, coupled with an upturn in the semiconductor industry cycle, leading to sustained volume growth in MEMS probe card orders. The logic is clear: more AI chips sold means greater testing demand, directly benefiting probe cards as essential "consumables."
Key Financial Metrics
Several key financial points stand out. First, profit growth significantly outpaced revenue growth in 2025, suggesting product mix optimization and a rising proportion of high-margin MEMS probe cards. Second, the balance sheet is exceptionally clean, with an asset-liability ratio of only 8.86%, far below the industry average of 32.16%, representing a "light-asset" model in the capital-intensive semiconductor sector. Third, the Return on Equity (ROE) reached 29.92%, placing it among the top tier of A-share semiconductor companies. Fourth, high customer concentration (76.93% from the top five clients in 2025) is a double-edged sword, offering stable orders but also posing risks if a major client encounters issues.
Industry Tailwinds
Qiangyi Semiconductor's performance is not an isolated case. 2026 is being termed a "major year for advanced packaging capacity expansion" within the industry. The insatiable demand for computing power driven by AI is pushing the packaging and testing segment, long a supporting player, into the spotlight. Every AI chip must be tested by a probe card before leaving the production line, making probe cards a direct beneficiary of this round of封装 capacity expansion. Qiangyi Semiconductor's strategic positioning places it at a critical juncture in this high-growth赛道.
Looking Beyond the Headlines
Returning to the divorce event, the market's primary concerns are control stability and potential减持. The first point is addressed by the ten-year Voting Agreement, which solidifies control. Jiang Chunlan is not involved in company operations, holds no position, and her voting rights are aligned with Zhou Ming's. The second point is mitigated by regulatory changes; the 2024 CSRC rules explicitly state that parties involved in a divorce-related share split must continue to comply with major shareholder减持 regulations, effectively closing any loophole for disguised减持.
What is more值得关注 is the underlying signal. Zhou Ming, as founder and controller, chose to split half his equity in a divorce but simultaneously locked down control with a decade-long legal agreement. This suggests his commitment to the company's control and operational confidence remains undiminished despite personal changes. A founder who meticulously arranges corporate governance during a major personal life event indicates the company's high priority.
Fundamentally, the company is on a strong trajectory: breaking 1 billion yuan in revenue and nearly 400 million in profit in its first上市 year (2025), with Q1 2026 profit soaring nearly 7-fold, global market share稳步提升, and technological advancements like 110GHz high-frequency probe cards entering customer validation.
While divorce is a private matter, Zhou Ming's actions, through a ten-year legal document, signal to the market that the company's journey is far from over.
Final Thoughts
The 5.95 billion yuan "divorce settlement" certainly grabs headlines. However, beyond the sensationalism, the announcement serves more as a "statement of control stability"—the couple separated, but the company remains intact; the equity was divided, but control was not lost. While the A-share market has seen its share of high-value divorces, few involve such meticulously arranged corporate governance alongside the personal split.
From an industrial perspective, Qiangyi Semiconductor is positioned at the confluence of three powerful trends: the AI computing power explosion, advanced packaging expansion, and accelerated domestic substitution. With国产 probe cards holding only a 6.12% global share as of 2025, the room for domestic substitution is substantial and visible.
Personal relationships may change, but industrial trends march on independently. The story of this "hidden champion," Qiangyi Semiconductor, is just beginning.
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