Yueban Semiconductor launches largest ChiNext IPO this year at 12.01 yuan per share
Yueban Semiconductor, a Guangdong-based 12-inch wafer foundry, began its IPO subscription on the Shenzhen Stock Exchange's ChiNext board on September 24, 2026, at 12.01 yuan per share. The company is issuing 512.646 million shares, raising approximately 6.157 billion yuan, making it the largest ChiNext IPO by share count this year. Despite rapid revenue growth, the company remains unprofitable and expects to achieve profitability by 2029.
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Yueban Semiconductor, a wafer foundry leader, opens IPO subscription on ChiNext
Yueban Semiconductor (stock code 301660) began its IPO subscription on the ChiNext board of the Shenzhen Stock Exchange on September 24. The issue price is 12.01 yuan per share, with a static market-to-sales ratio of 13.39 times for 2025. The maximum subscription requires a Shenzhen market市值 of 1.28 million yuan. The company is the second unprofitable firm to pass the ChiNext listing review and is expected to become the board's first wafer foundry. It is issuing 512.646 million shares, raising approximately 6.157 billion yuan, making it the largest ChiNext IPO by share count this year. Yueban operates two 12-inch wafer fabs with a combined planned capacity of 80,000 wafers per month, having achieved 63,300 wafers per month by end-2025. It is building a third fab (Phase IV) to add 40,000 wafers per month. The company is the only Chinese mainland firm with mass production capability for 12-inch silicon photonic wafers, covering 400G, 800G, and 1.6T optical modules. According to Yole, the global wafer foundry market is expected to grow at a CAGR of 12.05% from 2024 to 2029. Yueban forecasts revenue of 2.87-2.97 billion yuan for the first nine months of 2026, up 61-67% year-on-year, but net losses of 1.49-1.59 billion yuan. The company expects to achieve profitability by 2029.
Read sourceYueban Semiconductor IPO Opens for Subscription with High Allocation Rate
On September 24, a new IPO subscription opens for Yueban Semiconductor, a leading wafer foundry in Guangdong province, on the ChiNext board. The company is offering 512.646 million shares at 12.01 yuan per share, with a maximum online subscription of 128,000 shares requiring a Shenzhen market capitalization of 1.28 million yuan. The offering price corresponds to a static price-to-sales ratio of 13.39 times (or 13.74 times if the over-allotment option is fully exercised), below the average of comparable listed companies. Despite rapid revenue growth from 10.44 billion yuan in 2023 to 25.82 billion yuan in 2025, the company remains unprofitable with net losses of 19.17 billion, 22.53 billion, and 23.46 billion yuan respectively. In the first half of 2026, revenue rose 68.76% year-on-year to 17.77 billion yuan, while net loss was 10.52 billion yuan. The company expects to achieve consolidated profitability by 2029. Separately, the article notes that on September 22, Alibaba's chip company Pingtouge released a domestic AI chip at the 2026 Hangzhou Yunqi Conference.
Read sourceYueban Semiconductor, a wafer foundry leader, opens IPO subscription on September 24
On September 24, Yueban Semiconductor, a major Chinese wafer foundry, began its IPO subscription on the ChiNext board. The company is the second unprofitable firm to pass a review on ChiNext and could become the first wafer manufacturing firm listed there. It issued 512.646 million shares, raising about 61.57 billion yuan before any over-allotment option. Yueban focuses on integrated circuit manufacturing and has launched a 12-inch silicon photonics process platform, with cumulative wafer starts exceeding 7,000 units. According to Frost & Sullivan, as of April 2026, it is the only Chinese company capable of mass-producing 12-inch silicon photonics wafers. Its silicon photonics products cover 400G, 800G, and 1.6T high-speed pluggable optical modules, matching international standards. The company is also developing 3.2T near-package optics products. Yole forecasts the global wafer foundry industry will enter a new growth cycle from 2024 to 2029, with a compound annual growth rate of 12.05%, driven by AI demand. Yueban operates two 12-inch fabs with a combined planned capacity of 80,000 wafers per month, achieving 63,300 wafers per month by end-2025. A third fab with 40,000 wafers per month capacity is under construction. In 2025, capacity utilization was 96.38% and sales-to-production ratio was 99.47%. The company expects revenue of 28.7-29.7 billion yuan for January-September 2026, up 61.27%-66.89% year-on-year, but net losses of 14.9-15.9 billion yuan. It projects turning profitable by 2029.
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Yueban Semiconductor Sets IPO Price at 12.01 Yuan, High Lottery Rate Expected
Yueban Semiconductor, a 12-inch wafer foundry based in Guangzhou and known as 'Guangzhou's First Chip,' has set its ChiNext IPO price at 12.01 yuan per share. The company plans to issue 513 million shares, with a maximum online subscription of 128,000 shares requiring a Shenzhen market capitalization of 1.28 million yuan. The static market-sales ratio after the issuance is 13.39 times (without over-allotment) and 13.74 times (with full over-allotment), both below the industry average. According to Wind data, the offering ranks fourth among all A-share IPOs this year and first on ChiNext, suggesting a relatively high lottery rate for subscribers. The company reported revenues of 1.044 billion yuan (2023), 1.681 billion yuan (2024), and 2.582 billion yuan (2025), but has sustained net losses, with a cumulative deficit. For the first half of 2026, revenue was 1.777 billion yuan (up 68.76% year-on-year), while net loss narrowed to 1.052 billion yuan. The company expects to achieve profitability on a consolidated basis by 2029.
Read sourceYueban Semiconductor Sets IPO Price at 12.01 Yuan, High Lottery Rate Expected
Yueban Semiconductor announced its ChiNext IPO price at 12.01 yuan per share, with a static price-to-sales ratio of 13.39 times (excluding over-allotment) and 13.74 times (including over-allotment), both below the industry average. The company will issue 513 million shares, with a maximum online subscription of 128,000 shares requiring a Shenzhen market capitalization of 1.28 million yuan. The subscription date is September 24, 2026. According to Wind data, the offering ranks fourth among A-share IPOs this year and first on ChiNext, suggesting a relatively high lottery rate. Yueban Semiconductor is Guangdong's first mass-producing 12-inch wafer foundry and a global specialty analog chip foundry. From 2023 to 2025, its revenue grew from 10.44 billion yuan to 25.82 billion yuan, but net losses widened from 19.17 billion yuan to 23.46 billion yuan. In the first half of 2026, revenue rose 68.76% year-on-year to 17.77 billion yuan, while net loss narrowed 12.41% to 10.52 billion yuan. The company remains unprofitable with accumulated losses and expects to achieve consolidated profitability by 2029.
Read sourceYueban Semiconductor Sets IPO Price at 12.01 Yuan, Expects High Lottery Win Rate
On September 22, Yueban Semiconductor, a leading Guangdong wafer foundry, announced its ChiNext IPO price at 12.01 yuan per share. The static price-to-sales ratio for 2025 is 13.39 times without the over-allotment option, and 13.74 times if fully exercised, both below the industry average. The company is issuing 512.646 million shares, the largest ChiNext IPO this year and the fourth largest among all A-share IPOs in 2025, implying a high lottery win rate for investors. Yueban is the first 12-inch wafer foundry in Guangdong to achieve mass production and is one of the few global specialty foundries focused on analog chips. It targets integrated circuits, power devices, and optoelectronics, serving consumer electronics, industrial control, automotive, and AI. According to Frost & Sullivan, it is the only Chinese company capable of mass-producing 12-inch silicon photonic wafers as of April 2026. Financially, the company reported revenues of 10.44 billion yuan (2023), 16.81 billion yuan (2024), and 25.82 billion yuan (2025), but net losses of 19.17 billion, 22.53 billion, and 23.46 billion yuan respectively. In H1 2026, revenue grew 68.76% year-on-year to 17.77 billion yuan, with a net loss of 10.52 billion yuan. The company expects to achieve profitability on a consolidated basis by 2029.