Yuexin Semiconductor opens IPO subscription; Bairuiji lists on Beijing Stock Exchange
On September 24, Yuexin Semiconductor (301660.SZ) began its IPO subscription on the ChiNext board at 12.01 yuan per share, while Bairuiji (920201.BJ) listed on the Beijing Stock Exchange at 16.77 yuan per share. Yuexin, a 12-inch wafer foundry, is issuing 512.646 million shares, the largest ChiNext IPO this year by share count, suggesting high lottery odds. The company reported net losses and expects profitability by 2029. Bairuiji, a biomedical materials firm, reported gross margins above 80%.
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Common ground
- China's capital markets operate under different rules than Western markets, with policy-driven retail participation in strategic IPOs.
- US export controls have created artificial scarcity in mature-node semiconductor capacity for Chinese companies, giving domestic firms some pricing power.
- Bairuiji is a stronger business than Yuexin, with proven revenue, high margins, and a real moat in hospital relationships.
- Both companies are part of China's broader strategy to build technological sovereignty and reduce dependence on foreign supply chains.
Points of contention
- The Eastern Agent sees Yuexin's losses as a necessary long-term investment in national sovereignty, while the Neutral Agent views them as a risky transfer of losses to retail investors.
- The Eastern Agent argues that high retail IPO allocation is democratized access to national development, while the Neutral Agent calls it a red flag signaling institutional skepticism.
- The Neutral Agent believes silicon photonics is a niche market that won't justify Yuexin's losses, while the Eastern Agent sees it as a future growth driver for AI and data centers.
- The Eastern Agent claims Chinese retail investors have strategic patience, while the Neutral Agent warns they will panic-sell when the stock drops.
Blind spots
- Both sides underestimate the systemic risk of regulatory crackdowns by the CSRC if Yuexin's stock tanks, which could restrict future semiconductor IPOs.
- The debate overlooks the potential impact of China's volume-based procurement program on Bairuiji's margins, similar to what happened with stents and pacemakers.
- Neither side fully addresses whether retail investors can realistically hold stocks for a decade or more, as the 'build for 2035' narrative assumes.
WorldAttention’s read
This debate highlights a fundamental clash between two worldviews: the Eastern Agent sees China's capital markets as tools for national survival and long-term industrial sovereignty, while the Neutral Agent applies Western financial metrics focused on profitability and risk to retail investors. Both agree that Bairuiji is a more grounded business with real hospital relationships, but disagree on whether its margins will hold against competition and government cost-cutting. Yuexin remains the flashpoint—a money-losing semiconductor bet that the Eastern Agent frames as strategic necessity and the Neutral Agent calls a speculative gamble. The blind spots are significant: neither side fully accounts for regulatory risks from the CSRC or the real-world pressure on retail investors to sell during downturns. Ultimately, the conclusion depends on whether you believe China's state-directed system can override basic financial realities, or whether those realities will eventually catch up.
Reporting timeline
Yuexin Semiconductor IPO Subscriptions Open, Bairuiji Lists on Beijing Stock Exchange
According to exchange announcements reported by Shanghai Securities News via Tencent Stock, two significant capital market events occurred on September 24. Yuexin Semiconductor (粤芯半导体) opened its IPO subscription today with the stock code 301660. The offering price is set at 12.01 yuan per share, with a maximum subscription of 128,000 shares per single account, requiring an allocated market value of 1.28 million yuan for the maximum subscription. Separately, Bairuiji (百瑞吉) began trading today on the Beijing Stock Exchange under the stock code 920201. Its IPO was priced at 16.77 yuan per share, with a price-to-earnings ratio of 14.99 times. The report provides no additional details on the companies' business operations or financial performance beyond these listing parameters.
Read sourceToday's IPO Guide: Yuexin Semiconductor Subscribes, Bairuiji Lists on Beijing Exchange
According to a report from Cailianshe on September 24, there is one new IPO subscription today: Yuexin Semiconductor on the ChiNext board, and one new listing: Bairuiji on the Beijing Stock Exchange. Citing Wind data, the report notes that Yuexin Semiconductor's number of publicly offered shares ranks fourth among all A-share IPOs this year and first on the ChiNext board. The report suggests that this may result in a relatively high lottery rate for subscribers. The information is attributed to the financial data provider Wind and the news outlet Cailianshe.
Read sourceHigh Lottery Rate Expected for Semiconductor Leader IPO; Another New Stock Lists
On September 24, two notable stock market events occur in China. Yuexin Semiconductor (301660.SZ), a 12-inch wafer foundry service provider, begins its IPO subscription on the ChiNext board. The company is the only mainland Chinese firm with mass production capability for 12-inch silicon photonic wafers as of April 2026, according to Frost & Sullivan. Its large offering size of 512.646 million shares suggests a high lottery allocation rate. 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 for those years. It expects to achieve profitability by 2029. Separately, Bioridge (920201.BJ), a biomaterial company focused on post-surgical tissue repair, particularly for gynecological procedures, lists on the Beijing Stock Exchange. Bioridge has maintained gross margins above 80% from 2023 to 2025, with revenues growing from 1.98 billion to 2.84 billion yuan over the same period. Both companies warn of risks: Yuexin faces technology iteration challenges in advanced process nodes, while Bioridge faces increasing market competition.
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High Lottery Odds Expected as Semiconductor Leader Yuexin Semiconductor Begins IPO Subscription
On September 24, two significant stock market events occurred in China. Yuexin Semiconductor (301660.SZ) began its IPO subscription on the ChiNext board, while Bairuiji (920201.BJ) listed on the Beijing Stock Exchange. Yuexin Semiconductor, a 12-inch wafer foundry service provider, is issuing 512.646 million shares, the largest ChiNext IPO this year, implying high lottery odds. The company, which achieved China's first mass production of 12-inch silicon photonic wafers, reported growing revenues but persistent net losses, with an expected breakeven by 2029. It warned of risks in process technology platform iteration, particularly in 40nm, 28nm, and 22nm nodes. Bairuiji, a biomedical materials company focused on post-surgical tissue repair, especially in gynecology, reported steady revenue growth and gross margins above 80%. Its products are used in about 2,300 domestic hospitals and exported to developed countries. Bairuiji cautioned about increasing market competition. The article notes these are not investment advice.
High Lottery Odds: Semiconductor Leader Yuexin Semiconductor Begins IPO Subscription Today
On September 24, two stock market events occurred in China. Yuexin Semiconductor (301660.SZ) began its IPO subscription on the ChiNext board, while Baridge (920201.BJ) listed on the Beijing Stock Exchange. Yuexin Semiconductor, a 12-inch wafer foundry service provider, is issuing 512.646 million shares with a high expected lottery allocation rate, being the fourth-largest A-share IPO by share count this year. The company reported revenues of 25.82 billion yuan in 2025 but net losses of 23.46 billion yuan, with profitability not expected until 2029. It warned of risks in process technology platform iteration, particularly in 40nm, 28nm, and 22nm nodes. Baridge, a biomedical materials company focused on post-surgical tissue repair, reported 2025 revenues of 2.84 billion yuan and net profit of 76.76 million yuan, with gross margins above 80%. It cautioned about increasing market competition in the biomedical materials sector.
Yuexin Semiconductor IPO Offers High Lottery Chance; Beridge Lists on Beijing Bourse
On September 24, China's A-share market sees one new IPO subscription and one new listing. Yuexin Semiconductor, a 12-inch specialty wafer foundry, begins subscription on the ChiNext board. According to Wind data, its public offering size ranks fourth among all A-share IPOs this year and first on ChiNext, suggesting a relatively high lottery win rate for investors. The company, which is China's only firm with mass production capability for 12-inch silicon photonic wafers, reported revenues of 10.44 billion yuan, 16.81 billion yuan, and 25.82 billion yuan for 2023-2025, with net losses of 19.17 billion, 22.53 billion, and 23.46 billion yuan respectively. It expects to turn profitable by 2029. Meanwhile, Beridge, a national-level 'Little Giant' specializing in biomedical materials for post-surgical tissue repair, lists on the Beijing Stock Exchange. Beridge reported revenues of 1.98 billion, 2.31 billion, and 2.84 billion yuan for 2023-2025, with net profits of 0.50 billion, 0.52 billion, and 0.76 billion yuan. It forecasts Q1-Q3 2026 revenue of 2.3-2.5 billion yuan and net profit of 0.6-0.65 billion yuan.
Read sourceYuexin Semiconductor IPO Subscription Opens, Bairuiji Lists on Beijing Stock Exchange
According to a report from Shanghai Securities News, citing exchange announcements, two major stock market events occurred on September 24. Yuexin Semiconductor (粤芯半导体) opened its IPO subscription today, with a maximum subscription requiring a market value of 1.28 million yuan. Meanwhile, Bairuiji (百瑞吉) began trading on the Beijing Stock Exchange today under the stock code 920201. Its initial public offering price was set at 16.77 yuan per share, with a price-to-earnings ratio of 14.99 times. The information was sourced from the Shanghai Securities News and China Securities Network.
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