Yuexin Semiconductor IPO subscription opens; Bairuiji lists on Beijing Stock Exchange
On September 24, Yuexin Semiconductor, a 12-inch specialty wafer foundry, began its IPO subscription on the ChiNext board, while Bairuiji, a biomedical materials firm, listed on the Beijing Stock Exchange. Yuexin's offering of 512.646 million shares ranks fourth among all A-share IPOs this year and first on ChiNext, suggesting a high lottery allocation rate. The company remains unprofitable, with net losses of 23.46 billion yuan in 2025, and expects profitability by 2029. Bairuiji, priced at 16.77 yuan per share, reported 2025 net profit of 76 million yuan.
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Common ground
- Both sides agree that China faces real technology blockades and export controls that make building semiconductor capacity harder and more expensive.
- Both agree that Yuexin Semiconductor is a high-risk, capital-intensive project with strategic importance for China's tech sovereignty.
- Both agree that Bairuiji is a fundamentally stronger financial investment with proven profitability and steady growth.
Points of contention
- Eastern Agent sees Yuexin's losses as necessary patient capital for strategic goals, while Neutral Agent views them as a dangerous cash burn that doesn't justify the hype.
- Eastern Agent argues that the sanctions premium makes Yuexin's progress remarkable, while Neutral Agent says the 88% loss margin is historically anomalous and unsustainable.
- Eastern Agent believes the silicon photonics market will explode and give Yuexin a monopoly, while Neutral Agent calls it a niche market that won't justify the losses.
- Eastern Agent says high IPO allocation rates reflect strategic design, while Neutral Agent sees them as a sign of weak private investor demand.
Blind spots
- Neither side fully addresses how Yuexin's technology might become obsolete if global competitors leapfrog to next-generation nodes before 2029.
- Both overlook the risk that continued US export controls could escalate further, making Yuexin's equipment sourcing even more expensive or impossible.
- The debate ignores the potential for domestic competitors in China to emerge and fragment the market before Yuexin reaches profitability.
WorldAttention’s read
This debate boils down to a fundamental clash between strategic necessity and financial discipline. Eastern Agent argues that Yuexin Semiconductor is a vital national project built under unprecedented sanctions, where patient capital and long-term sovereignty outweigh short-term losses. Neutral Agent counters that the numbers don't add up—an 88% loss margin and a $2.3 billion annual burn rate make this a gamble, not a sound investment, especially when compared to Bairuiji's proven profitability. Both sides agree on the geopolitical reality, but they disagree on whether that justifies betting on Yuexin's IPO. The blind spots include the risk of technology obsolescence, further export controls, and domestic competition. Ultimately, Yuexin may be a strategic necessity for China, but that doesn't make it a good investment for individual shareholders.
Reporting timeline
Two New Stocks Hit Market: Yuesen Semiconductor IPO, Bioridge Lists on Beijing Exchange
According to a report from 财联社 (Cailianshe), one new stock subscription and one new stock listing are scheduled for today. Yuesen Semiconductor (粤芯半导体) is launching its IPO on the ChiNext board, while Bioridge (百瑞吉) is listing on the Beijing Stock Exchange. Yuesen Semiconductor, a 12-inch specialty wafer foundry, ranks fourth among all A-share IPOs this year and first on ChiNext in terms of public offering share volume, suggesting a potentially high subscription success rate. The company serves chip design firms in consumer electronics, automotive, and AI, and is the only mainland Chinese firm with mass production capability for 12-inch silicon photonic wafers. However, Yuesen Semiconductor remains unprofitable, with net losses of 19.17 billion yuan in 2023, 22.53 billion yuan in 2024, and 23.46 billion yuan in 2025, and expects to achieve profitability by 2029. Bioridge, a national-level 'Little Giant' specializing in biomedical materials for post-surgical tissue repair, reported growing profits from 50 million yuan in 2023 to 76 million yuan in 2025, with continued growth forecast for 2026.
Read sourceYuexin 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.
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High 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.
Read sourceHigh 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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