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Yuexin Semiconductor Sets IPO Price at 12.01 Yuan per Share, High Lottery Rate Expected
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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.
Source report
On the evening of September 22, Yuexin Semiconductor announced that its ChiNext IPO issuance price is set at 12.01 yuan per share. This corresponds to a diluted static price-to-sales (P/S) ratio of 13.39 times for 2025, assuming the underwriter does not exercise the over-allotment option. If the over-allotment option is fully exercised, the post-issuance P/S ratio would be 13.74 times, both below the average 2025 static P/S ratio of comparable listed companies.
Company Overview
Yuexin Semiconductor is a leading wafer manufacturing enterprise in Guangdong Province. It is the first company in the province to achieve mass production of 12-inch wafers and is one of the few specialty process wafer foundries globally focused on the analog chip segment.
Headquartered in Guangzhou, the company is often referred to as "Guangzhou's First Chip." Its core business focuses on three major directions:
- Integrated circuits
- Power devices
- Optoelectronic integration
The company specializes in analog chips, power devices, and silicon photonic chips, with applications spanning consumer electronics, industrial control, automotive electronics, and artificial intelligence.
According to Frost & Sullivan data, as of the end of April 2026, Yuexin Semiconductor is the only company in mainland China with the capability for large-scale mass production of 12-inch silicon photonic wafers.
IPO Details
- Initial public offering shares: 512.646 million shares
- Online subscription cap: 128,000 shares
- Maximum subscription requires: Shenzhen market市值 of 1.28 million yuan
According to Wind data, Yuexin Semiconductor is the largest ChiNext IPO by share count this year, and ranks fourth among all A-share IPOs in 2025 by number of shares issued. This suggests a relatively high lottery allocation rate for investors.
Financial Performance
| Period | Revenue (RMB) | Net Profit Attributable to Parent (RMB) | |--------|---------------|----------------------------------------| | 2023 | 1.044 billion | -1.917 billion | | 2024 | 1.681 billion | -2.253 billion | | 2025 | 2.582 billion | -2.346 billion | | H1 2026 | 1.777 billion (up 68.76% YoY) | -1.052 billion (improved 12.41% YoY) |
The company has not yet turned profitable and carries accumulated losses. It is expected to achieve profitability on a consolidated basis no earlier than 2029.
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Source
中国证券报Eastern
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Yueban Semiconductor launches largest ChiNext IPO this year at 12.01 yuan per share