Wire flash
Yueban Semiconductor Starts IPO Subscription Today, High Lottery Odds Expected
Editorial responsibility
- No named human review is recorded for this page.
- Source reporting is collected, normalized, translated or condensed automatically when needed.
- Automatically published source-backed update
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.
Source report
Reported by Li Yiwen | Edited by Li Yanna | Video by Liu Runying
On September 24, one new stock will be available for subscription and one new stock will begin trading.
- IPO Subscription: Yuexin Semiconductor (301660.SZ) on the ChiNext Board
- New Listing: Bioridge (920201.BJ) on the Beijing Stock Exchange
IPO Subscription: Yuexin Semiconductor
Yuexin Semiconductor is an integrated circuit manufacturing enterprise dedicated to providing 12-inch wafer foundry services and specialized process solutions for domestic and international chip design companies. The company possesses process R&D and manufacturing capabilities for integrated circuits, power devices, and other products. Its products are used across consumer electronics, industrial control, automotive electronics, and artificial intelligence.
Key Subscription Details
- Initial public offering shares: 51,264,600
- Online subscription cap: 128,000 shares
- Maximum subscription requires: RMB 1.28 million in Shenzhen market value
According to Wind data, Yuexin Semiconductor is the ChiNext Board new stock with the highest number of shares issued this year. Among all A-share new stocks in 2025, it ranks fourth in terms of shares issued, suggesting a relatively high lottery allocation rate.
Company Background
According to the prospectus, Yuexin Semiconductor is the first 12-inch wafer manufacturing enterprise independently cultivated in Guangdong Province to enter mass production, helping the province achieve a "from 0 to 1" breakthrough in 12-inch wafer manufacturing. Based on Frost & Sullivan data, as of the end of April 2026, Yuexin Semiconductor is the only enterprise in mainland China capable of large-scale mass production of 12-inch silicon photonic wafers.
Production Capacity
Yuexin Semiconductor currently operates two 12-inch wafer fabs:
- First Fab (Yuexin Phase I & II)
- Second Fab (Yuexin Phase III)
Planned total capacity: 80,000 wafers/month. As of the end of 2025, achieved capacity was 63,300 wafers/month. The company has also initiated construction of a third fab (Yuexin Phase IV), a 12-inch analog-mixed signal specialty process line with a planned capacity of 40,000 wafers/month. Upon completion, total capacity will reach 120,000 wafers/month.
Financial Performance
| Period | Revenue | Net Profit (Attributable to Parent) | |--------|---------|--------------------------------------| | 2023 | RMB 1.044 billion | RMB -1.917 billion | | 2024 | RMB 1.681 billion | RMB -2.253 billion | | 2025 | RMB 2.582 billion | RMB -2.346 billion | | H1 2026 | RMB 1.777 billion (+68.76% YoY) | RMB -1.052 billion (loss narrowed 12.41% YoY) |
The company has not yet turned profitable and has accumulated uncovered losses. It expects to achieve profitability on a consolidated basis no earlier than 2029.
Risk Factors
Yuexin Semiconductor faces risks related to potential delays in process technology platform iteration. The prospectus notes that the wafer foundry industry has high technical barriers and long R&D verification cycles. In particular, the development of new process nodes such as 40nm, 28nm, and 22nm may encounter difficulties in key technology breakthroughs and R&D progress falling short of expectations. The timelines for process technology development and product verification also carry uncertainty.
The company warns that failure to complete R&D on relevant technology platforms in a timely manner to meet market demand could adversely affect its market competitiveness and market share.
New Listing: Bioridge (920201.BJ)
Bioridge is a high-tech enterprise primarily engaged in the R&D, production, and sales of biomedical materials. Its biomedical materials are mainly used for post-surgical tissue repair, particularly for trauma caused by gynecological surgeries in female patients. The products help prevent post-surgical scar adhesion while promoting tissue healing and functional repair, effectively protecting female reproductive health. The company's main products are widely used in post-surgical repair of the uterine cavity, pelvic (abdominal) cavity, and nasal (sinus) cavity.
Market Reach
As of December 31, 2025, Bioridge's main products had entered approximately 2,300 hospitals in China, covering about 700 tertiary Class A hospitals. These include top-10 obstetrics and gynecology hospitals from Fudan University's "2023 China Hospital Specialty Rankings," such as:
- West China Second University Hospital (West China Women's and Children's Hospital) of Sichuan University
- Peking University People's Hospital
- The First Affiliated Hospital of Sun Yat-sen University
The company's products have also been successfully sold to developed countries including the United States, Germany, the United Kingdom, France, and Australia, gaining international market recognition.
R&D Capabilities
As of December 31, 2025, Bioridge had:
- 3 products with NMPA Class III medical device registration certificates
- 6 products with NMPA Class II medical device registration certificates
- 4 products with CE certification
- 2 products with FDA registration
- 20 granted invention patents in China
- 34 granted invention patents abroad via PCT
- Recognition as a fifth-batch national-level "Little Giant" enterprise specializing in new and distinctive technologies, and a national high-tech enterprise
Financial Performance
| Period | Revenue | Net Profit (Excluding Non-Recurring Items) | |--------|---------|---------------------------------------------| | 2023 | RMB 198 million | RMB 45.115 million | | 2024 | RMB 231 million | RMB 53.694 million | | 2025 | RMB 284 million | RMB 76.760 million |
2026 Q1-Q3 Forecast:
- Revenue: RMB 230–250 million (+14.98% to +24.98% YoY)
- Net profit (excl. non-recurring): RMB 59.473–64.973 million (+4.56% to +14.23% YoY)
From 2023 to 2025, the company's gross margin remained above 80%.
Risk Factors
Bioridge warns of market competition risks. The biomedical materials industry is a key direction for modern medical development. Continued growth in market space will attract new competitors, potentially increasing market competition pressure.
The company states that if it fails to formulate targeted business strategies, continuously improve technology, expand its scale, strengthen financial resources, and persistently develop domestic and international markets, its market share and gross margin may be squeezed, adversely affecting its operating performance.
Disclaimer: This article is for reference only and does not constitute investment advice. Investors should act at their own risk.
Sina Statement: This information is reproduced from a Sina cooperative media outlet. Sina publishes this content for the purpose of conveying more information and does not imply endorsement of the views or confirmation of the description. The content is for reference only and does not constitute investment advice. Investors should act at their own risk.
Editor: Hao Xinyu
Source
21世纪经济报道Neutral / independent
Part of this Story
Yuexin Semiconductor IPO subscription opens; Bairuiji lists on Beijing Stock Exchange