Yuexin Semiconductor Starts IPO Subscription on ChiNext, Poised to Be First Wafer Foundry Listed

On September 24, Yueban Semiconductor, a ChiNext-listed newcomer, became the second unprofitable company to pass the listing review on the ChiNext board under its third set of listing standards, following Dapu Micro. The company is expected to become the first wafer foundry enterprise on the ChiNext board.

Before the exercise of the over-allotment option, Yueban Semiconductor issued 512.646 million shares, raising a total of approximately RMB 6.157 billion.

Business Overview

Yueban Semiconductor is primarily engaged in integrated circuit manufacturing. In the field of silicon photonics and optoelectronic integration, the company has successfully launched a 12-inch silicon photonics process technology platform. As of the date of the prospectus, cumulative wafer starts on its silicon photonics platform had exceeded 7,000 wafers.

According to Frost & Sullivan data, as of the end of April 2026, Yueban Semiconductor is the only company in mainland China with mass production capabilities for 12-inch silicon photonic wafers. Its silicon photonics products cover 400G, 800G, and 1.6T high-speed pluggable silicon photonic optical module applications, matching international leading standards. The company is also conducting R&D on near-package optics (NPO) process manufacturing technology and is currently introducing 3.2T NPO products.

Industry Outlook

According to Yole's forecast, driven by the recovery of end markets and growing demand for AI, the global wafer foundry industry is expected to enter a new growth cycle from 2024 to 2029. The compound annual growth rate of global wafer foundry revenue during this period is projected to reach 12.05%.

Production Capacity

Yueban Semiconductor currently operates two 12-inch wafer fabs with a combined planned capacity of 80,000 wafers per month. As of the end of 2025, the company had achieved a capacity of 63,300 wafers per month. Additionally, the company has started construction of a third facility (Yueban Phase IV), a 12-inch analog-mixed signal specialty process production line with a planned capacity of 40,000 wafers per month. Once Phase IV is completed, the company's total capacity will reach 120,000 wafers per month.

In 2025, the company's capacity utilization rate reached 96.38%, with a production-to-sales ratio of 99.47%.

Financial Performance

For the period from January to September 2026, Yueban Semiconductor expects revenue of RMB 2.87 billion to RMB 2.97 billion, representing a year-on-year increase of 61.27% to 66.89%. Net profit attributable to the parent company is expected to be between -RMB 1.59 billion and -RMB 1.49 billion.

The company anticipates that production and sales volumes will continue to rise, and long-term profitability will improve. On a consolidated basis, Yueban Semiconductor expects to achieve profitability by 2029 at the earliest.

(Source: China Securities Journal · Zhongzheng Taurus)