According to the Star Daily on January 5 (Reporter Guo Hui), this week (from December 30, 2024 to January 5, 2025), there have been new developments in the IPOs of 14 companies on the Star.

Among them, Qiangyi Semiconductors (Suzhou) Co., Ltd. (hereinafter referred to as "Qiangyi Co., Ltd.") has been accepted for its Star IPO; Yingstone Innovation, Heyuan Biology, Jieke Co., Ltd., Hanbang Technology, and 12 other companies will supplement and update their financial data by December 31, 2024; the review status of New Chip Co., Ltd. has been suspended due to outdated financial data.

Qiangyi Co., Ltd. aims to raise 1.5 billion yuan, with Hubble Technology holding 6.4% of the shares.

Qiangyi Co., Ltd. is a high-tech enterprise focused on semiconductor design and manufacturing, concentrating on the research, development, design, production, and sales of core hardware probe cards for wafer testing.

The prospectus shows that Qiangyi Co., Ltd. is aiming for a Star IPO with a planned fundraising amount of 1.5 billion yuan. Of this, 1.2 billion yuan will be used for the research and production project of the Nantong probe cards, and 0.3 billion yuan will be used for the construction project of the headquarters and research center in Suzhou.

In terms of performance, from 2021 to the first half of 2024, the company achieved revenues of 0.11 billion yuan, 0.254 billion yuan, 0.354 billion yuan, and 0.198 billion yuan for each period-end respectively; net profits were -13.3584 million yuan, 15.62 million yuan, 18.6577 million yuan, and 40.85 million yuan respectively; net profits excluding non-recurring items were -3.77 million yuan, 13.84 million yuan, 14.39 million yuan, and 36.608 million yuan respectively.

In terms of equity structure, the controlling shareholder and actual controller Zhou Ming directly holds 27.93% of the company's shares and indirectly controls 13.83% of the shares. Zhou Ming and his concerted actors jointly control 50.05% of Qiangyi Co., Ltd.'s shares.

Since obtaining an angel round investment of 50 million yuan from丰年资本 in 2020, Qiangyi Co., Ltd. has successively received investments from investors including Yuanhe Puhua, Huawei Hubble, Junhai Chuangxin, China Securities Co.,Ltd., Cornerstone Capital, Junton Capital, Guofa Venture Capital, Rongpei Capital, and Haida Investment. Before this issuance, external shareholders such as Fengnian Junhe, Hubble Technology, and Yuanhe Puhua held 7.6%, 6.4%, and 4.4% of Qiangyi Co., Ltd.'s shares, respectively.

According to TechInsights, in 2023, the market size of the global and Chinese semiconductor probe card industry reached 2.109 billion USD and 0.211 billion USD, respectively. Based on data from Yole, Qiangyi Co., Ltd. ranked ninth in the global semiconductor probe card industry in 2023, marking the first time a domestic company has entered the top ten semiconductor probe card manufacturers globally in recent years.

Yingshi Innovation, Jieka Co., Ltd., and others updated their financial information.

Yingshi Innovation's main products are smart imaging devices such as panoramic cameras and action cameras, with the panoramic camera brand Insta360 under its umbrella.

As early as January 28, 2022, Yingshi Innovation submitted an IPO registration application to the Star, but to date, its review progress has stagnated for 3 years. According to media reports, a natural person shareholder of Yingshi Innovation had worked for many years at the Shenzhen Stock Exchange and was once seconded to the issuance department of the CSRC, belonging to personnel who left the CSRC system, but the company did not disclose this in its application materials as required.

Yingshi Innovation founder Liu Jingkang stated on his personal social platform in October 2024 that the company has sensitive shareholders who are not involved in review positions, and that the investment price during entry was the highest (50% higher than Deep Venture Capital), with no benefits transferred, nor was there any concealment of the investment. Liu Jingkang also stated, "(Yingshi Innovation) has grown four times during the four years of the IPO application, increasing from only 1/40 of industry leader GoPro in 2017 to surpassing it in the first half of this year; excluding growth in 2024, Yingshi Innovation's performance in 2023 could rank in the top 5% on the Star and GEM."

Subsequently, Liu Jingkang stated that a fundraising project from the company's previous IPO application had been quickly completed based on the business income from recent years, and there would be active communication with regulators to change or withdraw the IPO plan. Yingshi Innovation's update of its latest financial information is viewed by market participants as indicating that it has not yet given up on the IPO on the Star.

Collaborative robot company Jieka Co., Ltd.'s updated financial information in its prospectus shows that in the first half of 2024, the company achieved a revenue of 0.167 billion yuan, with core business robotic systems product revenue increasing by 56.35% year-on-year; however, the automation production line business experienced a year-on-year decline due to implementation progress, causing the overall revenue growth rate to decrease to 5.29%.

In its prospectus, Jieke Co., Ltd. has made commitments regarding the extension of the lock-up period for its actual controller's shares linked to performance after the IPO and its dividend policy. Specifically, if the net profit in the year of listing declines by more than 50% compared to the previous year, the lock-up period for shares held by actual controller Li Mingyang and his concerted actors will be extended by 6 months; additionally, in the three years following the listing, under certain conditions, the company will distribute profits at least once a year in cash, after fully reserving the statutory surplus reserves and discretionary surplus reserves.

Hanbang Technology was established in 1998 and is a high-tech enterprise focused on chromatographic technology. Since its establishment, it has been dedicated to providing professional separation and purification equipment, consumables, application technology services, and related technical solutions for the pharmaceutical and life sciences sectors. The updated prospectus, following the company’s financial data update, indicates that it achieved revenue of 0.329 billion yuan and a net income attributable to the parent company of 37.6849 million yuan in the first half of 2024.

In the first nine months of 2024, Zhuzhou Kenen's main business revenue was 0.611 billion yuan, an increase of 40.64% year-on-year; the net income attributable to the parent company after deducting non-recurring items was 62.0048 million yuan, an increase of 111.68% year-on-year.

Zhuzhou Kenen stated that the company's performance growth is due to two main factors: first, the market prices of indium ingots, gallium metal, and bismuth ingots showed an overall upward trend from January to September 2024, which led to a significant increase in the unit sales price of the company's products. Additionally, due to lower inventory costs, the sales gross margin was significantly higher compared to the same period in 2023. Second, the demand for high-purity gallium products in the compound semiconductor field, which is the main downstream sector, has recovered, and the gallium series export contracts signed by the company in the second half of 2023 have gradually received export approvals in 2024, resulting in improved sales performance for high-purity gallium products compared to the same period in 2023.

Combining the industry development trends and the company's current operational situation, Zhuzhou Kenen expects its total revenue for 2024 to be approximately 0.775 billion to 0.79 billion yuan, and the net income attributable to the parent company is expected to be around 74 million to 78 million yuan.

In addition, according to the Shanghai Stock Exchange official website, on December 31, 2024, due to the expiration of the financial data recorded in the application documents for the public offering, the audit status of Xinxin Co., Ltd. was changed to suspended (Earnings Reports update) and needs to be supplemented.