Securities Times | First IPO Approval in the Year of the Horse! SJ Semiconductor Corporation's Star Market Listing Application Clears Review

Hard-tech enterprises continue to drive momentum on the STAR Market in the Year of the Horse.

On February 24, information from the Shanghai Stock Exchange official website showed that the IPO application of SJ Semiconductor Corporation was approved by the STAR Market Listing Review Committee, becoming the first STAR Market IPO project to pass the Listing Review Committee in the Year of the Horse.

SJ Semiconductor Corporation is a globally leading enterprise in the field of advanced integrated circuit wafer-level testing and packaging. It started with 12-inch mid-end wafer processing and further provides full-process advanced packaging and testing services, including wafer-level packaging and chiplet multi-chip integration packaging. It is reported that the company is committed to supporting various high-performance chips, especially GPUs, CPUs, and artificial intelligence chips. Through heterogeneous integration methods that go beyond Moore's Law, it achieves comprehensive performance improvements such as high computing power, high bandwidth, and low power consumption.

According to the prospectus submitted to the Listing Review Committee, during the reporting period (from 2022 to the first half of 2025), SJ Semiconductor Corporation's cumulative R&D investment exceeded RMB 1.5 billion. From 2022 to 2024, the company's operating revenue grew from RMB 1.633 billion to RMB 4.705 billion, achieving a compound annual growth rate of 69.77%. It also transitioned from losses to sustained profitability. In the first half of 2025, the company achieved a net profit attributable to the parent company of RMB 435 million.

By this STAR Market IPO, SJ Semiconductor Corporation plans to raise RMB 4.8 billion and invest in a 3D multi-chip integration packaging project and an ultra-high density interconnection 3D multi-chip integration packaging project. The focus is on building large-scale production capacity for its chiplet multi-chip integration packaging technology platform, supplementing capacity for related bumping manufacturing, and increasing R&D and industrialization efforts in cutting-edge packaging technologies like 3DIC. It is understood that the proposed investment projects are closely aligned with the company's core advanced packaging and testing business, fitting well with national policies for the development of the integrated circuit industry and the demands of industries like artificial intelligence.

Against the backdrop of the continuous implementation and deepening of reforms on the STAR Market, hard-tech enterprises in fields such as semiconductors and artificial intelligence are accelerating their connection with the capital market. SJ Semiconductor Corporation's STAR Market IPO application was accepted on October 30th last year. After multiple rounds of review inquiries, it is processed rapidly to the Listing Review Committee. This is a strong demonstration of the inclusiveness and adaptability of the capital market system.

Leveraging the STAR Market platform, SJ Semiconductor Corporation will further broaden its financing channels. By harnessing the power of the capital market, it aims to increase R&D investment and production capacity layout, continuously improve its advanced packaging technology systems such as 2.5D/3DIC, and contribute to the self-reliance and controllability of China's integrated circuit industry chain.