On September 24, Cansemi Technology Inc. (301660.SZ) began its IPO subscription, priced at 12.01 yuan per share with a maximum subscription cap of 128,000 shares. As a company that has not yet achieved profitability, the offering price corresponds to a static price-to-sales ratio of 13.39 times based on estimated 2025 diluted figures, before the exercise of any over-allotment option. The listing is set for the ChiNext board of the Shenzhen Stock Exchange, with GF Securities acting as the lead underwriter.
According to the prospectus, Cansemi Technology Inc. is an integrated circuit manufacturer dedicated to providing 12-inch wafer foundry services and specialty process solutions for chip design companies both domestically and internationally. Its core business model revolves around specialty process wafer foundry, serving chip designers and end customers, with major clients spanning multiple top-tier semiconductor design firms at home and abroad. The company possesses process development and manufacturing capabilities for integrated circuits, power devices, and other products, with applications covering consumer electronics, industrial control, automotive electronics, and artificial intelligence.
The company currently operates two 12-inch wafer fabrication plants: the first fab, comprising Phases 1 and 2, and the second fab, Phase 3. Together, these facilities have a planned capacity of 80,000 wafers per month, with 63,300 wafers per month already realized by the end of 2025. In addition, the company has begun constructing a third fab, Phase 4, a 12-inch analog-digital hybrid specialty process production line with a planned capacity of 40,000 wafers per month. Once Phase 4 is completed, total capacity will reach 120,000 wafers per month.
In the integrated circuit segment, Cansemi Technology Inc. has built a robust portfolio of process technology platforms through years of technical accumulation, including MS (Mixed Signal), HV (High-Voltage Display Driver), CIS (CMOS Image Sensor), eNVM (Embedded Non-Volatile Memory), BCD (Bipolar-CMOS-DMOS), and SiPho (Silicon Photonics). For power devices, the company holds MOSFET (Metal-Oxide-Semiconductor Field-Effect Transistor) and IGBT (Insulated Gate Bipolar Transistor) process platforms. This diverse product mix and technical edge allow the company to accommodate varied customer needs, tailoring manufacturing processes to achieve clients' performance and design goals.
Looking ahead, the company is actively pursuing cutting-edge industry areas by developing platforms for silicon photonics and optoelectronic integrated chips, microcontrollers, and compute-in-memory chips, thereby broadening the downstream application market for advanced technologies.
Financially, for the fiscal years 2023, 2024, and 2025, the company generated revenues of 1.044 billion yuan, 1.681 billion yuan, and 2.582 billion yuan, respectively. During the same periods, it recorded net losses of 1.917 billion yuan, 2.327 billion yuan, and 2.490 billion yuan.