CanSemi Technology Sets ChiNext IPO Subscription for September 24, 2026, Seeking RMB 7.5 Billion

CanSemi Technology Co. , Ltd.' s application for an initial public offering and listing on the ChiNext board has been approved by the listing committee of the Shenzhen Stock Exchange and registered with the China Securities Regulatory Commission. The company has published its issuance announcement. The offline and online subscription dates for this offering are both September 24, 2026, and the preliminary price inquiry period runs from 9:30 a. m. to 3:00 p. on September 18, 2026. CanSemi Technology is the first 12-inch wafer manufacturing enterprise in Guangdong province to achieve mass production and was independently cultivated by the province, marking a breakthrough from zero to one for Guangdong's 12-inch wafer manufacturing industry.

The initial public offering comprises 512.646 million shares, accounting for approximately 17.81% of the company's total share capital after issuance (before the exercise of the over-allotment option). If the over-allotment option is fully exercised, the total number of shares issued will expand to 589.542 million, accounting for approximately 19.95% of the total share capital after issuance. The issue price and price-to-earnings ratio will be determined through subsequent price inquiry. The total amount intended to be raised is RMB 7.5 billion, of which RMB 3.5 billion will be invested in the phase III project of a 12-inch integrated circuit analog specialty process production line, RMB 2.5 billion will be used for research and development of a specialty process technology platform, and the remaining RMB 1.5 billion will be used to supplement working capital.

Since its establishment in 2017, the company has focused on the specialty process wafer foundry segment, providing 12-inch wafer foundry and supporting process solutions to chip design companies at home and abroad, with applications covering consumer electronics, industrial control, automotive electronics, and artificial intelligence. During the reporting period, the company's wafer capacity increased steadily, with capacity utilization rising from 55.23% in 2023 to 84.79% in 2024 and reaching 96.38% in 2025; the production-to-sales ratio in 2025 was 99.47%. The company currently has two 12-inch wafer fabs with planned combined monthly capacity of 80,000 wafers, and with the implementation of the phase IV project, total monthly capacity will expand to 120,000 wafers.

From 2023 to 2025, the company's operating revenue was RMB 1.044 billion, RMB 1.681 billion, and RMB 2.582 billion, respectively, representing a three-year compound annual growth rate of 57.3%. As of December 31, 2025, the company had cumulatively developed more than 200 customers, covering nearly 40 listed companies at home and abroad, including globally leading chip design companies and a number of industry leaders in niche segments. Affected by the asset-heavy nature of wafer manufacturing, equipment depreciation, and continuous research and development investment, the company is not yet profitable.

The company has built eight core process platforms covering the full chain of chip sensing, transmission, computing, storage, and control, and continues to iterate processes including high voltage, high current, and digital isolators. In the field of silicon photonics and optoelectronic integration, the company has launched a 12-inch silicon photonics process technology platform; as of the end of April 2026, it was the only enterprise in mainland China with large-scale mass production capability for 12-inch silicon photonics wafers. The company's core shareholders are mainly local state-owned capital and leading industrial funds. Among the top ten shareholders, six have local state-owned capital backgrounds, including the Guangdong Semiconductor Fund, Science City Group, and the SDIC Venture Capital Fund.