Jucheng Semiconductor Refiles for Hong Kong IPO as Third-Largest EEPROM Supplier; Controlling Shareholder Cuts

Jucheng Semiconductor Co. , Ltd. first submitted its Hong Kong IPO prospectus on January 26, 2026. The filing lapsed on July 26 after six months, and the company refiled with the Hong Kong Stock Exchange on July 28. In terms of share price, the stock hit a record high of RMB235.99 per share on July 10, before retreating to close at RMB128.99 on August 11, giving a total market capitalisation of RMB20.5 billion.

Jucheng Semiconductor focuses on non-volatile memory chips, with main products including EEPROM and SPD chips, operating under a fabless model. According to market data, based on 2025 revenue, the company ranked as the world's third-largest EEPROM supplier with a 14.8% market share, and the world's second-largest DDR5 SPD chip supplier with a market share of over 40%. Non-volatile memory chip revenue accounts for more than 80% of the company's total revenue, while other businesses such as camera motor driver chips and NFC chips contribute less.

From 2023 to 2025, the company's revenue increased from RMB703 million to RMB1.221 billion, and net profit rose from RMB83 million to RMB356 million. In the first quarter of 2026, revenue was RMB280 million, with net profit of RMB33 million, down 66.6% year on year, while the gross margin for non-volatile memory chips fell from 65.6% to 53.1%. The first-half earnings forecast shows revenue of RMB602 million, up 4.71% year on year, and net profit of RMB525 million, up 156.07%, but non-recurring items amounted to approximately RMB432 million, leaving net profit after excluding non-recurring items at RMB93.47 million, down 47.3% year on year.

The concert parties controlled by controlling shareholder Chen Zuotao reduced 4.12 million shares in the fourth quarter of 2025, cashing out nearly RMB605 million; in April 2026, they reduced another 4.12 million shares, cashing out about RMB429 million, for a total of over RMB1 billion. Chen Zuotao has been criticised by regulators twice: in November 2017 for discrepancies between the earnings forecast and annual report data, and in April 2026 for failing to timely perform review and disclosure obligations for advances paid by the controlling shareholder. As of before this Hong Kong IPO, Chen Zuotao and his brother Chen Zuoning held a combined 21.03% stake in Jucheng Semiconductor through the Tianhao group.