On October 13th, Yuexin Semiconductor Technology Co., Ltd. (301660. SZ, hereinafter referred to as "Yuexin Semiconductor") rose 274.69% to 45.00 yuan/share on its first day of trading. The issuance price of this stock is 12.01 yuan per share, and the sponsor is Guangfa Securities.

According to public information, Yuexin Semiconductor was founded in 2017 and is an integrated circuit manufacturing enterprise dedicated to providing 12 inch wafer foundry services and characteristic process solutions for domestic and foreign chip design enterprises. It is also the first 12 inch wafer manufacturing enterprise independently cultivated and entered mass production in Guangdong Province, achieving a breakthrough in 12 inch wafer manufacturing from 0 to 1 for Guangdong Province.

Yuexin Semiconductor is the first wafer manufacturing enterprise listed on the ChiNext board. As of the close on October 13th, Yuexin Semiconductor closed at 38.80 yuan per share, with a total market value of 111.7 billion yuan. This means that this wafer foundry company, which has been established for less than nine years and has not yet achieved profitability, has officially entered the club with a market value of billions.

Chen Jin, chairman of Yuexin Semiconductor, said at the IPO ceremony that since its inception, Yuexin Semiconductor has always taken root in Guangdong, and is committed to providing 12 inch wafer foundry and characteristic process solutions for chip design enterprises at home and abroad. It is the first 12 inch wafer manufacturing enterprise independently cultivated by Guangzhou City, Guangdong Province, and has entered mass production. It is the first enterprise in Chinese Mainland with the capacity of mass production of 12 inch silicon optical wafers. The company focuses on mature processes and distinctive techniques to form differentiated competitive advantages, helping China's integrated circuit industry achieve technological breakthroughs and industrial upgrading.

On the first day of listing, Yuexin Semiconductor shareholder Yingfeng Investment stated that accompanying a wafer fab through the long cycle of capacity ramp up is the best footnote for patient capital. Yingfeng Investment is optimistic about the strategic value of wafer foundry as the core bottleneck of the chip industry chain. As the leading domestic analog chip foundry enterprise, Yuexin Semiconductor is the only platform in Chinese Mainland that has the capacity of mass production of 12 inch silicon optical wafers; Yuexin Semiconductor has gone through the period of heavy asset construction, with full orders for basic analog chip stocks. The silicon optical business is opening a second growth curve driven by the demand for AI computing power, and Yingfeng Investment has more confidence in Yuexin Semiconductor's long-term value.

The first chip in Guangzhou

As the first 12 inch wafer manufacturing enterprise independently cultivated and mass-produced in Guangdong Province, Yuexin Semiconductor is known as the "first chip in Guangzhou".

On October 9th, at the Guangdong Advanced Manufacturing Industry Conference, Chen Jin, Chairman of Yuexin Semiconductor, said, "Yuexin's entrepreneurial development path is a microcosm of Guangdong's persistent development of advanced manufacturing industry

The story of Yuexin Semiconductor began with Guangzhou's layout of the integrated circuit manufacturing industry. In December 2017, Yuexin Semiconductor was established with its headquarters located in Huangpu, Guangzhou. At that time, Guangdong had a relatively active electronic information industry and a huge chip application market, but there was still a lack of local mass production lines in the field of 12 inch wafer manufacturing.

After landing in Guangzhou, Yuexin Semiconductor started project construction in early 2018 and officially began mass production of the first phase of the production line in 2019. It achieved a leap from project construction to production and operation in a relatively short period of time, becoming the first 12 inch wafer manufacturing enterprise in Guangdong Province to enter the mass production stage.

According to Frost&Sullivan data, as of the end of April 2026, Yuexin Semiconductor is the only enterprise in Chinese Mainland with the capacity of mass production of 12 inch silicon optical wafers. In terms of production capacity, the prospectus disclosed that Yuexin Semiconductor currently has two 12 inch wafer fabs with a capacity utilization rate of over 96%; The compound annual growth rate of operating revenue from 2023 to 2025 will reach 57.30%. As of the end of 2025, Yuexin Semiconductor has over 700 authorized patents both domestically and internationally.

Chen Jin stated that as a national integrated circuit backbone enterprise and industry chain leader independently cultivated by Guangdong, Yuexin Semiconductor is gradually achieving a development leap from "seeking survival" to "creating characteristics". By vigorously promoting the integration of upstream and downstream bead production and terminal applications within the province, the company has not only achieved a production capacity utilization rate of over 90% and reserved a large number of future orders in the past two years, but also created the advantage of "the only domestic silicon optical chip with large-scale production of 12 inch silicon optical wafers and a technological level that has benchmarked international standards".

Two Chaoshan people ring the bell

According to the prospectus, Yuexin Semiconductor Company has no controlling shareholder or actual controller, and its shareholders include diversified capital such as national, provincial, municipal, and district level state-owned assets, industrial funds, and banking institutions.

Among the shareholders holding more than 5% of shares in Yuexin Semiconductor, Guangdong Semiconductor and Integrated Circuit Industry Investment Fund holds about 11.29% as the second largest shareholder, Guangzhou Development Zone state-owned enterprise Science City Investment Group holds about 8.82%, national level industrial fund Guotou Entrepreneurship Fund holds about 7.05%, in addition to Yuxin Zhongcheng, Guangzhou Huaying, etc; Agricultural Bank Financial Asset Investment Co., Ltd. holds approximately 4.09% of the shares, while Guangzhou Sci Tech Innovation Industry Investment Fund, a subsidiary of Guangzhou Industrial Investment Group, holds approximately 3.95% of the shares.

The birth of Yuexin Semiconductor cannot be separated from two Chaoshan people, one is Chen Wei, who has many years of overseas wafer manufacturing experience, and the other is Li Yongxi, the founder of Guangzhou Jinyu Industrial Investment Group Co., Ltd. (hereinafter referred to as "Jinyu Group").

According to the prospectus, Chen Wei was born in Shantou, Guangdong in March 1959 and holds a master's degree; From January 2018 to February 2023, served as a director and general manager of Guangzhou Yuexin Semiconductor Technology Co., Ltd. (predecessor of Yuexin Semiconductor); From February 2023 to present, serving as a director and general manager of Yuexin Semiconductor; Currently serving as a visiting professor at South China University of Technology, a part-time professor at Xi'an University of Electronic Science and Technology, an advisory professor at the School of Electronic Information and Engineering at Sun Yat sen University, a practical professor in the field of microelectronics at the Hong Kong University of Science and Technology, the president of the Guangzhou Semiconductor Association, the chairman of the Guangdong Hong Kong Macao Greater Bay Area Semiconductor Industry Alliance, and a member of the management committee of the Guangzhou Optoelectronic Storage and Computing Chip Fusion Innovation Center.

Li Yongxi was born in 1964 and is also from Shantou, Guangdong. He holds a Bachelor's degree in Electrical Engineering from South China University of Technology and a Master's degree in Economics and Management from Sun Yat sen University. He previously served as the Deputy Director of the Guangzhou Municipal Economic Commission and later went on to establish Jinyu Group. At present, in addition to Yuexin Semiconductor, the main enterprises controlled and invested by Jinyu Group also include Zhiguang Electric (002169. SZ).

On October 13th, South China University of Technology sent a congratulatory letter: "This morning, Yuexin Semiconductor, jointly founded by alumni Li Yongxi of South China University of Technology, was listed on the ChiNext board of the Shenzhen Stock Exchange at an issue price of 12.01 yuan per share, an increase of 274.69% to 45.00 yuan per share at the opening, with a total market value of 129.5 billion yuan. Yuexin Semiconductor, known as the 'first chip in Guangzhou', is the first wafer manufacturing listed company on the ChiNext board. The enthusiastic response of the listing market fully confirms the high recognition of its technological strength and development prospects by the capital market

From a financial perspective, Yuexin Semiconductor has experienced rapid revenue growth in recent years but has not yet made a profit. According to the prospectus, from 2023 to 2025, the operating revenue of Yuexin Semiconductor was 1.044 billion yuan, 1.681 billion yuan, and 2.582 billion yuan respectively, and the net profit attributable to the parent company was -19.17 billion yuan, -22.53 billion yuan, and -23.46 billion yuan respectively. In the first half of 2026, the company's operating revenue was 1.777 billion yuan, a year-on-year increase of 68.76%, and the net profit attributable to the parent company was -1.052 billion yuan, a year-on-year increase of 12.41%. Yuexin Semiconductor stated that the company has not yet made a profit and has accumulated unrecovered losses. It is expected to achieve a turnaround from losses to profits as early as 2029 through the merger.

Yuexin Semiconductor said that with the help of this listing and financing, the company will orderly promote the planning and construction of production capacity, expand and supplement production capacity in a targeted way: on the one hand, through building large-scale production capacity advantages, comprehensively improve production and operation efficiency, enhance profitability and market competitiveness, continue to expand market share, consolidate the industry position, and strive to become the forefront of the production capacity of foundry enterprises in Chinese Mainland; On the other hand, it also provides a "training ground" for localization and technological iteration in the fields of equipment, materials, design, EDA (Electronic Design Automation), and IP (Intellectual Property), establishing a strong local supply and demand connection, creating a local industrial ecosystem that supports independent technological progress, and helping China's integrated circuit industry chain achieve independent and controllable development.

(Author Cai Yuekun)