Feishide's ChiNext IPO terminated. The products involve core components of the power system and power semiconductor testing equipment.

On December 2, Hangzhou Feishide Technology Co., Ltd. (referred to as Feishide) had its IPO review status on the Shanghai Stock Exchange Sci-Tech Innovation Board changed to "terminated". This was due to Feishide and its sponsor withdrawing their application for listing, resulting in the Shanghai Stock Exchange terminating the review for their IPO. According to the prospectus, Feishide's main business is the research, production, and sales of core components for power systems as well as testing equipment for power semiconductors, and providing related technical services. Their core component products include power device drivers, power modules, while their power semiconductor testing equipment products include laboratory testing equipment for power semiconductors. In terms of power device drivers, the company is one of the few enterprises in China specializing in the professional production of power device drivers, and is a leader in the field of board-level drivers in China. Their power device drivers primarily focus on medium to high voltage IGBT drivers, covering a voltage range of 600V to 6,500V. For third-generation semiconductors, the company's SiC MOSFET power device drivers have already seen small-scale shipments in the industrial control field. As for power modules, Feishide's products are known for high reliability, high power density, and intelligent features, which can improve the efficiency of downstream customer power system development. Their products are mainly used in wind power converters, energy storage converters, SVG (static var compensator), APF (active power filter) and other end products. The company's power module products have been supplied in large quantities to well-known customers in the industry such as Vision Energy, Goldwind Science & Technology, Inovance Technology, and Jiangsu Zhongtian Technology, with a rapidly growing business scale. Regarding power semiconductor testing equipment, the company's products primarily consist of laboratory testing equipment for power semiconductors, which have strong market competitiveness in the domestic subfield, with key performance indicators reaching international standards. These products have been recognized and applied by well-known enterprises such as NIO, SAIC Motor Corporation, State Grid Corporation, CRRC Group, and China Railway Corporation. Financially, Feishide achieved operating income of approximately 291 million yuan, 180 million yuan, and 164 million yuan in the years 2020, 2021, and 2022 respectively; while achieving net profits of 80.6173 million yuan, 51.4956 million yuan, and 63.0676 million yuan in the same periods. Feishide mentioned in their prospectus that the company faces market competition risks. Their main products compete directly with international leading companies in the subfields such as PI, Infineon, and Semikron, and these international competitors still hold certain advantages in terms of overall strength, complete product series, product development experience, R&D capabilities, technical reserves, sales channels, and market reputation compared to the company. Therefore, the company expects to continue to catch up with international advanced companies in the long term, as they are still in a continuous process of competition and substitution. If competitors develop more competitive products, offer better prices or services, especially if international advanced manufacturers adopt significant price reduction marketing strategies, or if the company fails to introduce competitive products to the market, then the company's industry position, market share, and operating performance may be adversely affected.