New stock news | Core Semiconductor submits application to Hong Kong Stock Exchange, has been in a continuous loss state for nearly three years

According to the disclosure of the Hong Kong Stock Exchange on October 31, Jiangsu Xinde Semiconductor Technology Co., Ltd. (hereinafter referred to as Xinde Semiconductor) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Huatai International as the exclusive sponsor. According to the prospectus, Xinde Semiconductor is a semiconductor packaging and testing technology solutions provider, mainly engaged in the development of packaging design, providing customized packaging products, and packaging product testing services. According to data from Frost & Sullivan, in the post-Moore era where transistor density is approaching its scale limit, relying on new semiconductor packaging architectures (such as miniaturization, thinning, high efficiency, heterogeneous integration, and other advanced packaging technologies) as a key link between chip design and application has become a key DRIVE to enhance chip performance, efficiency, and functional flexibility. The company is one of the first in China to possess advanced packaging technology capabilities, able to drive breakthroughs in semiconductor innovation technology in the post-Moore era and support the development trend of the AI+ era. Since its establishment in September 2020, the company has actively expanded into the advanced packaging field, accumulating rich packaging technology experience and possessing advanced packaging production capabilities, covering QFN, BGA, LGA, WLP, 2.5D/3D, etc. The company is one of the few domestic providers of advanced packaging products to possess all the above-mentioned technical capabilities. With the experience of senior management and the technical strength of the R&D department, the company has built a crystal grain and advanced packaging technology platform (CAPiC) covering all branches of advanced packaging technology to advance technology knowledge and continuously develop cutting-edge technologies, including homogeneous and heterogeneous chip integration, photoelectric packaging products, and TGV glass substrate products. The company's leading position in the packaging industry is due to its continuous investment in and progress in technological innovation. The company has registered and is applying for registration for independent R&D intellectual property rights to protect proprietary technology from unauthorized third-party use. As of October 22, 2025, the group owns 211 patents in China, including 32 invention patents and 179 utility model patents, covering key areas such as packaging structures, methods, devices, and testing systems. The company also holds three PCT patent applications. This large portfolio of intellectual property not only solidifies the company's competitive advantage but also becomes an important asset to meet customer needs and lead the future development of packaging technology. The company operates on an OSAT model, which enables resources to be focused on packaging design, production, and testing services, while customers focus on semiconductor chip design and wafer manufacturing. As the semiconductor manufacturing industry is capital-intensive, the OSAT model allows the company to effectively allocate capital to research and facilities for packaging production and testing, providing flexibility to adapt to market changes and expand product types. The company's OSAT model supports advanced packaging R&D and professional facilities, helping customers access cutting-edge technology without the need for extensive internal development, while also supporting fast delivery, scalability, and cost-effectiveness to achieve sustainable growth. In terms of performance, for the six months ended June 30, 2022, 2023, 2024, and 2025, the company achieved revenues of approximately 269 million, 509 million, 827 million, and 475 million yuan respectively, with corresponding losses of approximately 360 million, 359 million, 377 million, and 219 million yuan for the same period/year.