A-share subscription | Shine Microelectronics (688820.SH) opens for subscription to become the largest enterprise in mainland China with a 12-inch Bumping production capacity.

On April 9th, Shenghejingwei (688820.SH) started its subscription, with an offering price of 19.68 yuan per share, a maximum subscription of 35,500 shares, a P/E ratio of 195.62 times, and belongs to the Shanghai Stock Exchange Sci-Tech Innovation Board, with CICC as its sponsor. According to the prospectus, Shenghejingwei is a global leading integrated circuit wafer-level advanced test packaging company, which started with advanced 12-inch mid-stage silicon wafer processing, and further provides full-process advanced test packaging services such as wafer-level packaging (WLP) and chip multi-chip integration packaging, dedicated to supporting all kinds of high-performance chips, especially graphics processors (GPU), central processors (CPU), artificial intelligence chips, etc., achieving comprehensive performance enhancements such as high computing power, high bandwidth, low power consumption through heterogeneous integration beyond Moore's Law. The complete full-process advanced test packaging industry chain includes mid-stage silicon wafer processing and advanced test packaging in the later stage. Mid-stage silicon wafer processing is a key link in the integrated circuit manufacturing industry chain, including bumping and wafer testing. Bumping further produces microstructures such as bumps and rewiring on whole wafers produced by front-end wafer manufacturing enterprises to achieve high-density electrical connections and high-bandwidth data transmission between chips and the outside world; Wafer testing tests the functionality and electrical performance of the entire wafer, screening out defective chips in advance, optimizing the efficiency and cost of the later advanced test packaging process, and guiding process optimization and yield control in the front-end wafer manufacturing process. The advanced test packaging in the later stage is a key link in the integrated circuit manufacturing industry chain, besides achieving conventional functions such as protection, nesting, and connection, it can also enhance the chip interconnectivity performance and functional density. Full-process advanced test packaging, by increasing the chip's interconnect density, complements the technological advances in the front-end wafer manufacturing process, jointly enhancing chip computational performance, and has become a necessary link in the manufacturing of high-end chips. In recent years, the difficulties of technological advancements in the front-end wafer manufacturing process have rapidly increased, unable to meet the huge demand for chip computational performance brought about by the explosive development of artificial intelligence. The emergence of chip multi-chip integration packaging, which can break through the technological bottlenecks in the front-end wafer manufacturing process, continuously enhance chip computational performance, has become an effective way and necessary means for the future continuous development of high-computing chips such as GPUs, AI chips, and is regarded as the fourth significant technological wave that the microelectronics industry is undergoing, representing the cutting-edge technology and future technological development direction of the integrated circuit manufacturing industry. In addition, chip multi-chip integration packaging is also currently the most feasible manufacturing solution for developing high-computing chips using independent integrated circuit processes in China. In recent years, the explosive development of artificial intelligence has generated a huge demand for chip computing power, especially the computing power required for training large multimodal models like ChatGPT doubles every 3 to 4 months, far exceeding the speed at which chip computational performance increases every 18 to 24 months under Moore's Law. As the core hardware of artificial intelligence, high-computing chips urgently need innovative technological means beyond the advanced process wafer manufacturing in the front end, to achieve faster and more sustainable performance improvements. In the background of the industry's development described above, there has been significant technological progress and innovative changes in the advanced packaging stage. Chip multi-chip integration packaging, represented by three-dimensional chip integration (2.5D/3DIC), has emerged, allowing for heterogeneous integration of hundreds of billions or even trillions of transistors within a range of two, three, or even larger sizes, breaking through the size limitations of a single chip by one mask. Currently, Shenghejingwei has become one of the earliest, most advanced, largest in production scale, and most complete integrated circuit companies in mainland China in the field of chip multi-chip integration packaging, and has the ability to catch up with the most leading global companies in the aforementioned cutting-edge fields. In the field of mid-stage silicon wafer processing, Shenghejingwei is one of the earliest companies in mainland China to carry out and achieve mass production of 12-inch bumping, and is also the first company that can provide 14nm advanced process bumping services, filling the gap in the high-end integrated circuit manufacturing industry chain in mainland China. According to the statistics from Zhushi Consulting, by the end of 2024, Shenghejingwei has the largest 12-inch bumping capacity in mainland China. In the field of wafer-level packaging, based on the leading mid-stage silicon wafer processing capabilities, Shenghejingwei quickly realized the research and industrialization of 12-inch large-size wafer-level chip packaging (wafer-level fan-in packaging, WLCSP), including 12-inch Low-K WLCSP suitable for more advanced technology nodes and the rapidly growing market for ultra-thin chip WLCSP, etc. According to the statistics of Zhushi Consulting, in 2024, Shenghejingwei ranked first in mainland China in terms of revenue scale for 12-inch WLCSP and 2.5D. In the field of chip multi-chip integration packaging, Shenghejingwei has a comprehensive technological footprint that is on par with the most leading global companies, especially for the industry's most mainstream 2.5D integration based on silicon via interposer (TSV Interposer). Shenghejingwei is one of the earliest companies in mainland China to mass-produce in this field, representing the most advanced level in mainland China in this technological area, and has no technological gap with the most leading global companies. According to the statistics of Zhushi Consulting, in 2024, Shenghejingwei ranked first in revenue scale for 2.5D in mainland China, with a market share of approximately 85%. Additionally, Shenghejingwei also continues to enrich and improve 3D integration (3DIC), three-dimensional packaging (3D Package), and other technological platforms, in order to achieve breakthroughs in more cutting-edge key technology areas of the integrated circuit manufacturing industry, creating new growth points for future business performance. Shenghejingwei is an integrated circuit advanced test packaging company with a large revenue scale and rapid growth on a global level. According to Gartner's statistics, in 2024, Shenghejingwei ranked tenth globally and fourth domestically among advanced test packaging companies, with the compound annual growth rate of operating revenue from 2022 to 2024 ranking first among the top ten companies globally. In the main business areas, Shenghejingwei has taken a leading position in providing various services to clients in mainland China on a large scale. According to Zhushi Consulting's statistics, by the end of 2024, Shenghejingwei had the largest 12-inch bumping capacity in mainland China; in 2024, Shenghejingwei ranked first in mainland China in terms of revenue scale for 12-inch WLCSP and 2.5D. Financially, in 2022, 2023, 2024, and January-June 2025, the company achieved operating revenues of approximately 1.633 billion yuan, 3.038 billion yuan, 4.705 billion yuan, and 3.178 billion yuan respectively; and the net profits were approximately -329 million yuan, 34 million yuan, 214 million yuan, and 435 million yuan respectively.