Jiangsu Zhanxin's GEM IPO has been approved. The company's products are widely used in various types of national defense electronic equipment.

On May 14th, Jiangsu Zhanshi Semiconductor Technology Co., Ltd. (referred to as Jiangsu Zhanshi) passed the listing committee of the Shenzhen Stock Exchange's Growth Enterprise Board for its IPO. Huatai United Securities is the sponsoring institution, with plans to raise 889.5 million yuan. According to the prospectus, Jiangsu Zhanshi was established in 2018, focusing on the research, design, testing, and sales of high-reliability analog chips and micro-module products. The company's products are widely used in various types of national defense electronic equipment, making important contributions to promoting the independent and controllable development of electronic components in China's defense industry, ensuring the stability of China's defense electronic industrial chain, and realizing China's national defense modernization. The company's analog chip products mainly consist of power management chips, with sub-products including DC/DC conversion chips, linear regulators (LDO), load and current limit switches (LoadSwitch), etc. The micro-module products can achieve a variety of functions such as isolated and non-isolated DC/DC conversion, logic control, signal modulation, diode control, etc. The company also provides customers with supporting discrete device products. In addition, the company continues to expand its product line, extending its product matrix to signal chain chips. Currently, it has initially completed the research and development of multiple product categories such as current detection chips, voltage reference chips, comparators, operational amplifiers, and timing chips. The company's products meet the national military standard quality system requirements and customer independent controllability requirements. The company's custom products have passed the evaluation and certification of electronic component independent controllability by the Fifth Research Institute of the Ministry of Industry and Information Technology. The products have been highly recognized by major central enterprise defense industry groups such as China Electronics Technology Group, China Electronics Corporation, China Aviation Industry Corporation, China Aerospace Science and Industry Corporation, Aerospace Hi-Tech Holding Group, and China North Industries Corporation, and are widely used in various equipment platforms such as airborne, missile-borne, shipborne, land-based, and individual soldiers. During the reporting period, the company has supplied products to over 1,600 customers, accumulating rich customer resources. Jiangsu Zhanshi has research and development capabilities in functional definition, circuit design, reliability optimization, and heterogeneous integrated packaging technology based on three-dimensional stacking. It has always adhered to a multi-category analog integrated circuit product development strategy, selling products to various customer levels in the field of weapons and equipment manufacturing. Based on its deep accumulation in chip design and packaging design, combined with fan-out three-dimensional stacking technology, the company has innovatively developed ultra-high power density, high-reliability micro-module products, effectively simplifying customer solution design cycles, assisting customers in product miniaturization, lightweighting, and reliability improvement, and promoting the miniaturization and intelligent upgrading of China's weapons and equipment systems. Jiangsu Zhanshi's business is focused on the military industry and has not yet entered the civilian sector. In its long-term planning, the company has plans to enter the civilian sector. The company's products are suitable for high voltage, high current, and high power density scenarios, such as industries requiring computing power and electric drive. Currently, the company has completed the research and development of a series of power supply products for computing power systems and has provided sample products to a computing power card company; the company's layout in the electric drive field is currently in the product research and development stage. The aforementioned products have not yet generated stable income. After deducting issuance expenses, the company plans to invest in the following projects: Financially, the company expects to achieve operating revenues of approximately 466 million yuan, 413 million yuan, and 639 million yuan in 2023, 2024, and 2025 respectively, with net profits of approximately 179 million yuan, 95.3543 million yuan, and 228 million yuan during the same periods.