Vietnam Asia Semiconductor's Shenzhen Stock Exchange GEM IPO submitted for registration to raise about 1,224 billion yuan

The Zhitong Finance App learned that on July 17, Zhuhai Yueya Semiconductor Co., Ltd. (abbreviation: Yueya Semiconductor) applied for the Shenzhen Stock Exchange GEM IPO review status changed to “submit registration”. CITIC Securities is its sponsor and plans to raise 1,241.6 billion yuan.

According to the prospectus, Yueya Semiconductor is mainly engaged in R&D, production, and sales of key materials and products for advanced packaging. The main products include IC package boards and embedded packaging modules. Among them, IC package board products mainly include RF module package boards, ASIC chip encapsulation boards, flip chip ball grid array loading boards, and power management chip encapsulation boards. An embedded packaging module is a semiconductor component in which the main passive components are embedded in a carrier board in response to the design and functional requirements of the terminal product. It is a panel-level fan-out packaging product.

The company uses copper column technology with independent intellectual property rights to industrialize coreless sealed loading boards, and has developed hybrid embedded packaging technology for active and passive components based on copper pillar technology. It is one of the few companies in the world to industrialize embedded chip technology. It can embed wafers and passive components in the package loading board, greatly reducing the packaging area and improving the performance of packaging module products.

With long-term technical accumulation, reliable product quality and excellent customer service level, Yueya Semiconductor has formed industry-leading business development capabilities, and has accumulated good brand recognition and high-quality customer resources at home and abroad. The company has formed a stable customer base. Currently, it has more than 100 domestic and foreign customers, and is continuously developing new high-quality customers. The company's high-quality domestic and foreign customers mainly include Infineon (Infineon), Qorvo (Qorvo), Texas Instruments (TI), MPS, Zhanxun Communications, Zhuosheng Wei, Weijie Chuangxin, etc. The three leading companies in the domestic semiconductor packaging and testing industry, Changdian Technology, Tongfu Microelectronics, and Huatian Technology are all company customers.

Due to the nature of the company's industry, downstream customers have high certification barriers and supplier screening processes. After entering the customer supply chain system, in order to maintain supply chain stability, customers prefer to establish long-term stable cooperative relationships, and generally do not change suppliers easily. Therefore, as downstream customers benefit from import substitution, iterative development of communication technology, and the layout of domestic packaging and testing plants in the field of advanced packaging and their high-quality customer resources, through efficient collaboration in the industrial chain, the company's competitiveness and profitability will also be further enhanced.

Vietnam Semiconductor's terminal products have the characteristics of high technical requirements, rapid upgrading, and rapid demand changes, and place higher demands on the R&D capabilities of enterprises in the industry. If the company cannot continue to develop relevant technology and products to meet customer needs in the future, it will lead to a decline in sales of the company's products. Therefore, there is a risk that the company's R&D technology will not meet market demand.

On the financial side, in 2023, 2024 and 2025, the company's operating revenue was $1,705 million, $1,796 million and $2,089 million respectively; net profit was $192 million, $207 million and $307 million respectively.