Author | ZeR0 Editor | Moying
Chip Insights reported on October 13 that today, CanSemi Technology, a 12-inch wafer foundry in Guangzhou, Guangdong Province, rang the bell to go public on the ChiNext Board of the Shenzhen Stock Exchange. Its issue price was CNY 12.01 per share, and it surged 274.69% to CNY 45.00 per share at the opening, reaching a total market capitalization of CNY 129.5 billion.
Established in December 2017, CanSemi Technology is dedicated to providing 12-inch wafer foundry services and specialty process solutions. It is the first 12-inch wafer manufacturing enterprise independently cultivated and mass-produced in Guangdong Province, achieving a breakthrough from 0 to 1 in 12-inch wafer manufacturing for the province. Well-known enterprises such as the National Council for Social Security Fund, Aliyun, Huagong Technology, Huiding Technology, Dongshan Precision, Siruipu, Baiwei Storage, and Zhongwei Company all participated in its strategic placement. According to SEMI's forecast, in 2025, CanSemi Technology 's 12-inch wafer capacity scale will rank among the top wafer foundries in mainland China.
The prospectus shows that CanSemi Technology 's process technology platform focuses on analog and mixed-signal ICs (Integrated Circuits) applied in functions such as "sensing, transmission, computing, storage, control, and display", gradually achieving a multi-category layout and continuously empowering customers in consumer electronics, industrial control, automotive electronics, AI (Artificial Intelligence), and other fields. Its process technology platform has covered the manufacturing capabilities of MS, HV, CIS, BCD, eNVM, MOSFET, IGBT, SiPho, and other platforms, providing customers with specialty process wafer foundry services at process nodes such as 180-55nm.
According to Frost & Sullivan data, as of the end of April 2026, the company is the only enterprise in mainland China with large-scale mass production capabilities for 12-inch silicon photonics wafers. As of the date of the prospectus signing, the cumulative tape-out volume of its SiPho process technology platform has exceeded 7,000 wafers, and it has formed partnerships with multiple optical chip design companies, with terminal customers covering well-known cloud service providers in the industry.
In the future, CanSemi Technology plans to carry out technical layout for 40nm/28nm/22nm, improve the technology reserves and process platforms for high-end analog, mixed-signal, silicon photonics, and optoelectronic integrated chips, respond to the market demand for digital analog technology, and help expand data centers and the AI industry. In this IPO, CanSemi Technology plans to use the raised CNY 7.5 billion for the 12-inch IC analog specialty process production line project (Phase III project), the specialty process technology platform R&D project, and other projects.
01.Last Year's Revenue Exceeded CNY 2.582 Billion, Expected to Turn Profitable at the Earliest in 2029
As one of the few specialty process wafer foundry enterprises globally focusing on the analog chip field, CanSemi Technology has closely aligned with the industry characteristics of diversified analog chip categories since its establishment, committing to steadily strengthening its specialty process technology platform and differentiated layout.
In 2022, 2023, 2024, and 2025, its revenues were CNY 1.545 billion, CNY 1.044 billion, CNY 1.681 billion, and CNY 2.582 billion, respectively; net profits were CNY -1.043 billion, CNY -1.917 billion, CNY -2.327 billion, and CNY -2.490 billion, respectively; R&D expenses were CNY 601 million, CNY 605 million, CNY 446 million, and CNY 422 million, respectively.
The company expects that its production and sales scale will continue to increase in the future, and its long-term profitability will be effectively improved. On a consolidated basis, it is expected to turn profitable at the earliest in 2029. The gross profit margin of its main business has increased year by year over the past three years, but it is lower than that of comparable companies in the same industry due to factors such as the production line commissioning stage, the types of foundry products, and product composition.
During the reporting period, the net cash flow from operating activities of CanSemi Technology was continuously positive, reaching CNY 640 million and CNY 621 million in 2024 and 2025, respectively. The consolidated asset-liability ratio rose from 62.62% in 2023 to 84.13% in 2025.
As of June 30, 2026, CanSemi Technology's total assets were CNY 29.082 billion, an increase of 18.85% compared to the end of 2025; total liabilities were CNY 21.261 billion, an increase of 3.28% compared to the end of 2025; and owners' equity attributable to the parent company was CNY 1.684 billion, a decrease of 36.48% compared to the end of 2025.
From January to June 2026, its revenue was CNY 1.778 billion, a year-on-year increase of 68.76%; the net loss was CNY 1.052 billion, a year-on-year decrease in loss of 9.97%; and the net cash flow generated from operating activities was CNY 1.129 billion, a year-on-year increase of CNY 1.063 billion.
The company expects its revenue from January to September 2026 to be in the range of CNY 2.870 billion to CNY 2.970 billion, a year-on-year increase of 61.27% to 66.89%; the net profit attributable to the parent company to be in the range of CNY -1.590 billion to CNY -1.490 billion, a year-on-year increase of 5.70% to 11.63%.
02.Consumer Electronics Application Field is the Main Source of Revenue, Capacity Utilization Rate Reached 96.38% in 2025
The main business revenue of CanSemi Technology consists of IC (Integrated Circuit) foundry and power device foundry: in 2025, IC foundry revenue was CNY 1.975 billion, accounting for 78.68% of main business revenue; power device foundry revenue was CNY 535 million, accounting for 21.32%.
Among them, the IC field covers MS (Mixed Signal), HV (High Voltage display driver), CIS (CMOS Image Sensor), eNVM (Embedded Non-Volatile Memory), BCD (Bipolar-CMOS-DMOS), and SiPho (Silicon Photonics) process technology platforms. In the power device field, the company owns MOSFET (Metal-Oxide-Semiconductor Field-Effect Transistor) and IGBT (Insulated Gate Bipolar Transistor) process technology platforms.
The company provides customers with wafer foundry services across multiple process nodes, including 55nm/65nm, 90nm/95nm, 110nm, 153nm/180nm, and above 0.25µm.
Classified by application field, consumer electronics contributed over 70% of CanSemi Technology's revenue in the past three years. Its products have been widely used in consumer electronics and industrial control fields, and are gradually expanding to application fields such as automotive electronics and AI.
From 2023 to 2025, the capacity, production volume, sales volume, production-to-sales ratio, and capacity utilization rate of CanSemi Technology's main products are as follows, with the capacity utilization rate increasing to 96.38% in 2025.
The average selling prices of its main products are as follows:
As of the end of 2025, CanSemi Technology has two 12-inch wafer fabs, namely Fab 1 (CanSemi Phases I and II) and Fab 2 (CanSemi Phase III), with a total planned capacity of 80,000 wafers/month; it has 343 R&D personnel, accounting for 17.65% of the total number of employees; and has obtained 712 authorized patents (including overseas patents), of which 343 are invention patents.
Currently, the company has started building a 12-inch IC mixed-signal specialty process production line with a planned capacity of 40,000 wafers/month, which is Fab 3 (CanSemi Phase IV). After the completion of CanSemi Phase IV, its total capacity will reach 120,000 wafers/month. CanSemi Technology has achieved large-scale mass production in the field of high-performance consumer-grade chips, and has also achieved mass production and shipment in the fields of industrial-grade chips and automotive chips; multiple platforms are in the R&D, verification, and mass production stages of automotive-grade processes, among which 18 products have passed the automotive-grade certification of terminal OEMs. Its silicon photonics products cover 400G, 800G, and 1.6T high-speed pluggable silicon photonics optical module applications, which are comparable to international leading levels. At the same time, it is carrying out R&D on process manufacturing technology for Near-Package Optics (NPO) and is currently introducing 3.2T NPO products.
03.Revenue from Top Five Customers Accounts for Over 60%, Supplier Concentration Declines Year by Year
Currently, the main customers of CanSemi Technology cover multiple first-class chip design enterprises at home and abroad. As of December 31, 2025, the company has cumulatively developed over 200 customers, covering nearly 40 listed company customers at home and abroad, including globally leading chip design companies and multiple industry leaders in segmented fields:
- The world's largest fingerprint recognition chip design company, the world's largest electronic tag chip design company, the world's second-largest image sensor chip design company by shipment volume, two of the world's top three independent smartphone chip design companies, China's largest MCU (Microcontroller Unit) chip design company, and multiple listed companies of display driver chips, PMICs (Power Management ICs), and power devices
In the analog chip field, which is its key focus, the cooperation coverage rate of the top ten domestic listed analog chip companies reaches 80%. In 2023, 2024, and 2025, the sales to the top five customers of CanSemi Technology accounted for 53.90%, 60.34%, and 62.68% of the main business revenue, respectively, showing an increase in customer concentration. During the same period, the procurement amount from its top five suppliers accounted for 49.88%, 30.87%, and 26.48% of the total procurement amount, respectively. During the reporting period, CanSemi Technology did not have significant reliance on a single customer or a single supplier, and there was no associated relationship between the main customers, main suppliers, the company, and its relevant shareholders.
04.No Controlling Shareholder or Actual Controller, Local State-owned Capital and Industrial Capital Participate Jointly
CanSemi Technology Limited was established in December 2017 with an initial registered capital of CNY 1 billion, jointly funded by Yuxin Zhongcheng and Kexuecheng Group. The company was wholly transformed from a limited liability company to a joint-stock limited company in March 2023. In its founding team, Chen Wei is one of the core figures in technology and industrial operation. He formerly served as the Vice President of Sales and Customer Support at Shanghai Hua Hong Grace Semiconductor Manufacturing Co., Ltd., Chief Representative and General Manager of the China Branch of Chartered Semiconductor Manufacturing Ltd. Singapore, and Deputy Director of Market and Technical Support at Chartered Semiconductor Manufacturing Ltd. Singapore. He currently serves as the Director and General Manager of CanSemi Technology.
He currently also serves as a guest professor at South China University of Technology, an adjunct professor at Xidian University, an advisory professor at the School of Electronics and Information Technology at Sun Yat-sen University, a practice professor in the Microelectronics Division at the Hong Kong University of Science and Technology, the president of the Guangzhou Semiconductor Association, the chairman of the Greater Bay Area Semiconductor Industry Alliance, and a member of the Management Committee of the Guangzhou Optoelectronic Computing and Storage Chip Integration Innovation Center. CanSemi Technology has no controlling shareholder and no actual controller. Its shareholding structure features the joint participation of local state-owned capital, industrial funds, and financial capital. The participating enterprises include Suikai Chuangxin Fund, Wuyue Guangdian, Suzhou Dexin, and Guangqi Aian.
As of the date of the prospectus signing, its shareholders holding more than 5% of the shares include Yuxin Zhongcheng, Guangdong Semiconductor Fund, Guangzhou Huaying, Kexuecheng Group, and Guotou Chuangye Fund, holding 6.88%, 11.29%, 9.51%, 8.82%, and 7.05% of the shares, respectively.
Other shareholders also include Nongyin Jinrong, Guangzhou Kechuang Chantou, Guangqi series investment platforms, Jianxin Jinrong, and employee stock ownership platforms. As of the date of the prospectus signing, the top ten shareholders and their shareholding conditions of CanSemi Technology are as follows:
05.Conclusion: Capacity Utilization Rate Has Been Pushed High, Profitability Still Needs Improvement
Chip manufacturing is not only the supply chain foundation for chip design companies but also a testing ground for domestic substitution and technology iteration in the fields of equipment, materials, design, EDA, and IP. For wafer foundries, the value of mature process nodes lies in building specialty processes, stable yield rates, customer certifications, and continuous delivery into long-term capabilities.
CanSemi Technology has pushed its capacity utilization rate high, and its revenue has also achieved continuous growth, but it remains in a state of negative gross profit margin and continuous losses. In the future, only when revenue growth translates into gross profit improvement, cash generation capability, and a broader customer base will this Greater Bay Area wafer foundry truly cross the threshold from "building production lines" to "strengthening manufacturing".