Recently, the Shenzhen Stock Exchange website announced that Giga Force (Shanghai Giga Force Electronic Co., Ltd., hereinafter referred to as "Giga Force") has had its GEM IPO registration approved and effective.
It is reported that the company plans to use CNY 923.7488 million of raised funds, primarily for the Pudong Technology Center Project, the Automotive-Grade High-Reliability Mass Production Testing Service Construction Project, the Chip Pilot Platform Engineering Technology R&D Project, and replenishing working capital.
Founded in 2008 and headquartered in Minhang District, Shanghai, Giga Force is a full-function, one-stop solution provider for semiconductor testing services and testing hardware products. The company has established subsidiaries in major semiconductor industry clusters such as Shanghai, Beijing, Hangzhou, Shenzhen, and Chengdu.
According to the prospectus, Giga Force provides third-party laboratory testing and analysis services, integrated circuit test boards and other testing hardware products, and mass production testing services to meet the testing needs of enterprises across the entire semiconductor industrial chain, including chip design, wafer manufacturing, and packaging.
The "0-1" phase of chips typically includes four key steps: design, engineering tape-out, engineering packaging, and verification. Semiconductor testing mainly occurs during the verification phase, encompassing both testing and analysis. Testing involves using customized integrated circuit test boards and other hardware carriers to conduct reliability tests on chips via different types of testers. Analysis involves locating defects and analyzing faults in failed samples through laboratory services such as failure analysis and material analysis to determine issues. The mass production phase typically includes three key steps: wafer manufacturing, mass production packaging, and mass production testing. Mass production testing includes wafer testing and final product testing; quality monitoring spans these three steps of the mass production phase, ensuring the quality of mass-produced chips through methods such as reliability testing and failure analysis.
Giga Force can provide customers with full-function, one-stop semiconductor testing services for both phases mentioned above. It offers not only third-party laboratory testing and analysis such as failure analysis, material analysis, and reliability testing, along with customized testing hardware products, but also mass production testing services. These help customers quickly locate problems and verify designs, improve chip R&D efficiency, shorten development cycles, optimize process yields, and reduce development costs, providing high-reliability guarantees throughout the entire lifecycle of various chips from design and engineering verification to mass production.
The testing services and testing hardware products provided by the company cover a wide range of digital, analog, memory, power, RF, and complex SoC chips. The company possesses testing capabilities for high-end chips such as CPUs, GPUs, memory chips, and AI chips, meeting the testing demands for advanced nodes (with cases covering up to 3nm chips), advanced packaging (such as 2.5D and 3D packaging), mature nodes, and specialty processes.
To date, the company has established cooperative relationships with over 3,000 customers within the semiconductor industrial chain. Its clients span all segments including chip design, wafer manufacturing, and OSAT (Outsourced Semiconductor Assembly and Test), featuring renowned companies such as ZTE Corporation, Qualcomm, Hua Hong Grace, and JCET.
Market demand growth is directly reflected in Giga Force's operational data. During the reporting period (2023, 2024, 2025, and the first half of 2026), the company recorded revenues of CNY443 million, CNY 583 million, CNY 669 million, and CNY 379 million, respectively; net profits were CNY 20.4541 million, CNY 54.3755 million, CNY 91.2555 million, and CNY 40.1583 million, respectively. The compound annual growth rate (CAGR) of revenue from 2023 to 2025 reached 22.88%, while the year-on-year growth rate in 2024 was 111.22%.
In addition, the company has gathered a team of talented individuals with interdisciplinary backgrounds and rich industry experience. It has accumulated massive case studies on testing various chip types and analyzing diverse failure scenarios, forming a series of core technologies in third-party laboratory testing and analysis, integrated circuit test board design and simulation, and mass production testing. As of the signing date of this prospectus, the company and its subsidiaries hold 140 patents, including 58 invention patents.
In terms of honors, the company has been recognized as a National Key "Little Giant" Enterprise by the Ministry of Industry and Information Technology (MIIT), part of the National Advanced Manufacturing Cluster (Automotive-Grade Chip Engineering Testing Service Platform), an Outstanding Support Service Enterprise of the "China Chip" Awards, a Shanghai Science and Technology Little Giant Excellent Enterprise, a Shanghai Service-Oriented Manufacturing Demonstration Platform, a Shanghai Specialized, Fined, Peculiar, and Innovative (SRDI) SME, and an Excellent Expert Workstation.
This IPO will raise funds primarily for the Pudong Technology Center Project, the Automotive-Grade High-Reliability Mass Production Testing Service Construction Project, the Chip Pilot Platform Engineering Technology R&D Project, and replenishing working capital.
It is reported that the Pudong Technology Center Project landed in Beicai Town, Pudong New Area, in October 2025. The Pudong Technology Center is planned to be completed in approximately 20 months, aiming to build an integrated verification and service system covering the entire IC chain of "basic laboratories, software/hardware design, and instrument development." Upon completion, the project will further enhance the company's comprehensive service capabilities in multiple fields including integrated circuits, new energy, new materials, and new equipment.
Editor | Liu Chengxing Source | Compiled from online sources