Information disclosed on the official website of the China Securities Regulatory Commission (CSRC) shows that Jiangsu Changjing Technology Co., Ltd., a Specialized, Refined, Differential, and Innovative (SRDI) "Little Giant" enterprise recognized by the Ministry of Industry and Information Technology (MIIT), completed its IPO tutoring registration with the Jiangsu Securities Regulatory Bureau on January 15, 2026. The tutoring institution is Huatai United Securities.
Image source: Screenshot from the official website of the CSRC
This is not Changjing Technology's first attempt to go public. According to public information from the Shenzhen Stock Exchange (SZSE), the company submitted its listing application for the ChiNext board in September 2022 and it was accepted. After two rounds of inquiries, it voluntarily withdrew the application in September 2023, and the SZSE subsequently terminated the review. Changjing Technology disclosed in the registration report that the previous withdrawal was based on development demands such as industry cycles, optimization of equity structure, team incentives, and talent introduction. After nearly two years of adjustment, the company has officially restarted the IPO process.
Public data shows that #Changjing Technology, founded in November 2018, is mainly engaged in the R&D, production, and sales of semiconductor products. Its products fall into three major categories: discrete devices, PMICs (Power Management ICs), and wafers. Specifically, they cover diodes, triodes, MOSFETs, IGBT single tubes/modules, third-generation semiconductors, as well as PMIC products such as LDO, DC-DC, and lithium battery protection, which are adapted to core application scenarios like new energy and industrial control.
The establishment of Changjing Technology has a certain connection with #JCET Group, a leading OSAT (Outsourced Semiconductor Assembly and Test) company on the A-share market. In December 2018, Changjing Technology acquired 100% equity of Shenzhen Changjing and 100% equity of Xinshen Hongda. Among them, Shenzhen Changjing is a subsidiary of JCET Group mainly engaged in the sales of discrete devices, while Xinshen Hongda is the entity for JCET Group's headquarters' direct sales of discrete devices. The total transaction amount for the above was CNY 300 million.
Subsequently, through the acquisition of projects such as Haide Semiconductor and Xinshunwei, Changjing Technology formed a pattern where both Fabless and IDM models coexist, possessing 5-inch and 6-inch wafer manufacturing platforms.
In terms of equity structure, the controlling shareholder of Changjing Technology is Shanghai Jianghao Enterprise Management Consulting Co., Ltd., which directly holds 6.90% of the company's shares. By serving as the executive partner of two employee stock ownership platforms, it directly and indirectly controls a total of 31.62% of the voting rights in the company. Yang Guojiang, the legal representative, chairman, and general manager of the company, is the actual controller. Well-known institutions and state-owned platforms such as Shenzhen Capital Group (SCGC), Xiaomi, OPPO, and Transsion Holdings are all its shareholders.
In August 2025, Changjing Technology completed a CNY 100 million-level strategic financing round. The investors in this round included the Jiangsu Provincial Energy Conservation and Environmental Protection Strategic Emerging Industry Fund and Lantian Investment. Previous financing was supported by well-known institutions such as SMIC Capital, Shenzhen Capital Group, and the National Integrated Circuit Industry Investment Fund.
Multiple Enterprises in the Power Semiconductor Sector Intensify IPO Processes
Along with Changjing Technology's restart of its IPO, multiple enterprises in the power semiconductor sector have recently intensively advanced their capitalization processes, and the industry's financing heat continues to rise.
Among them, Vergiga Semiconductor updated its listing application materials on the Main Board of the Hong Kong Stock Exchange on January 7, 2026. This marks its second sprint after the first application lapsed in June 2025, with Huatai International serving as the sole sponsor.
The company focuses on PMICs and power devices, adopting a Fab-Lite IDM model. As of the end of 2025, it had accumulated 168 authorized patents. The National Integrated Circuit Industry Investment Fund Phase II, Xiaomi Fund, CATL, and Sequoia China are among its shareholders. In the first nine months of 2025, its revenue increased by 24.4% year-on-year, and its adjusted net loss narrowed significantly.
Shenzhen Vergiga Semiconductor Co., Ltd., on the other hand, submitted its IPO application documents to the Hong Kong Stock Exchange for the first time on January 12, 2026, with GF Securities as the sole sponsor. Vergiga Semiconductor focuses on the R&D of high-performance power semiconductor devices. Its core products include medium- and low-voltage, and high-voltage power semiconductor devices, among which WLCSP (Wafer-Level Chip Scale Packaging) products are the core category, adapted to consumer electronics, automotive electronics, and industrial application scenarios.
In terms of performance, in 2023, 2024, and the first nine months of 2025, the company's revenues were CNY 575 million, CNY 624 million, and CNY 615 million, respectively. The profits for the same periods were CNY 13.977 million, CNY 19.353 million, and CNY 40.254 million, respectively. In the first three quarters of 2025, the gross profit margin of medium- and low-voltage products increased to 24.9%. At the equity level, shareholders include OPPO Guangdong, Intel Asia-Pacific, Hubei Xiaomi, and Amperex Technology Limited (ATL).
Industry insiders believe that as core components in fields such as new energy, industrial control, and automotive electronics, power semiconductors, coupled with the accelerating trend of domestic substitution, have become a key focus for capital market deployment. The intensive IPO promotions by leading enterprises will provide capital support for technological iteration and capacity expansion in the industry, driving the continuous increase in sector concentration.
Compiled by TrendForce Compound Semiconductor