On September 18, the Department of International Cooperation of the CSRC issued Guohehan [2026] No. 2003, approving the filing for the overseas listing and the "full circulation" of domestic shares of Jiangsu Silicon Integrity Semiconductor Technology Co., Ltd. The company plans to issue no more than 368 million shares, with nearly 694 million domestic unlisted shares held by 51 shareholders converting to tradable shares—this "pass" to Hong Kong is the most tangible recognition for an advanced packaging and testing enterprise that has just turned six and has already surged to an annual revenue of CNY 1 billion.
To understand the significance of Silicon Integrity's listing, we need to zoom out and examine what is actually happening in its sector.
Advanced Packaging: Transforming from a "Back-End Process" to the "Second Battlefield for Performance".
In the past, chip performance improvements relied mainly on transistor scaling. However, as process nodes approach physical and cost boundaries, the main theme of the "post-Moore era" has shifted: instead of making a single chip smaller, it is better to package multiple dies into system-level performance through miniaturization, thinning, and heterogeneous integration. AI computing chips, HBM (High Bandwidth Memory), high-speed optical modules, and CPO (Co-Packaged Optics)—almost every AI hardware hotspot ultimately hits a bottleneck in packaging density, loss, and reliability. Industry institutions generally judge that the growth rate of advanced packaging is significantly faster than the overall traditional packaging and testing market, with AI servers and HBM being the strongest driving forces. This is why TSMC's CoWoS and SK Hynix's HBM packaging have been in short supply for years, and advanced packaging has transformed from a "wrap-up after manufacturing" into "capacity itself" for the first time.
The Technology Map of This Sector Is Also Being Redrawn.
There are several mainstream routes: Fan-out / Wafer-Level Packaging (WLP) makes packaging thinner and smaller; 2.5D integrates GPUs and HBM side-by-side through a silicon interposer (CoWoS-like); 3D uses TSV (Through-Silicon Via) for vertical stacking, with HBM being a typical example; and moving further up, there is Chiplet heterogeneous integration and Co-Packaged Optics (CPO), which use unified standards to assemble dies of different processes and functions together. Whoever can gather all these branches and pass validation at major customers holds the ticket to the next stage. In the global OSAT landscape, ASE and Amkor are leading the way. In mainland China, JCET, TFME, and Hua Tian are the top three giants. However, in the most cutting-edge 2.5D/3D and high-density integration, domestic supply remains a shortcoming and a gap—this precisely provides room for "full-stack new forces" like Silicon Integrity to enter.
Its Positioning Lands Exactly on the Two Most Lucrative Segments of the Sector.
The company's CAPiC (Chip and Advanced Packaging Technology Platform) has gathered all branches from QFN, BGA, LGA, WLP to 2.5D/3D, which is a minority among small and medium-sized packaging and testing factories. From the very beginning, Silicon Integrity has laid out its technology stack to the commanding heights of the post-Moore era. The application directions are also accurately selected: GPU/computing chips, high-speed optical modules, and high-end AI PMICs (Power Management ICs), almost closely following the two main lines of "AI + post-Moore". The world's first 2.5D optoelectronic packaging (in the direction of CPO Co-Packaged Optics) it proposed conceptually positions itself at the next stop of "optics replacing copper", which is exactly where capacity and qualified suppliers are most lacking in the coming years. However, it must also be seen that the commercialization of high-end packaging has just begun—in 2025, the revenue of the 2.5D/3D product line was only CNY 244,000, accounting for less than 0.03% of total revenue. Currently, what truly supports the scale is still traditional packaging. There is still a long way to go for advanced packaging to transition from "capability" to "cash flow".
The Ability to Run This Fast Relies on a "Veteran Team from the JCET System".
Founder Zhang Guodong worked in JCET's advanced packaging for 16 years, and General Manager Pan Mingdong has been in the JCET system for 19 years. Executives such as Long Xinjiang, Liu Yi, and Zhang Zhong all have backgrounds at JCET or ASE. The semiconductor industry is not won by academic degrees, but by process experience, customer validation, and production line management. A team that has been immersed in the front line for more than a decade is itself a scarce resource—this is the confidence behind Silicon Integrity's ability to achieve zero to CNY 1 billion in revenue in Nanjing in five years. Behind it are industrial capital backers such as Xiaomi Yangtze, OPPO Xunxing, MediaTek Gaintech, and Oriza Capital. They bind the upstream and downstream of chip design, manufacturing, and application at the shareholder level. This "shareholder structure with orders" is not common in OSAT, which is equivalent to locking in the demand side in advance.
Silicon Integrity Is Still in the Loss Period Before Investment Payoff.
The cumulative loss over three years is about CNY 1.219 billion, with redemption liabilities of about CNY 2.965 billion and negative net assets. This also makes the significance of listing in Hong Kong more than just a fundraising window—after a successful listing, the redemption rights of preferred shares will terminate, and liabilities will be converted into equity, which will exactly solve the redemption pressure hanging over its head; otherwise, the redemption node at the end of 2028 will directly impact cash flow. In other words, this "pass" is not only a ticket to high-end packaging but also a key step in rationalizing the capital structure.
The direction is right, the team is complete, and the capital is in place, but the mass production of high-end packaging and turning losses into profits still require time to verify. Silicon Integrity is a rare player in China's advanced packaging army in the post-Moore era that possesses all three: "full-stack capability + industrial shareholders + veteran team". Listing in Hong Kong provides not only money but also a business card for the market to re-understand it; the sector is at the forefront, and the gap is also there. Next, it depends on how large a scale it can achieve with this hand of advanced packaging cards.
This article is an independent commentary by the observer. The data comes from the CSRC filing notification (Guohehan [2026] No. 2003), Silicon Integrity Semiconductor's prospectus for the Hong Kong Stock Exchange, and public media reports. Industry trends refer to third-party research by Frost & Sullivan, Yole, etc.; the content does not constitute investment advice. Decisions should be based on the company's official disclosure documents and regulatory announcements.