Verisilicon Microelectronics(Shanghai)Co.,Ltd. (688521.SH) has disclosed new developments in its inquiry transfer plan, with 37 institutions subscribing to 5% of shares at nearly a "30% discount" price. Following the announcement on August 26, Verisilicon's stock price opened sharply lower, dropping over 10% at one point and closing down 9.33%.

Notably, from September 24 last year to August 26 this year, Verisilicon's stock price has accumulated gains of nearly 5 times within one year, exceeding 477%.

On the evening of August 25, Verisilicon released an announcement disclosing the pricing situation of shareholder inquiry transfers, preliminarily determining the inquiry transfer price at 105.21 yuan per share.

It's worth noting that compared to the closing price of 157.90 yuan per share on August 25, the inquiry transfer pricing was only about 66.63% of that day's closing price. This means it was a transaction at a "30% discount."

According to Verisilicon's previously disclosed shareholder inquiry transfer plan, the transfer price floor should not be lower than 70% of the average trading price of the 20 trading days before the date of sending the subscription invitation letter (August 22, 2025, inclusive). According to Wind data, within the 20 trading days before August 22, Verisilicon's interval average trading price was 117.92 yuan per share. Based on this average price, the transfer price floor was 82.54 yuan.

According to the latest disclosure, the 5% shares intended for this inquiry transfer have been fully subscribed, with 37 institutional investors preliminarily confirmed as transferees, covering professional institutional investors including fund management companies, insurance companies, securities companies, private fund managers, and qualified foreign institutional investors.

Previous announcements showed that the six major shareholders intending to participate in the pre-IPO shareholder inquiry transfer included VeriSiliconLimited, Gongqingcheng Shixing Investment Partnership (Limited Partnership), Jiaxing Haicheng Venture Capital Investment Partnership (Limited Partnership), Jinan Guokai Science and Technology Innovation Industry Equity Investment Partnership (Limited Partnership), Gongqingcheng Wenxing Investment Partnership (Limited Partnership), and Fortune Strategy Holdings Limited.

First Half Loss of 320 Million Yuan

It's worth mentioning that on August 22, along with the shareholder inquiry transfer plan, Verisilicon also released its 2025 interim report.

The interim report shows that in the first half of 2025, Verisilicon achieved operating revenue of 974 million yuan, a year-on-year increase of 4.49%; net profit attributable to shareholders of the parent company was -320 million yuan, and net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was -358 million yuan.

Regarding the company's net profit changes, Verisilicon stated that the company's profitability continued to improve in the second quarter, achieving net profit attributable to shareholders of the parent company of -99.5051 million yuan in the second quarter of 2025, with quarterly losses significantly narrowing by 54.84% quarter-on-quarter.

However, upon reviewing financial report data, it was found that in the first and second quarters of this year, Verisilicon's net profit attributable to parent company shareholders were -220 million yuan and -99.5051 million yuan respectively, compared to -207 million yuan and -77.8208 million yuan in the same period last year, showing expanded losses year-on-year.

Regarding the current loss situation, Verisilicon Chairman and President Dai Weimin stated at the earnings briefing that as a platform service company, it's very important for Verisilicon to focus on business scale and growth trends. As long as growth is maintained and a certain scale is reached, profitability can be achieved. "Scale effect is a characteristic of platform-type service companies like Verisilicon."

Stock Price Up 60% Cumulatively Since August

On August 26, the first trading day after the discounted transfer announcement, Verisilicon's stock price opened sharply lower.

However, it's worth noting that Wind data shows that as of the close on August 25, Verisilicon has accumulated gains of nearly 60% since the beginning of the month. In fact, AI hardware, chip and other sectors have been hot recently, with many related concept indices and individual stocks showing significant gains. The Wind Semiconductor Index has accumulated gains of 21.86% since August, the Chip Index has risen 19.35%, and the ASIC Chip Index has accumulated gains of 16.81%.

When Verisilicon landed on the Science and Technology Innovation Board in 2020, it was called "China's first semiconductor IP stock." As the company's business has gained broader attention and recognition in the industry, the company is now hailed by the industry as a "leading AI ASIC enterprise."

Previously, CITIC Securities released a research report predicting that ASIC would be an important direction for the AI industry chain in 2025.

Zheshang Securities is also optimistic about the long-term market prospects of ASIC chips, pointing out that compared to GPUs, ASIC chips can achieve low cost, high performance, and low power consumption in specific scenarios, with characteristics of high specialization and high cost-effectiveness. According to calculations, since ASIC chips are priced much lower than GPUs, about 1/5 of GPU prices, as Meta and Microsoft gradually begin large-scale deployment of self-developed ASIC solutions, total ASIC shipments are expected to surpass NVIDIA at some point in 2026.

Dongwu Securities believes that Verisilicon's current valuation premium is mainly due to the company being a top domestic ASIC company and a scarce target in A-shares, with significant advantages in technology accumulation, customer resources, and product implementation. Minsheng Securities also stated that Verisilicon has solid technology accumulation and customer base in ASIC business, combined with the continuous evolution of AI and custom chip waves, the company's ASIC business is expected to achieve rapid growth along with AI industry trends starting from 2025.

Regarding long-term investment in the future market, Xingzheng Strategy believes that semiconductor equipment and domestic computing power β market have started, with domestic AI chips, GPUs and other core leaders rising first. Compared with North American computing power chain leaders, the gains are still low, and long-term attention should continue. At the same time, domestic substitution benefits the entire industry chain, and the market is expected to continue deepening. Within the industry chain, emphasis should be placed on the spread toward upstream low-level directions such as semiconductor equipment materials, benefiting from the production capacity expansion of domestic chips in the second half of the year, with catch-up logic.