Shenghe Jingwei Semiconductor Co., Ltd. has had its IPO application approved by the STAR Market listing committee on February 24.

Shenghe Jingwei Semiconductor Co., Ltd. is a globally leading integrated circuit wafer-level advanced packaging and testing enterprise. It began with advanced 12-inch mid-end silicon wafer processing and further provides full-process advanced packaging and testing services, including Wafer-Level Packaging (WLP) and chiplet multi-chip integration packaging. The company is dedicated to supporting various high-performance chips for end-use areas such as high-performance computing, artificial intelligence, data centers, and autonomous driving. The company has no controlling shareholder and no actual controller. Its largest shareholder, Wuxi Industrial Development Fund, holds a 10.89% stake.

During the reporting period, the company's operating revenues were 1,632.62 million yuan, 3,038.26 million yuan, 4,705.40 million yuan, and 3,177.99 million yuan, respectively. Its net profit after deducting non-recurring gains and losses attributable to the parent company's owners were -348.67 million yuan, 31.62 million yuan, 187.40 million yuan, and 421.89 million yuan, respectively.

**1. Basic Information** The company is a globally leading enterprise in wafer-level advanced packaging and testing for integrated circuits. It focuses on the mid-end silicon wafer processing and back-end advanced packaging segments of the IC advanced packaging and testing industry. It provides full-process customized services, including bump manufacturing, wafer testing, wafer-level packaging, and chiplet multi-chip integration packaging. These services support various high-performance chips like GPUs, CPUs, and AI chips, enhancing performance metrics such as high computing power, high bandwidth, and low power consumption through heterogeneous integration. Its products are applied in terminal fields including high-performance computing, AI, data centers, autonomous driving, smartphones, consumer electronics, and 5G communication.

The company was registered and established in the Cayman Islands on August 19, 2014. The total share capital before this issuance is 1,607.3079 million shares. As of June 30, 2025, the company had 4 controlling subsidiaries and 1 branch, with no equity-invested companies. The total number of employees was 5,968.

**2. Controlling Shareholder and Actual Controller** As of the signing date of the prospectus, the company has no controlling shareholder and no actual controller. The company's shareholders are primarily industrial investment institutions, professional investment institutions, and employee stock ownership platforms. The equity structure is relatively dispersed, with no single entity able to control a majority of seats at the shareholders' meeting or the board of directors. The largest shareholder, Wuxi Industrial Development Fund, holds a 10.89% stake. The second-largest group of shareholders, related to CMB, collectively controls 9.95% of the issuer's equity. The third-largest group, related to Houwang, collectively holds a 6.76% stake. The fourth-largest shareholder, Shenzhen Yuanzhi No.1, holds a 6.14% stake. The fifth-largest group of shareholders, related to CICC, collectively holds a 5.33% stake. No single shareholder can exert a decisive influence on the company's decisions independently.

**3. Performance During the Reporting Period** During the reporting period, the company's operating revenues were 1,632.62 million yuan, 3,038.26 million yuan, 4,705.40 million yuan, and 3,177.99 million yuan, respectively. Its net profit after deducting non-recurring gains and losses attributable to the parent company's owners were -348.67 million yuan, 31.62 million yuan, 187.40 million yuan, and 421.89 million yuan, respectively.

**4. Chosen Listing Criteria** The company complies with the relevant regulations for Red Chip enterprises not yet listed overseas, as stipulated in the notice from the General Office of the State Council regarding the pilot program for innovative enterprises issuing stocks or depositary receipts domestically. The specific listing standard chosen is the second set of criteria under Article 2.1.3 of the "Shanghai Stock Exchange STAR Market Listing Rules": "The estimated market value is not less than RMB 5 billion, and the operating revenue in the most recent year is not less than RMB 500 million."

**5. Main Questions Raised During the Deliberation Meeting** The issuer's representatives were asked to explain the business stability with major clients and the sustainability of performance, considering the technological sources of the company's 2.5D business, the application areas, development trends, market space of the three technical routes, and the progress in acquiring new customers. The sponsor's representatives were requested to provide a clear opinion.