On June 15, the IPO audit of Yuexin Semiconductor GEM, a 12-inch wafer foundry in China, passed smoothly, and the new economic equity investment of Shangfeng Materials ushered in another achievement. Established in 2017
, Yuexin Semiconductor is the first 12-inch wafer manufacturer in Guangdong Province to enter mass production, which has achieved a breakthrough in 12-inch wafer manufacturing from 0 to 1 for Guangdong Province, and is of great significance to the industrial development, industrial upgrading, technological innovation and industrial security of Guangdong-Hong Kong-Macao Greater Bay Area integrated circuits.
The Prospectus shows that Yuexin Semiconductor is an integrated circuit manufacturing enterprise dedicated to providing 12-inch wafer foundry services and special process solutions for domestic and foreign chip design enterprises. With the core business model of characteristic process wafer foundry, it serves chip design companies and end customers, and its main customers cover many first-class semiconductor industry design companies at home and abroad. Yuexin Semiconductor has the process R & D and manufacturing capabilities of integrated circuits, power devices and other products, and its product applications cover consumer electronics, industrial control, automotive electronics and artificial intelligence. It is the first 12-inch wafer manufacturing enterprise independently trained by Guangdong Province to enter mass production, providing important capacity support for the strategic layout of the national integrated circuit industry. As of December 31, 2025, Yuexin Semiconductor has been granted 721 patents (including overseas patents), including 343 invention patents.
In 2021, Ningbo Shangrong, a wholly-owned subsidiary of Shangfeng Materials, contributed a total of 233.83 million yuan as a limited partner, holding 38.46% of Suzhou Puran, 13.08% of Suzhou Jingpu and 3.27% of Suzhou Chuxin respectively; Suzhou Puran, Suzhou Jingpu and Suzhou Chuxin hold 3.52%, 0.91% and 0.70% of the equity interest in Yuexin Semiconductor respectively. Based on the consolidated statistics, the Company indirectly holds approximately 1.4957% of the equity interest in Yuexin Semiconductor prior to the public offering.
Since 2020, Shangfeng Materials has systematically laid out the whole industry chain around the key links of semiconductor upstream core materials, midstream wafer manufacturing and downstream advanced sealing and testing, and has invested more than 2 billion yuan in 29 high-quality projects to build a "material-manufacturing-sealing and testing" collaborative closed-loop. Up to now, among the projects invested by the company, Jinghe Integration, Onruiwei, Xi'an Yicai and Shenghe Jingwei have been successfully listed, the application for IPO registration of Changxin Science and Technology has been approved by the Securities Regulatory Commission, and Shanghai Super Silicon, Xinhua Science and Technology and other companies have been in the process of IPO.
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