On February 25, the Shanghai Stock Exchange formally accepted the application materials of Jiangsu Xinhua Semiconductor Technology Co., Ltd. (Hereinafter referred to as "Xinhua Technology") for listing on the board, marking that the leading enterprises in the field of electronic grade polysilicon in China have entered a critical stage of capitalization.
Xinhua Science and Technology is the first enterprise in China to realize large-scale production of electronic grade polysilicon, which has successfully broken the long-term monopoly of foreign giants in this field. The core product of Xinhua Science and Technology, electronic grade polysilicon, is an indispensable key basic raw material for integrated circuit chip manufacturing, with high purity requirements and strict technical barriers to production process. The domestic market share of Xinhua technology products exceeds 55%, ranking first in China and third in the world, becoming the third largest semiconductor silicon material manufacturer in the world after Hemlock in the United States and Wacker in Germany. According to
the prospectus, in 2023-2024, the operating income of Xinhua Technologies was 946 million yuan and 1.110 billion yuan respectively, and the net profit after deduction was 0.32 billion yuan and 0.64 billion yuan respectively. From January to September 2025, Xinhua Science and Technology realized business income of 1.336 billion yuan and net profit of 118 million yuan after deduction, which maintained a relatively rapid growth. In October
2025, Shangfeng Cement invested 50 million yuan through its wholly-owned subsidiary Ningbo Shangrong, and jointly established Hefei Guocai No.3 Enterprise Management Partnership with professional institutions such as China Building Material (Anhui) New Material Industry Investment Fund. The total subscribed capital contribution of the fund is 1.476 billion yuan, which is dedicated to the acquisition of Xinhua Science and Technology Equity. After the acquisition, Hefei Guocai No.3 Enterprise Management Partnership became the largest shareholder of Xinhua Science and Technology, holding 24.55% of the shares. Meanwhile, the National Integrated Circuit Industry Investment Fund Co., Ltd. is the second shareholder of Xinhua Science and Technology, holding 20.63% of the shares. Over the past
five years, while consolidating the advantages of the main cement industry, Shangfeng Cement has used the stable cash flow generated by the main business operation to carry out a series of whole industry chain layout around the key links of integrated circuit chip design, manufacturing, equipment and materials, and has invested in a number of semiconductor enterprises with core technology and growth potential.
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