Chinese semiconductor thread II

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Domestic GPU unicorn valued at 10 billion yuan, Muxi Integrated has completed IPO guidance​


After guidance, Huatai United Securities believes that Muxi Integration has the corporate governance structure, basic accounting work, and internal control system that a listed company should have, and fully understands the characteristics and attributes of various sectors in the multi-level capital market; Muxi Integration and its directors, supervisors, senior management, shareholders holding more than 5% of the shares and actual controllers (or their legal representatives) have fully mastered the laws, regulations and rules on issuance and listing, standardized operations, etc., are aware of the responsibilities and obligations in terms of information disclosure and fulfillment of commitments, and have established a sense of integrity, self-discipline and the rule of law when entering the securities market.

According to the official website, Muxi Integration was established in Shanghai in September 2020, and has established wholly-owned subsidiaries and R&D centers in Beijing, Nanjing, Chengdu, Hangzhou, Shenzhen, Wuhan and Changsha. Muxi has a team with complete technology, rich design and industrialization experience. The core members have an average of nearly 20 years of end-to-end R&D experience in high-performance GPU products. They have led the R&D and mass production of more than ten world-leading high-performance GPU products, including the entire process of GPU architecture definition, GPU IP design, GPU SoC design and mass production delivery of GPU system solutions.

Muxi Integrated creates full-stack GPU chip products, launching Xisi® N series GPU products for intelligent reasoning, Xiyun® C series GPU products for general computing, and Xicai® G series GPU products for graphics rendering, meeting the computing power requirements of "high energy efficiency" and "high versatility". Muxi products all use completely independently developed GPU IP, have instruction sets and architectures with completely independent intellectual property rights, and are equipped with a complete software stack (MXMACA®) compatible with the mainstream GPU ecosystem. They have the natural advantages of high energy efficiency and high versatility, and can build a comprehensive ecological solution integrating software and hardware for customers. They are the computing power cornerstone for promoting the construction of the digital economy and the digitalization and intelligent transformation and upgrading of industries under the background of "dual carbon".

From the perspective of equity structure, Muxi Integration has carried out large-scale financing for five consecutive years since its establishment. In August 2024, Muxi Integration completed its last round of financing. Investors in this round include state-owned investors such as Pudong Capital, Shanghai Science and Technology Innovation Fund, and Hunan Guochuang Industrial Investment, as well as market corporate capital such as Jiajia Information and Qixia Capital.

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manqiangrexue

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Michael90 said:
Hmmm…at least shows the US still has an independent judiciary system . Which is something to be commended.
Click to expand...
Nah, there's nothing to commend. This is their "reward" for a company agreeing to play by their rules and it hopes to set a precedent that other Chinese companies do so as well under the belief that it isn't a total waste of time, but when it counts, the US courts will always rule against Chinese companies. It's an old scammer's trick. Open up a company; nobody trusts your company because you have no history. Do an amazing job for the first XX clients to build a good reputation so they can spread the word about how awesome the company is. XXXX potential clients drop their guard and send in huge orders to the company, then the nightmares begin. America will never do another commendable thing again until they've woken up and accepted the new reality that China is the new premier power of the world and America can just comfortably and happily cruise at #2; it's not the end of the world and everyone is less stressed.
 
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Conformal polishing of NiP grating microstructures using SiO2/Al2O3 mixed abrasive slurry.​

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Abstract​

Nickel-phosphorus (NiP) coatings are widely used for surface modification of metal mirrors due to their excellent physical and chemical properties, such as in the collector mirrors of extreme ultraviolet (EUV) lithography machines. Grating microstructures can be fabricated on NiP coatings using Single-Point Diamond Turning (SPDT) to enhance the optical performance of mirrors. However, the SPDT process often introduces periodic marks on the surface, increasing surface roughness, causing optical flux loss, and reducing reflectance, which negatively impact the performance of mirrors. In this study, SiO2/Al2O3 mixed abrasive is employed for Chemical Mechanical Polishing (CMP) to investigate conformal polishing processes for NiP grating microstructures. The mixed abrasive leverages the advantages of both abrasives: Al2O3 abrasive effectively removes periodic marks and reduces the spatial frequency errors in the 101∼102 mm−1 range, while SiO2 abrasive further smooths the surface and reduces the spatial frequency errors in the 102∼103 mm−1 range. Through experiments, factors such as Al2O3 particle size, Al2O3 abrasive concentration, pH, and H2O2 concentration are comprehensively considered to precisely control the synergistic effects of the mechanical removal and chemical reactions of CMP, balancing the optimization of surface quality and conformality of microstructures. By optimizing the polishing slurry and utilizing a combination of soft and hard polishing pads, a uniform RMS roughness of 0.8 nm (scanned area: 218 × 218 μm2) was achieved across a 100 mm diameter NiP grating microstructures sample. Importantly, the grating microstructures retained their shape, with only an 84 nm reduction in the grating height and a 12.98 μm increase in the transition area width after polishing. These results highlight the excellent conformal polishing capability of the process. This study provides a promising strategy for the conformal polishing of large-area and high-precision NiP grating microstructures on EUV collector mirrors, while also offering an important reference for the industrial-scale production of other optical microstructures.​

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Semiconductor equipment and material supply companies going public in China​

Semiconductor equipment manufacturer Zhongke Instrument is sprinting for IPO on Beijing Stock Exchange. Its clients include TSMC, SMIC, Yangtze Memory Technologies, etc.​

The China Securities Regulatory Commission disclosed a report by China Merchants Securities Co., Ltd. on the completion of its guidance work for the public issuance of shares to unspecified qualified investors and listing of Chinese Academy of Sciences Shenyang Scientific Instrument Co., Ltd. (hereinafter referred to as China Scientific Instrument) on the Beijing Stock Exchange.

It is reported that Zhongkeyi's IPO process has undergone several adjustments: on December 28, 2020, the company submitted its first application for listing on the Science and Technology Innovation Board to the Shanghai Stock Exchange and was accepted, but voluntarily withdrew its application in May 2021. In January 2023, the company restarted its listing plan, signed a guidance agreement on the Science and Technology Innovation Board with China Merchants Securities, and completed the filing with the Liaoning Securities Regulatory Bureau on January 17. The latest progress shows that based on business development strategy considerations, the company has changed the intended application board from the Science and Technology Innovation Board to the Beijing Stock Exchange in April 2025.

According to the information, the company is mainly engaged in the research and development, production and sales of dry vacuum pumps and vacuum equipment, and provides related technical services. Dry vacuum pumps are core auxiliary equipment for semiconductor manufacturing process equipment, providing the necessary highly clean vacuum environment for production equipment in industries such as integrated circuits, photovoltaics, LEDs, flat panel displays, and lithium batteries.

The company's vacuum instrument and equipment products mainly include three categories: large scientific equipment, vacuum thin film equipment, and new material preparation equipment. Among them, large scientific equipment refers to large scientific research equipment and facilities of major national scientific projects used for basic scientific research; vacuum thin film equipment mainly includes PVD and CVD equipment used for scientific research; new material preparation equipment mainly includes crystal material preparation equipment, vacuum metallurgical equipment, etc. At the same time, the company provides technical services such as equipment repair and maintenance for dry vacuum pumps and vacuum instruments and equipment.

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Semiconductor equipment parts manufacturer Chengdu Ultrapure starts listing guidance and receives investment from BYD/TCL Ventures and others​

Recently, the China Securities Regulatory Commission disclosed the filing report on the initial public offering and listing guidance of Chengdu Ultrapure Applied Materials Co., Ltd. (hereinafter referred to as Chengdu Ultrapure). Its listing guidance agency is Huatai United Securities.

According to the official website, Chengdu Ultrapure was established in 2005 and is located in Shuangliu Airport Development Zone, Chengdu, China. It has a research and development and plant area of more than 10,000 square meters. It is a national high-tech manufacturing enterprise that focuses on technology-oriented semiconductor etching devices, high-power laser devices and special ceramics. Chengdu Ultrapure has independent intellectual property rights and has developed a variety of processes, including advanced surface treatment processes, which can provide professional surface treatment services for semiconductor etching devices and MOCVD devices; purification processes, which can purify the purity of materials to more than 5N; advanced ceramic production processes, which can manufacture high-density carbide and nitride ceramics; at the same time, the company has developed a complete set of ultra-smooth surface treatment processes for different substrate materials to control surface defects and increase the service life of the device.

Tianyancha shows that Chengdu Chaochun has completed four rounds of financing. In 2022, the company completed the angel round of financing, with Novatis Capital, Zhenghai Capital, and Guotou Venture Capital participating in the investment.

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Xinmi Technology's IPO on the Science and Technology Innovation Board has been accepted, and it plans to raise 785 million yuan to invest in two major projects​

On June 17, the Shanghai Stock Exchange officially accepted the IPO application of Shanghai Xinmi Technology Co., Ltd. (hereinafter referred to as: Xinmi Technology) on the Science and Technology Innovation Board.

The company is a leading domestic semiconductor-grade perfluoroether rubber seal enterprise, focusing deeply on the technical research and development and application innovation of perfluoroether rubber. It is the first in China to independently develop semiconductor-grade perfluoroether rubber materials and stably mass-produce perfluoroether rubber seals and other key components of semiconductor equipment, effectively breaking the monopoly of foreign companies such as DuPont, GT, and PPE in the field of semiconductor-grade perfluoroether rubber seals in my country. The company produces perfluoroether rubber materials based on self-developed formulas, and provides domestic semiconductor equipment manufacturers and wafer manufacturers with a full range of perfluoroether rubber seals, perfluoroether rubber functional components and other products for point vacuum sealing of core process equipment such as etching, thin film deposition, heat treatment, and cleaning. The company's products can effectively meet the stringent vacuum sealing requirements of different models and full range of points of the core process equipment of the semiconductor front-end process, and can fully cover advanced and mature process technology nodes and achieve breakthroughs and large-scale sales in advanced processes such as 232-layer NAND memory chips, 19nm and below DRAM memory chips, and 5nm-14nm logic chips. By fully meeting the diversified and customized needs of semiconductor equipment, it serves semiconductor equipment with continuous iterations of technology and processes. According to Frost & Sullivan's statistics, the company's sales volume of semiconductor-grade perfluoroether rubber seals ranked third in the Chinese market for two consecutive years in 2023 and 2024, and ranked first among Chinese companies. The company has grown into a leading company in high-end perfluoroether rubber seals for domestic semiconductor equipment.
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The issuer's operating income in 2023 and 2024 will be RMB 130.4749 million and RMB 207.5523 million, respectively, and the net profit attributable to the parent company's owners (the lower of before and after deducting non-recurring gains and losses) will be RMB 32.8115 million and RMB 63.0894 million, respectively; combined with the valuation of the issuer's most recent capital increase, it is estimated that the issuer's total market value after issuance will not be less than RMB 1 billion.

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Shenghe Jingwei's IPO guidance on the Science and Technology Innovation Board has entered the acceptance process​

Recently, according to the China Securities Regulatory Commission, the IPO guidance status of SJ Semiconductor Corporation (Shenghe Jingwei) on the Science and Technology Innovation Board has been changed to "guidance acceptance", and the guidance institution is CICC. Guidance acceptance is the final link in the guidance stage of securities firms in the IPO process, indicating that the company has passed the compliance review of the guidance work by the local securities regulatory bureau. Shenghe Jingwei has completed the guidance acceptance, indicating that it has met the basic listing conditions.

According to information, Shenghe Jingwei Semiconductor Co., Ltd. was formerly known as SMIC Semiconductor Co., Ltd. and was registered and established in August 2014. It is the world's first mid-stage silicon wafer manufacturing company that adopts the integrated circuit front-end chip manufacturing system and standards and adopts an independent professional foundry model to serve global customers. It is reported that Shenghe Jingwei's 12-inch high-density bumping processing, 12-inch silicon wafer level package (WLCSP) and testing have reached world-class levels, and it is further developing advanced three-dimensional system integrated chip business.

At present, Shenghe Jingwei has become a leading company in the field of domestic silicon wafer-level advanced packaging. Its core business focuses on mid-end silicon wafer manufacturing and three-dimensional integrated advanced packaging, filling the key link between traditional packaging and front-end wafer manufacturing, and is the core carrier of the evolution of advanced packaging technology.

According to Yole data, Shenghe Jingwei ranked first in the global packaging and testing industry in terms of revenue growth in 2023. According to the CIC report, in the advanced packaging industry in mainland China in 2023, Shenghe Jingwei ranked first in 12-inch mid-section bumping processing capacity, first in 12-inch WLCSP market share, and first in independent CP wafer testing revenue. In May 2024, Shenghe Jingwei launched 3x mask size TSV silicon through-via substrate technology; in December 2024, Shenghe Jingwei completed more than 5 billion in financing, introduced state-owned investment from Wuxi and Shanghai, and accelerated the construction of ultra-high-density three-dimensional multi-chip interconnection integrated processing projects.

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Shenghe Jingwei's core advantage lies in its focused and leading three-dimensional integration technology platform, especially in the future-oriented core technology of hybrid bonding. Shenghe Jingwei is in an absolute leading position in China, and is advancing research and development simultaneously with international leaders such as TSMC and Intel. Compared with its peers, it has significant first-mover advantages and technical depth.

At the same time, Shenghe Jingwei's customers are more concentrated on leading chip design companies and IDM/Foundry (such as AI chip and HBM suppliers) that pursue the most cutting-edge performance. The cooperative relationship is closer and the technical collaboration requirements are high.

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Semiconductor testing company Lucent Technologies starts IPO guidance. Shareholders include Silan Microelectronics/Broadcom Integrated Circuits, etc.​

On June 4, the China Securities Regulatory Commission disclosed the filing report on the initial public offering and listing guidance of Hangzhou Langxun Technologies Co., Ltd. (hereinafter referred to as Langxun Technologies). Its listing guidance institution is GF Securities.

According to the official website, Lucent Technologies was founded in 2010 and is a leading integrated circuit testing service provider in China, focusing on research and development in the integrated circuit field, full-process testing services for high-end chips, and the construction of an industrial talent ecosystem.

Lucent Technologies provides end-to-end ATE testing services to customers in the semiconductor industry, including wafer testing (Circuit Probe Test), finished product testing (Final Test), aging testing (Burn-In Test) and system-level testing (System Level Test). At the same time, it provides customers with ATE software and hardware development, engineering laboratory, and R&D laboratory operation technology innovation platforms. The company has built and put into production high-end testing bases, public testing service platforms, laboratories and R&D centers in many places across the country, and has independently developed and built advanced IT-based, automated production line systems and strict quality life cycle management production systems. The tested products cover mainstream technology chip fields such as smart terminals, core computing power, artificial intelligence, automotive, and communications.

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