Shenzhou Semiconductor Targets 2.52 Billion Yuan in STAR Market IPO

Jiangsu Shenzhou Semiconductor Technology Co., Ltd. plans to raise 2.52 billion yuan on Shanghai's Sci-Tech Innovation Board, according to an updated prospectus filed ahead of its listing application.

The company has allocated the proceeds across five uses. Some 850 million yuan will fund R&D and industrialization of power components for integrated circuits at advanced process nodes. Another 271 million yuan goes to a technical support service system upgrade, 535 million yuan to a Shanghai industrial base, 556 million yuan to a technology R&D and innovation center, and 310 million yuan to supplementary working capital.

Shenzhou develops, produces and sells core components for key semiconductor process equipment. Built on plasma source technology, a necessary technical means for advanced semiconductor chip manufacturing, the company supplies high-end plasma power systems and technical support services to the advanced semiconductor process supply chain. Plasma source applications also span photovoltaics, display panels, optical coating, medical equipment and scientific research instruments.

Swinging from loss to 210 million yuan profit

The financials show a sharp turnaround. Revenue climbed from 261 million yuan in 2023 to 446 million yuan in 2024 and 654 million yuan in 2025, per the prospectus. Net profit moved from a loss of 22.32 million yuan in 2023 to 136 million yuan in 2024 and 210 million yuan in 2025. Net profit excluding non-recurring items reached 56.39 million yuan, 134 million yuan and 200 million yuan over the same three years.

In the first half of 2026, Shenzhou posted revenue of 376 million yuan, net profit of 117 million yuan and deducted non-recurring net profit of 109 million yuan.

Growth came with deepening customer concentration. Advanced Micro-Fabrication Equipment Inc. China (AMEC), the etching equipment maker, accounted for 2.94%, 31.12%, 49.19% and 38.89% of main business revenue across the reporting periods. AMEC's share of Shenzhou's total gross profit ran even higher, at 2.95%, 33.90%, 52.63% and 43.36%.

Inventory and receivables both expanded. Inventory book value stood at 113 million yuan, 195 million yuan, 213 million yuan and 270 million yuan at the end of each reporting period, representing 36%, 36%, 20% and 23% of current assets. Inventory depreciation reserves totaled 12.95 million yuan, 11.98 million yuan, 19.75 million yuan and 24.87 million yuan, or 10.26%, 5.79%, 8.50% and 8.43% of the inventory balance. Accounts receivable book value rose from 85.67 million yuan to 170 million yuan, 200 million yuan and 256 million yuan, equal to 27.53%, 31.55%, 19.18% and 21.77% of current assets.

Zhu Peiwen controls 64.74% of votes

Chairman, general manager and legal representative Zhu Peiwen directly holds 21.1682% of the company's shares. He controls Yangzhou Zhongxin Juneng, the management partnership holding 23.2535% pre-IPO, giving him an indirect 14.1498% stake and a combined 35.3180% direct and indirect holding.

Under a concert party agreement signed with Chen Juexiao, Jiangsu Xinji and Zhongxin Juneng, Zhu controls an additional 20.3183% of shares. In total, he commands voting rights over 64.74% of the company.

The pre-IPO register includes several strategic names. Yangzhou Zhongxin Juneng holds 23.2535%, Jiangsu Xinji Technology 20.3183%, Intel Asia-Pacific R&D 8.6125%, and China Integrated Circuit Industry Investment Fund Phase II — the state Big Fund — 4.7847%. Shanghai Zhiwei Panfeng holds 3.7593%, Changcun Industrial Investment Fund (Wuhan) 3.1818% and Shanghai Puchen 2.1531%.

Smaller holders include Yixing Gaoyi Phase II at 1.8947%, Shanghai Yanquan Technology at 1.7861%, and Advanced Micro-Fabrication Equipment (Shanghai) — the listed arm of top customer AMEC — and Shanghai Huahong Hongxin Phase II at 1.3636% each. Jiaxing Maibo Wenxin holds 1.1364% and Yangzhou Chanfa Huaying 0.8523%.

Post-IPO, assuming full issuance, Zhongxin Juneng's stake dilutes to 17.4402%, Zhu Peiwen's direct holding to 15.8763%, Jiangsu Xinji to 15.2387%, Intel Asia-Pacific R&D to 6.4593% and the Big Fund Phase II to 3.5885%. AMEC's Shanghai entity falls to 1.0227%.

With AMEC sitting on both sides of the relationship as largest customer and shareholder, and Intel retaining a position post-listing, Shenzhou's STAR Market debut will test investor appetite for a component supplier whose fortunes track China's advanced-node equipment buildout.