IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Company Overview
| Stock Name | XINDE SEMI |
|---|---|
| Stock Code | 07672 |
| Company Full Name | Jiangsu Xinde Semiconductor Technology Co., Ltd. |
| Industry | Semiconductors |
| Principal Activities | Provider of semiconductor assembly and testing services, principally engaged in developing packaging design, offering customized packaging products and providing packaging product testing services, covering QFN, BGA, LGA, WLP and 2.5D/3D products. |
| Listing Date | 2026-11-10 |
| Listing Status | Pre-listing |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | No. 8, Linchun Road, Pukou Economic Development Zone, Pukou District, Nanjing City, Jiangsu Province, PRC |
| Business Address (Hong Kong) | 31/F, Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong |
| Place of Incorporation | PRC |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | www.jssisemi.cn |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | 香港中央證券登記有限公司，香港灣仔皇后大道東183號合和中心17樓1712-1716號舖 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | To be extracted |
| Offer Price Range | HK$ 8.60 - 9.60 |
| Lot Size | 500 shares |
| Entry Threshold | HK$ 4,800 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-10-30 to 2026-11-05 |
| Global Offering Shares | 106,562,500 shares |
| HK Public Offer Shares (Initial) | 10,656,500 shares (10.0%) |
| Public Offer Lots (Initial) | 21,313lots (Pool A10,656lots，Pool B10,657lots) |
| International Placing Shares (Initial) | 95,906,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 1,065,624,232 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 32.3% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 1,023,000,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 500 | HK$ 4,800 |
| 2 lots | 1,000 | HK$ 9,600 |
| 3 lots | 1,500 | HK$ 14,400 |
| 4 lots | 2,000 | HK$ 19,200 |
| 5 lots | 2,500 | HK$ 24,000 |
| 6 lots | 3,000 | HK$ 28,800 |
| 7 lots | 3,500 | HK$ 33,600 |
| 8 lots | 4,000 | HK$ 38,400 |
| 9 lots | 4,500 | HK$ 43,200 |
| 10 lots | 5,000 | HK$ 48,000 |
| 15 lots | 7,500 | HK$ 72,000 |
| 20 lots | 10,000 | HK$ 96,000 |
| 25 lots | 12,500 | HK$ 120,000 |
| 30 lots | 15,000 | HK$ 144,000 |
| 35 lots | 17,500 | HK$ 168,000 |
| 40 lots | 20,000 | HK$ 192,000 |
| 45 lots | 22,500 | HK$ 216,000 |
| 50 lots | 25,000 | HK$ 240,000 |
| 60 lots | 30,000 | HK$ 288,000 |
| 70 lots | 35,000 | HK$ 336,000 |
| 80 lots | 40,000 | HK$ 384,000 |
| 90 lots | 45,000 | HK$ 432,000 |
| 100 lots | 50,000 | HK$ 480,000 |
| 150 lots | 75,000 | HK$ 720,000 |
| 200 lots | 100,000 | HK$ 960,000 |
| 250 lots | 125,000 | HK$ 1,200,000 |
| 300 lots | 150,000 | HK$ 1,440,000 |
| 350 lots | 175,000 | HK$ 1,680,000 |
| 400 lots | 200,000 | HK$ 1,920,000 |
| 450 lots | 225,000 | HK$ 2,160,000 |
| 500 lots | 250,000 | HK$ 2,400,000 |
| 600 lots | 300,000 | HK$ 2,880,000 |
| 700 lots | 350,000 | HK$ 3,360,000 |
| 800 lots | 400,000 | HK$ 3,840,000 |
| 900 lots | 450,000 | HK$ 4,320,000 |
| 1,000 lots | 500,000 | HK$ 4,800,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,250 lots | 625,000 | HK$ 6,000,000 |
| 1,500 lots | 750,000 | HK$ 7,200,000 |
| 1,750 lots | 875,000 | HK$ 8,400,000 |
| 2,000 lots | 1,000,000 | HK$ 9,600,000 |
| 2,500 lots | 1,250,000 | HK$ 12,000,000 |
| 3,000 lots | 1,500,000 | HK$ 14,400,000 |
| 3,500 lots | 1,750,000 | HK$ 16,800,000 |
| 4,000 lots | 2,000,000 | HK$ 19,200,000 |
| 4,500 lots | 2,250,000 | HK$ 21,600,000 |
| 5,000 lots | 2,500,000 | HK$ 24,000,000 |
| 6,000 lots | 3,000,000 | HK$ 28,800,000 |
| 7,000 lots | 3,500,000 | HK$ 33,600,000 |
| 8,000 lots | 4,000,000 | HK$ 38,400,000 |
| 9,000 lots | 4,500,000 | HK$ 43,200,000 |
| 10,000 lots | 5,000,000 | HK$ 48,000,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 7.68B |
| Est. Threshold | HK$ 9.51B Market cap gap 19% |
| Analysis Result | 市值不达标（市值差 19%） |
* IPO in progress, estimated at upper bound offer price
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 9,697,180,511 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 6,884,056,508 - 7,684,528,195 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 483.1 million |
| Period-End Cash Balance | 人民币143.7百万元 |
| Listing Expenses | ~HK$ 65,400,000 |
| Listing Expenses / Funds Raised | ~6.7% |
| Total Pre-IPO Investment | 人民币3,174.58百万元 |
Financial Data
Unit:
'000
RMB
Income Statement
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 509,077 | 827,374 | 1,012,159 |
| Cost of sales | -704,700 | -993,932 | -1,194,623 |
| Gross profit | -195,623 | -166,558 | -182,464 |
| Other income and gains, net | 70,597 | 101,699 | 68,326 |
| Selling and distribution expenses | -9,007 | -10,302 | -11,887 |
| Administrative expenses | -53,425 | -62,313 | -117,374 |
| Operating profit | -271,407 | -247,856 | -329,418 |
| Net finance costs | -88,502 | -129,355 | -153,670 |
| Share of associates and JVs | 1,017 | 633 | 0 |
| Profit before tax | -358,892 | -376,578 | -483,088 |
| Income tax expense | 0 | 0 | 0 |
| Profit for the year | -358,892 | -376,578 | -483,088 |
| Profit attributable to owners | -348,795 | -356,118 | -437,165 |
Balance Sheet
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and cash equivalents | 163,695 | 83,166 | 143,698 |
| Trade and bills receivables | 146,157 | 168,216 | 205,885 |
| Inventories | 164,277 | 176,396 | 205,453 |
| Total current assets | 691,763 | 618,688 | 816,764 |
| Total assets | 2,835,829 | 3,221,697 | 4,001,697 |
| Total current liabilities | 1,001,533 | 1,219,650 | 1,687,748 |
| Total liabilities | 3,586,391 | 4,137,377 | 5,233,837 |
| Total equity | -750,562 | -915,680 | -1,232,140 |
| Equity attributable to owners | -872,005 | -1,240,663 | -1,673,200 |
Cash Flow Statement
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net cash from operating activities | -70,661 | 135,372 | 39,960 |
| Net cash from investing activities | -655,440 | -644,620 | -804,966 |
| Net cash from financing activities | 703,902 | 428,292 | 825,180 |
| Net increase in cash | -22,199 | -80,956 | 60,174 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approx. 69.5% for construction of production base and new production lines and procurement of production-related equipment; approx. 17.6% for enhancing R&D capabilities; approx. 2.9% for enhancing commercialization capabilities; remaining amounts for working capital and general corporate purposes. |
Underwriting Syndicate
Sole Sponsor (1)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809(sole)
Sponsor cum Overall Coordinator (1)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809(sole)
Overall Coordinators (3)
Joint Global Coordinators (3)
Joint Bookrunners (10)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
Huafu International Securities Limited CE BQC241
FIRST SHANGHAI SECURITIES LIMITED CE ABV488
SDIC SECURITIES (HONG KONG) LIMITED CE AUW685
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
CNCB (Hong Kong) Capital Limited CE AEQ982
SPDB International Capital Limited CE BFZ375
CMBC SECURITIES COMPANY LIMITED CE APU820
WINBULL SECURITIES INTERNATIONAL (HONG KONG) LIMITED CE BRG131
EMPEROR SECURITIES LIMITED (HK) CE AAP057
Joint Lead Managers (3)
Capital Market Intermediaries (10)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
Huafu International Securities Limited CE BQC241
FIRST SHANGHAI SECURITIES LIMITED CE ABV488
SDIC SECURITIES (HONG KONG) LIMITED CE AUW685
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
CNCB (Hong Kong) Capital Limited CE AEQ982
SPDB International Capital Limited CE BFZ375
CMBC SECURITIES COMPANY LIMITED CE APU820
WINBULL SECURITIES INTERNATIONAL (HONG KONG) LIMITED CE BRG131
EMPEROR SECURITIES LIMITED (HK) CE AAP057
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
天元律师事务所（有限法律责任合伙） 江苏世纪同仁律师事务所 锦天城律师事务所 江苏君泊律师事务所 安睿顺德伦国际律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
竞天公诚律师事务所有限法律责任合伙 锦天城律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | 华富建业企业融资有限公司 CE ACR487 |
| Receiving Banks | 交通银行（香港）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 广发基金管理 | 15,000,000 USD | 12,935,500 | 12.14% | 1.21% | 9 months | 2027-08-10 |
| 2 | 国惠香港 | 10,000,000 USD | 8,623,500 | 8.09% | 0.81% | 9 months | 2027-08-10 |
| 3 | Maxwell | 100,000,000 CNY | 12,834,500 | 12.04% | 1.21% | 9 months | 2027-08-10 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Zhang Guodong | Zhang Guodong |
| Company Secretary | Fang Yaping, Ye Jiahong | Fang Yaping, Ye Jiahong |
| Executive Director | 张国栋 | — |
| Non-Executive Director | 王楚璇 | — |
| Independent Non-Executive Director | 焦捷 | — |
| Executive Director | 潘明东 | — |
| Non-Executive Director | 于晓琳 | — |
| Independent Non-Executive Director | 王肖沐 | — |
| Executive Director | 刘怡 | — |
| Independent Non-Executive Director | 李全兴 | — |
| Executive Director | 龙欣江 | — |
| Independent Non-Executive Director | 刘鑫 | — |
Major Shareholders
| Major Shareholders & Holdings | Zhang Guodong and concert parties (Pan Mingdong, Liu Yi, Ningtaixin, Ningpuxin) 22.45%; FirstLight Hongtong 6.76%; Nanjing Innovation/Nanjing SASAC 6.10%; Nanjing Xinju 5.12%; Xinlianxin 4.82%; Xinxiang Rongcheng 4.51%. |
|---|
