Key facts
- CanSemi Technology's IPO retail tranche was oversubscribed by more than 2,300 times.
- The company plans to raise 7.5 billion yuan through the IPO.
- CanSemi aims to expand capacity and fund technology R&D.
- CanSemi is seeking a listing as an unprofitable firm under the third set of ChiNext rules.
- CanSemi reported revenue of 2.58 billion yuan in 2025.
- CanSemi recorded net losses of 2.35 billion yuan in 2025.
CanSemi Technology's initial public offering (IPO) on Shenzhen's ChiNext board has seen overwhelming investor interest, with its retail tranche oversubscribed by more than 2,300 times. This surge in demand positions the Chinese chip foundry's listing as one of the most sought-after tech offerings of the year, driven by investor confidence in the company's role in China's burgeoning artificial intelligence infrastructure and its advancements in silicon photonics.
The company has set its issue price at 12.01 yuan ($1.79) per share, offering 513 million shares, which represents about 17.81 percent of its total share capital post-offering. CanSemi aims to raise 7.5 billion yuan to fund capacity expansion and research and development, including a new 12-inch analog-mixed signal specialty process production line. Founded in 2017, CanSemi was reportedly the first 12-inch wafer manufacturer in Guangdong province to achieve mass production and is noted as the only firm in mainland China capable of large-scale production of 12-inch silicon-photonics wafers as of April 2026.
Despite widening net losses, which reached 2.35 billion yuan in 2025, CanSemi is pursuing a listing under ChiNext's rules for unprofitable companies. Its revenue has shown significant growth, reaching 2.58 billion yuan in 2025, with a compound annual growth rate of 57.3 percent. The company anticipates potentially turning a profit by 2029. CanSemi's IPO follows a trend of Chinese semiconductor firms going public this year, and if successful, it will be the first wafer foundry listed on the ChiNext board.