STAR Market IPO

Wuhan Xinrong

2026-09-29 03:48:21

Wuhan’s Xinrongguang launches with RMB 13.2 billion in registered capital as a new semiconductor unicorn emerges

Wuhan Xinrongguang Technology Co., Ltd. has been registered in Wuhan’s Optics Valley with RMB 13.2 billion in registered capital, immediately placing it among the city’s most closely watched semiconductor startups. The company’s shareholder roster includes 38 backers spanning industrial investors, state-linked funds, and market-oriented venture and private equity firms, such as Wuhan Xinxin, Optics Valley industry investors, SMIC-affiliated CFT Capital, Shenzhen Capital Group, Oriza Puhua, GF Xinde, Sequoia China, Cowin Capital, Cornerstone Capital, and China Merchants Capital. The timing has also drawn attention. One day after Xinrongguang completed its registration, Yangtze Memory’s holding company saw its STAR Market IPO review status updated to “inquiry received,” with a planned fundraising target of RMB 33 billion. The report links Xinrongguang’s debut to a broader reshaping of Wuhan’s semiconductor landscape, especially after ownership changes separated Wuhan Xinxin from Changcun Holding in 2026. According to the report, Xinrongguang was set up after that equity restructuring and is being viewed as a new platform led by Wuhan Xinxin. Its business scope covers integrated circuit design, chip manufacturing, power electronic component manufacturing, and technology import and export. The article also places the company in the context of Wuhan’s longer push into storage, optical communications, silicon photonics, and AI infrastructure.

880

Calterah

2026-09-28 00:23:13

Calterah’s STAR Market IPO filing lands as revenue doubles but losses top 900 million yuan over 3.5 years

Calterah Microelectronics Technology (Shanghai) Co. has had its STAR Market IPO application accepted by the Shanghai Stock Exchange, with plans to issue up to 9.42455 million shares and raise 3.489 billion yuan. The proceeds are earmarked for millimeter-wave radar chip R&D and industrialization, ultra-wideband chip R&D and industrialization, and headquarters construction. The filing shows a company with strong top-line momentum and a still-unfinished path to profitability. In 2025, Calterah posted 632 million yuan in revenue, up 108.44% year over year, while its shipment-based share of China’s automotive millimeter-wave radar chip market reached 31.1%, second only to Texas Instruments. Yet the same year, it recorded a net loss of 193 million yuan. From 2023 through the first quarter of 2026, cumulative losses exceeded 910 million yuan, and operating cash flow remained negative throughout the 3.5-year reporting period. The prospectus points to a business still heavily concentrated in one category. Millimeter-wave radar chips contributed more than 99% of core revenue during the reporting period, while the company’s UWB line only began sample shipments in the fourth quarter of 2025 and is scheduled for gradual mass production in the fourth quarter of 2026. Customer concentration, falling average selling prices, rising inventory, and dependence on external foundry capacity all stand out as issues investors will weigh alongside Calterah’s market position and technology claims.

460

DeepSeek

2026-09-22 03:44:56

Yan Wentao joins DeepSeek as its first CFO

According to an exclusive report by PEdaily, Yan Wentao officially joined DeepSeek on Monday and has reported to the company as its first chief financial officer. Yan, born in 1991, graduated from Fudan University and joined Hillhouse Ventures in 2020. The report said he had previously worked on projects involving MiniMax, Zhipu AI, and ByteDance. PEdaily also said DeepSeek is finalizing its second funding round, with a plan to raise RMB 50 billion at a pre-money valuation of RMB 500 billion. The company has also hired CITIC Securities to prepare for a potential STAR Market IPO. The update was cited by ChainCatcher in a 7x24 newsflash.

790

Calterah

2026-09-21 10:28:11

Calterah’s STAR Market IPO filing advances as radar chip share tops 30% in China while losses reach about 910 million yuan

Calterah Microelectronics, a Shanghai-based automotive wireless sensing and connectivity chip designer, has had its STAR Market IPO application accepted by the Shanghai Stock Exchange and is now in the inquiry stage. The company entered the process with strong headline metrics: a 31.1% share of China’s automotive millimeter-wave radar chip market in 2025, second only to Texas Instruments in the domestic ranking, more than 30 million cumulative radar chip shipments, and revenue that climbed from 206 million yuan in 2023 to 632 million yuan in 2025. Its core business gross margin also stayed above 47% in most reporting periods and reached 48.97% in the first quarter of 2026. The filing also lays out the pressure points. Calterah has not yet turned profitable, posting net losses of 323 million yuan, 334 million yuan, 193 million yuan, and 60.2866 million yuan from 2023 through the first quarter of 2026, for cumulative losses of about 910 million yuan. Revenue growth slowed sharply to 8.1% year over year in the first quarter of 2026, down from more than 100% in 2025. Customer concentration remains high, with the top five customers contributing 99.97% of revenue in the latest quarter and the largest end customer accounting for more than half of 2025 sales. Calterah plans to raise 3.489 billion yuan, including 2.093 billion yuan for high-performance millimeter-wave radar chips and 695 million yuan for UWB chip development and industrialization.

600

YMTC

2026-09-20 00:58:15

YMTC’s STAR Market IPO Is Accepted After a 333.79 Billion Yuan Quarterly Profit, but the Cycle Question Remains

Yangtze Memory Technologies Co. (YMTC) has moved one step closer to a STAR Market listing after the Shanghai Stock Exchange updated its review status to "accepted." The company plans to issue 1.98 billion to 2.43 billion shares and raise 33 billion yuan, with 20.8 billion yuan earmarked for mass-production line upgrades and 12.2 billion yuan for research and development. By the proposed fundraising size, the deal is the largest IPO application ever filed on the STAR Market. The filing shows a dramatic financial turnaround. Revenue rose from 18.744 billion yuan in 2023 to 63.185 billion yuan in 2025, while attributable net profit swung from a 19.181 billion yuan loss in 2023 to a 6.771 billion yuan profit in 2024 and 14.211 billion yuan in 2025. In the first quarter of 2026 alone, YMTC posted 47.042 billion yuan in revenue and 33.379 billion yuan in net profit attributable to shareholders, more than twice its full-year 2025 profit. Still, the prospectus also lays out the tension behind those numbers: margins surged with NAND pricing, but the company remains exposed to a heavy depreciation burden, negative free cash flow in 2025, rising receivables, inventory write-down pressure, and supply-chain constraints. The filing presents YMTC as a company benefiting from an AI-driven memory upcycle while still carrying the structural risks of a capital-intensive, highly cyclical NAND business.

1290

DeepSeek

2026-09-14 02:44:48

Report says Hillhouse VC partner Yan Wentao may join DeepSeek as CFO

A report from TOP Chinese Tech Innovators said Yan Wentao, a post-1990 partner at Hillhouse Venture Capital, may join DeepSeek as chief financial officer and is expected to take the role in the near term. The report also said DeepSeek has started preparing for a STAR Market IPO, with CITIC Securities already conducting due diligence, although the two sides have not signed a formal listing guidance agreement. DeepSeek wants to start the IPO process this year. Public information cited in the report shows Yan has long focused on technology investments at Hillhouse Venture Capital, with disclosed investments including ByteDance, MiniMax and Zhipu AI. The company currently has no CFO and no formal investor relations team.

1190

DeepSeek

2026-09-14 02:46:50

Report says Hillhouse partner Yan Wentao may join DeepSeek as CFO

ChainCatcher, citing TOP Chinese Tech Community, reported that Yan Wentao, a partner at Hillhouse Venture Capital, may join DeepSeek as chief financial officer, with the appointment expected to take effect soon. The report said DeepSeek has started preparations for a STAR Market IPO and hopes to launch the listing process this year. China Securities Co., Ltd. (CITIC Securities) has already entered due diligence, though the two sides have not yet signed a formal listing tutoring agreement. Yan, described in the report as a post-90s partner at Hillhouse Venture Capital, has long focused on technology investments. His disclosed investment portfolio includes ByteDance, MiniMax and Zhipu AI. The report also said DeepSeek currently does not have a CFO and has not set up a formal investor relations team.

1350

YMTC

2026-09-04 02:56:14

YMTC Holding moves into STAR Market inquiry stage with record 33 billion yuan IPO plan

Yangtze Memory Technologies Holding Co., Ltd., or YMTC Holding, has moved a step further in its planned listing on Shanghai’s STAR Market. The Shanghai Stock Exchange website showed on Sept. 3 that the company’s IPO review status changed from "accepted" to "under inquiry," just 13 days after its application was accepted on Aug. 21. The company plans to raise 33 billion yuan, a figure that would set a new record for proposed fundraising on the STAR Market, topping ChangXin Memory Technologies’ 29.5 billion yuan and Semiconductor Manufacturing International Corp.’s 20 billion yuan. CITIC Securities and CSC Financial are serving as joint sponsors. According to Counterpoint Research, YMTC Holding reached a 14% share of global NAND bit shipments in the second quarter of 2026, surpassing Kioxia and Micron for the first time and ranking third worldwide behind Samsung Electronics at 25% and SK hynix at 22%. Shipment volume rose 22% year over year. The prospectus also shows that the company’s second-phase production line is already running at full capacity, while construction of a third-phase project is advancing. Of the funds to be raised, 20.8 billion yuan is earmarked for production line technology upgrades and 12.2 billion yuan for research and development-related projects.

1970