CanSemi Technology (stock code: 301660) will list on the Shenzhen Stock Exchange ChiNext on October 13, 2026. The issue price is RMB 12.01 per share, with an initial offering of 513 million shares and total share capital of 2.878 billion shares post-issuance (before the over-allotment option), expanding to 2.955 billion shares if fully exercised.
Founded in 2017 and headquartered in Huangpu, Guangzhou, CanSemi is Guangdong's first 12-inch wafer manufacturer to reach mass production, known as Guangzhou's "first chip." The company focuses on 12-inch wafer foundry, with process platforms covering MS, HV, CIS, BCD, eNVM, MOSFET, IGBT, and SiPho, at technology nodes from 180nm to 55nm, serving consumer electronics, industrial control, automotive electronics, and AI. It operates two 12-inch fabs with planned capacity of 80,000 wafers/month, reaching 63,300 wafers/month by end-2025; the Phase III project adds 40,000 wafers/month, bringing total capacity to 120,000 wafers/month.
Silicon photonics (SiPho) is CanSemi's differentiator. Per its prospectus, as of end-April 2026, it is mainland China's only company with large-scale 12-inch silicon photonics wafer mass production capability, with cumulative runs exceeding 3,500 wafers, covering 400G, 800G, and 1.6T high-speed pluggable optical modules, and sampling 3.2T NPO products toward near-package optics and co-packaged optics.
On financials, CanSemi's H1 2026 revenue was RMB 1.777 billion, up 68.76% year-over-year; net loss attributable to shareholders was RMB 1.052 billion, narrowing 12.41%; gross margin improved 30.24 percentage points to -24.46%. From 2023 to 2025, revenue was RMB 1.044 billion, 1.681 billion, and 2.582 billion, a 57% CAGR; net losses were RMB 1.917 billion, 2.253 billion, and 2.346 billion, with profitability not yet reached. The company expects overall profitability by 2029.
The IPO's winning rate was 0.0423786759%, with online subscription 2,359.68x. Online investors abandoned 468,976 shares, underwritten by GF Securities for RMB 5.6324 million. Strategic placement totaled 256.323 million shares, or 50% of the initial offering.
Proceeds will fund the 12-inch analog specialty process line (Phase III), specialty process technology platform R&D, and working capital.
ICgoodFind Summary: CanSemi's ChiNext listing adds a new capital platform for domestic specialty process foundry. Its silicon photonics mass production and analog process depth set it apart, but profitability still hinges on capacity ramp and scale effects.
