Longteng Semiconductor Resumes A-Share IPO

National Daily Reporter: Zhang Wenyu National Daily Editor: He Juanjuan

After more than four years, Longteng Semiconductor Co., Ltd. (hereinafter referred to as “Longteng Semiconductor”) has once again launched an assault on the A-share capital market.

Recently, the official website of the China Securities Regulatory Commission disclosed that the company has submitted guidance filing materials to the Shaanxi Securities Regulatory Bureau, planning to publicly issue shares and list on the market, with Guoxin Securities as the guidance institution.

This is not Longteng Semiconductor’s first attempt at an IPO. In August 2020, Longteng Semiconductor signed a guidance agreement with Guoxin Securities; in June the following year, its listing application was accepted by the Shanghai Stock Exchange; by the end of December, Longteng Semiconductor voluntarily withdrew its application, having gone through two rounds of inquiry responses.

It is worth noting that Longteng Semiconductor is also exploring another capital route.

In November 2025, Zhonglian Development Holdings(0264.HK), which mainly focuses on leather fashion, announced that it had entered into a non-legally binding memorandum of understanding with Xu Xichang, the actual controller of Longteng Semiconductor, intending to acquire up to 100% of Longteng Semiconductor at a valuation of 4.5 to 9 billion Hong Kong dollars, with a three-month exclusivity period.

Just before this restart of A-share guidance, both parties signed a supplementary agreement extending the exclusivity period by another three months.

On one side is the possibility of a “backdoor listing” in Hong Kong stocks; on the other, the substantive advancement of A-share guidance. With both paths progressing simultaneously, the urgency for Longteng Semiconductor to go public is evident.

Unsuccessful attempt to list on the STAR Market

Founded in July 2009, Longteng Semiconductor is a high-tech enterprise covering the entire chain of power semiconductor device design, R&D, manufacturing, and testing.

Power semiconductors are the core components in electronic devices that realize electrical energy conversion and circuit control, often called the “CPU” of power electronic devices. Simply put, their main function is to process electrical energy through rectification, inversion, voltage transformation, frequency conversion, switching, and amplification, enabling electricity to be used in the most efficient and controllable manner.

Since its inception, Longteng Semiconductor has focused on the niche segment of superjunction MOSFETs.

Currently, it has formed seven major product series: high-voltage superjunction MOSFETs, insulated-gate bipolar transistors (IGBTs) and modules, shielded-gate trench (SGT) MOSFETs, medium- and low-voltage trench MOSFETs, high-voltage planar MOSFETs, SiC JBS & MOSFETs, with products widely used in automotive electronics, new energy power generation, energy storage, industrial, and consumer electronics fields.

According to the latest guidance filing report, founder and chairman Xu Xichang controls 35.99% of the company through direct holdings, indirect holdings, and coordinated action arrangements.

Source: Listing Guidance Filing Report

In the industry, Longteng Semiconductor carries many labels: a national-level specialized and innovative “Little Giant,” a “chain leader” enterprise in Shaanxi’s semiconductor industry chain, and a Shaanxi provincial-level backup A-share enterprise.

Looking at the provincial backup listing list for 2025, Xi’an Yicai, Taijin New Energy, and Shaanxi Tourism have already listed on the A-share market; Xin Tong Pharmaceuticals, Tsinghua Unigroup, Xigong Titanium, Shiyang Agriculture, and other A-level companies are also gradually entering guidance, review, and other processes. Longteng Semiconductor only recently restarted its guidance filing.

In fact, this is not the company’s first attempt to challenge the A-share market.

Source: Shanghai Stock Exchange Official Website

In August 2020, Longteng Semiconductor signed a guidance agreement with Guoxin Securities; in June the following year, its listing application was accepted by the Shanghai Stock Exchange, once regarded as one of the most anticipated IPO candidates among Shaanxi stocks. However, near the end of the year, the company voluntarily withdrew its application.

Attempting a “backdoor” listing in Hong Kong

After a setback on the STAR Market, Longteng Semiconductor tried to list via a “backdoor” approach.

On November 21, 2025, Zhonglian Development Holdings announced in Hong Kong that it had entered into a non-legally binding memorandum of understanding with Xu Xichang, chairman of Longteng Semiconductor, planning to acquire up to 100% of Longteng Semiconductor at a valuation of HKD 4.5 billion to HKD 9 billion. The exclusivity period is three months from the date of the memorandum.

Source: Zhonglian Development Holdings Announcement

Zhonglian Development Holdings mainly engages in leather products, fashion retail, and automotive services, with a relatively small scale. The proposed acquisition of Longteng Semiconductor, which is much larger, essentially constitutes a “backdoor” listing for the latter.

In January 2026, Zhonglian Development Holdings announced that it had signed a non-legally binding memorandum of understanding with its wholly owned subsidiary, Bowei Limited, planning to establish a power semiconductor R&D center in Hong Kong, covering SiC and GaN wide-bandgap semiconductor technologies.

In February, both parties signed a supplementary agreement extending the exclusivity period by another three months, from the date of the memorandum to within six months, and engaged a professional team to conduct due diligence.

Source: Zhonglian Development Holdings Announcement

However, shortly after the extension, Longteng Semiconductor initiated guidance for A-share listing. According to the guidance plan, from March to June 2026, the guidance institution will conduct comprehensive due diligence, draft plans, assist the company in understanding regulations, improving governance and internal controls, and assess whether it meets the listing conditions.

Notably, the deadline for the exclusivity period is late May, which coincides with the critical stage of listing guidance. This means that if the acquisition ultimately fails, Longteng Semiconductor can complete the guidance and submit its A-share prospectus.

Restarting guidance indicates that a “backdoor” listing in Hong Kong is no longer the only or primary option for Longteng Semiconductor.

From the announcement, the memorandum of understanding itself is not legally binding. The agreement explicitly states that “the transaction may not necessarily be implemented,” and the deal still requires due diligence, formal agreement signing, and regulatory approval, with many uncertainties.

“Choosing to be acquired and listing are not mutually exclusive,” said industry analyst Qu Fang. He pointed out that the long listing cycle and high uncertainty make it normal for companies to retain multiple options. As a leading enterprise in the power semiconductor field, Longteng Semiconductor may achieve higher P/E ratios and brand effects on the A-share market.

“This restart of guidance is more like a clear signal of returning to the preferred route. While the substantive progress of guidance does not directly increase the certainty of subsequent filings, it invisibly enhances Longteng Semiconductor’s bargaining power in Hong Kong ‘backdoor’ negotiations,” Qu Fang further explained.

Urgent listing pace

The simultaneous advancement of both paths also reveals a sense of urgency in Longteng Semiconductor’s listing process.

Looking back, before withdrawing its STAR Market application, the company had completed two rounds of inquiry responses, during which regulators focused on revenue scale and product competitiveness. At that time, Longteng Semiconductor planned to raise 1.18 billion yuan through an IPO to fund its 8-inch power semiconductor manufacturing project (Phase I), aiming to shift from a fabless model to an IDM.

Source: Longteng Semiconductor Prospectus

After withdrawing the application, facing a funding gap from the project, the company completed three rounds of financing, with local state-owned institutions such as Tangxing Capital, Xi’an Financial Capital, Xi’an Investment Holding, among others, entering successively.

In early 2023, the 8-inch power semiconductor manufacturing project (Phase I) achieved full-line production, with an annual capacity of 3.6 million 8-inch silicon epitaxial wafers; by the end of 2024, the company’s 8-inch power semiconductor device manufacturing project (Phase II) was approved to start, with a planned annual capacity of 600k wafers.

With capacity in place and scale expanding, Longteng Semiconductor’s confidence to reattempt IPO is evidently stronger.

However, the increasing number of financing rounds also lengthens the return cycle. Business registration data shows that to date, the company has completed six rounds of financing, three of which occurred between 2019 and 2021. The earliest investors, such as Shaanxi Integrated Circuits, Xigao Investment, and Shaanxi Hongchuang, have held shares for over six years.

In August 2020, the company completed a pre-IPO round, raising 387 million yuan, with a large lineup of investors including Xi’an Jifa Assets, Shenliu Capital, Shandong Railway Development Fund, New Era Fund, Archimedes, Yunze Capital, Shaanxi Financial Holdings Group, and Xi Investment Holding.

Source: Tianyancha

Some early investors are now facing exit pressures, making listing a key way to unlock value.

Meanwhile, Longteng Semiconductor’s expansion has not stopped.

In addition to the ongoing second phase project, in 2025, its IGBT module packaging and testing line (Phase I) officially broke ground, aiming for an annual production capacity of 600k automotive-grade modules and 2.4 million industrial-grade modules. Listing remains the fastest route to raise funds.

Source: Longteng Semiconductor Official Microblog

From an industry perspective, the timing of restarting IPO suggests an effort to seize the window of semiconductor companies rushing to go public. Since 2025, companies like Shenghe Jingwei, Yuexin Semiconductor, Jiangsu Zhanxin, and Pinjun Laser have already listed or are under review, covering core segments such as packaging, manufacturing, and design.

Policy-wise, the CSRC has introduced the “STAR Market 1+6” reform measures, including establishing a growth layer for sci-tech innovation and restarting the listing channel for unprofitable companies, providing more convenient financing channels for “hard tech” enterprises.

For Longteng Semiconductor, guidance filing is only the early stage of IPO; subsequent steps include passing guidance acceptance, filing acceptance, review inquiries, and more. The industry remains highly competitive, and the company still needs to address challenges in market scale, product lines, and application fields to demonstrate sustained competitiveness.

Regarding the listing guidance, the “Daily Economic News” reporter also sent interview questions to Longteng Semiconductor’s official email, but as of press time, no response has been received.

Daily Economic News