--- title: "Less than six years after its establishment, Xinde Semiconductor rushes for a Hong Kong listing" type: "News" locale: "en" url: "https://longbridge.com/en/news/285806602.md" description: "Accumulated losses exceeded RMB 1 billion over the past three years" datetime: "2026-05-09T09:29:34.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285806602.md) - [en](https://longbridge.com/en/news/285806602.md) - [zh-HK](https://longbridge.com/zh-HK/news/285806602.md) --- # Less than six years after its establishment, Xinde Semiconductor rushes for a Hong Kong listing Author | Huang Yu Riding the tailwinds of the AI era, a semiconductor packaging and testing technology solutions provider has launched a bid for a listing on the Hong Kong Stock Exchange less than six years after its establishment. On May 8, Jiangsu Xinde Semiconductor Technology Co., Ltd. (hereinafter referred to as "Xinde Semiconductor") submitted its listing application to the Hong Kong Stock Exchange. Based in Nanjing, the company positions itself as one of the few advanced packaging product providers in China's general-purpose semiconductor OSAT (Outsourced Semiconductor Assembly and Test) market that has rapidly integrated technical capabilities in QFN, BGA, LGA, WLP, and 2.5D/3D packaging. According to data from Frost & Sullivan, based on revenue from advanced semiconductor packaging and testing in 2024, Xinde Semiconductor ranked seventh among general-purpose OSAT enterprises in China, with a market share of approximately 0.6%. There remains a significant gap between it and the top three companies; JCET, the market leader, held a market share of 26.7%. Xinde Semiconductor is not the first semiconductor packaging enterprise to seek a listing in Hong Kong. Driven by the dual forces of domestic substitution and AI computing power demand, the capitalization race in this sector is accelerating. Capital markets have shown strong favor for companies in this sector. Among the top eight companies, only Xinde Semiconductor and one other remain unlisted. **A source at a Hong Kong brokerage told Wall Street Insight that Xinde Semiconductor's timing for filing its application is clear: to raise funds through the IPO to address capital gaps for capacity expansion and deepened R&D, while simultaneously securing a strategic position ahead of the explosion in the advanced packaging market.** Frost & Sullivan data shows that the global advanced packaging market size grew from RMB 214.1 billion in 2020 to RMB 312.4 billion in 2024, and is projected to reach RMB 524.4 billion by 2029. Meanwhile, advanced packaging is expected to surpass traditional packaging for the first time in 2025, accounting for more than 50% of the overall packaging market. **The prospectus reveals that Xinde Semiconductor completed multiple rounds of financing in the years following its establishment. To date, Zhang Guodong, Pan Mingdong, Liu Yi, Ning Taixin, and Ning Puxin constitute the single largest shareholder group of Xinde Semiconductor through an acting-in-concert agreement, holding a combined stake of 24.95%.** Zhang Guodong is the founder and chairman of the board of Xinde Semiconductor, currently holding a 5.38% stake in the company. It took Xinde only six years from establishment to filing its listing application. This speed is uncommon in the semiconductor packaging industry, which is typically characterized by heavy assets and long cycles. Xinde Semiconductor has experienced rapid performance growth in recent years. The prospectus shows that from 2023 to 2025, Xinde Semiconductor's revenue increased from RMB 509 million to RMB 1.012 billion, representing a compound annual growth rate (CAGR) of 41%. In 2025, the designed production capacity of its Nanjing production base was approximately 6.41 billion units, with actual output reaching 5.416 billion units, resulting in a capacity utilization rate of 84.5%. **According to Xinde Semiconductor's plans, by 2028, the total designed production capacity of its Nanjing and Yangzhou production bases will reach approximately 9.46 billion units.** However, high growth has been accompanied by continuous losses. From 2023 to 2025, Xinde Semiconductor's annual net losses were approximately RMB 359 million, RMB 377 million, and RMB 480 million, respectively. It is reported that the proceeds from Xinde Semiconductor's IPO will be primarily used for constructing production bases, building new production lines, enhancing R&D capabilities in advanced packaging technologies, improving commercialization capabilities, and expanding the customer collaboration ecosystem. After filing its application, the question Xinde Semiconductor must answer for the capital markets is whether it can find sufficient room for survival between the scale advantages of leading enterprises and the flexibility advantages of startups during the bonus period of domestic substitution. At the same time, the valuation logic for semiconductor supply chain companies in the Hong Kong stock market is shifting from "storytelling" to "profitability." Whether the combination of Xinde Semiconductor's 41% revenue growth rate and continuous losses can secure an ideal offering price remains an unresolved suspense. ### Related Stocks - [02878.HK](https://longbridge.com/en/quote/02878.HK.md) - [FTXL.US](https://longbridge.com/en/quote/FTXL.US.md) - [25312.HK](https://longbridge.com/en/quote/25312.HK.md) - [600584.CN](https://longbridge.com/en/quote/600584.CN.md) ## Related News & Research - [MACOM (MTSI) Q1 Earnings: What To Expect](https://longbridge.com/en/news/285306008.md) - [Why Is Astera Labs Stock Surging On Tuesday?](https://longbridge.com/en/news/285245052.md) - [3 E Network Launches Proactive Financing Strategy to Accelerate Semiconductor Blueprint, Officially Establishing Chip Business Unit | MASK Stock News](https://longbridge.com/en/news/285718744.md) - [This 'win-win' hedge trade is getting popular with traders](https://longbridge.com/en/news/285560778.md) - [This Asian stock market is up 75% this year: 'The chip boom isn’t a Wall Street story'](https://longbridge.com/en/news/285818695.md)