---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/32291397.md"
description: "$SMEIC(600835.SH)Shanghai Microelectronics, valued at 600 billion, IPO stalled!Countdown to backdoor listing, who will be chosen?Stuck at the review stage for three years, executives changed like a revolving door.Shanghai SASAC issued a strict order: Semiconductor assets must be in place by 2025.IPO is too slow, backdoor listing becomes the only way out.Five shell candidates: Shanghai Mechanical & Electrical Industry, Shanghai Electric Wind Power, Haili Co., Ltd., Tianwo Technology, plus a mysterious backup.Whoever has a smaller market cap, lighter debt, and lower stock price is the most attractive.Zhangjiang Hi-Tech has already taken a stake, holding 11% firmly.This is not just a simple capital game, but a life-or-death line for whether domestic lithography machines can continue to advance.If the backdoor listing succeeds, equipment, funds, and talent will be in place at once; if it fails, three years of waiting will be in vain.In short: if the shell is secured, lithography machines will speed up; if the shell fails, domestic chips will lag behind again."
datetime: "2025-07-28T10:33:43.000Z"
locales:
  - [en](https://longbridge.com/en/topics/32291397.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/32291397.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/32291397.md)
author: "[龙虾导导2026](https://longbridge.com/en/profiles/17698571.md)"
---

# $SMEIC(600835.SH)Shanghai Microelectronics, valued…


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