--- title: "Wuxi State-owned Assets Emerges as Biggest Winner, with Floating Profits Exceeding 11 Billion Yuan in Less Than Two Years; A-Share Market Sees Its Largest IPO This Year" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/40083889.md" description: "On April 21, the integrated circuit wafer-level advanced packaging and testing company—Shenghe Jingwei—was listed on the STAR Market. As of the market close, Shenghe Jingwei's stock price was reported at 76.65 yuan per share, with a gain of 289.48%, and its total market capitalization reached 142.782 billion yuan. In this IPO, Shenghe Jingwei raised a total of approximately 5 billion yuan, making it the company with the largest capital formation in the A-share market since 2026 and the largest IPO on the STAR Market this year. In 2014, SMIC and JCET jointly established SMIC JC. In 2021, SMIC JC underwent a strategic reorganization, with SMIC exiting..." datetime: "2026-04-22T02:24:37.000Z" locales: - [en](https://longbridge.com/en/topics/40083889.md) - [zh-CN](https://longbridge.com/zh-CN/topics/40083889.md) - [zh-HK](https://longbridge.com/zh-HK/topics/40083889.md) author: "[烯牛数据](https://longbridge.com/en/profiles/26448364.md)" --- # Wuxi State-owned Assets Emerges as Biggest Winner, with Floating Profits Exceeding 11 Billion Yuan in Less Than Two Years; A-Share Market Sees Its Largest IPO This Year ![image](https://pub.pbkrs.com/uploads/2026/780bc92e96320f8d1d663daca73c16b6?x-oss-process=style/lg) On April 21st, the advanced wafer-level packaging and testing company **Shenhe Jingwei** listed on the STAR Market. By the close, its share price was 76.65 yuan, a gain of 289.48%, with a total market capitalization reaching 142.782 billion yuan. In this IPO, Shenhe Jingwei raised approximately 5 billion yuan, making it the company with the largest fundraising amount in the A-share market since 2026 and the **largest IPO on the STAR Market this year**. In 2014, SMIC and JCET jointly established **SMIC JC**. In 2021, SMIC JC underwent a strategic restructuring, with SMIC exiting, and the company was renamed **Shenhe Jingwei**. Shenhe Jingwei is primarily engaged in providing full-process advanced packaging and testing services, including mid-end silicon wafer processing, wafer-level packaging (WLP), and chiplet multi-chip integration packaging (2.5D/3DIC). It is committed to supporting high-performance computing chips, AI chips, and others in achieving comprehensive performance improvements in computing power, bandwidth, and power consumption through heterogeneous integration. Shenhe Jingwei is one of the earliest companies in mainland China to develop and achieve mass production of 12-inch mid-end high-density bump manufacturing (Bumping) and the first company capable of providing 14nm advanced process bump manufacturing services. The prospectus shows that before listing, Shenhe Jingwei had a total of 113 shareholders, involving 84 institutional shareholders, receiving investments from well-known institutions such as **Jiangyin Xinguolian and Qualcomm Ventures**. Fourteen institutions, including **Hygon Information, AMEC, Daysky, Moore Threads, and MetaX**, participated in the strategic placement. According to Xiniu Data statistics, based on the first-day closing price of 76.65 yuan per share, among Shenhe Jingwei's pre-IPO investors, **1 institution has paper gains exceeding 10 billion yuan, 4 institutions have paper gains exceeding 5 billion yuan, and 18 institutions have paper gains exceeding 1 billion yuan.** Among Shenhe Jingwei's many investors, **Wuxi Industrial Development Fund (Jiangyin Xinguolian)** contributed the most capital and also has the highest paper gains. Based on the first-day closing IPO price of 76.65 yuan per share, Wuxi Industrial Development Fund's shareholding corresponds to a market value exceeding 13.4 billion yuan, achieving **over 6x returns and paper gains exceeding 11.2 billion yuan** in less than two years. It is reported that in 2014, when SMIC and JCET established the joint venture SMIC JC in Jiangyin, **the Wuxi and Jiangyin governments provided comprehensive support**, accompanying the 6-person team through the technological breakthrough period with industrial funds and supporting services. On December 31, 2024, Shenhe Jingwei completed a $700 million financing round, with investors **almost exclusively "national team" players**: **Wuxi Industrial Development Fund, Jiangyin Binjiang Chengyuan Investment Group, Zhongguancun Independent Innovation Fund of the National Social Security Fund, China Life Private Equity**, etc. To ensure the planned advancement of its key projects in chiplet advanced packaging, heterogeneous integration technology R&D, and industrialization, Shenhe Jingwei introduced patient capital with a long-term investment philosophy. Wuxi state-owned capital entered for the first time through direct equity investment—**Wuxi Industrial Development Fund** invested $306.25 million and became the largest shareholder. Among Shenhe Jingwei's many investors, **Qualcomm Ventures** achieved the highest return multiple. In 2015, Qualcomm Ventures participated in Shenhe Jingwei's Series B investment with $20 million. Based on the first-day closing IPO price of 76.65 yuan per share, Qualcomm Ventures obtained **14.94x returns, with paper gains close to 1.8 billion yuan**. ### Related Stocks - [688820.CN](https://longbridge.com/en/quote/688820.CN.md) - [00981.HK](https://longbridge.com/en/quote/00981.HK.md) - [688981.CN](https://longbridge.com/en/quote/688981.CN.md) - [688012.CN](https://longbridge.com/en/quote/688012.CN.md) - [600584.CN](https://longbridge.com/en/quote/600584.CN.md) - [688041.CN](https://longbridge.com/en/quote/688041.CN.md) - [HSMD.SG](https://longbridge.com/en/quote/HSMD.SG.md)