$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.