A "little giant" semiconductor enterprise from Hangzhou is heading for IPO, with an annual revenue of 2 billion yuan and a planned fundraising of 6.5 billion yuan.
According to a report by Xin Dongxi on June 25th, on June 24th, Hangzhou-based integrated circuit testing company Langxun Technology had its IPO application for the main board of the Shenzhen Stock Exchange accepted.
Langxun Technology is the largest domestic third-party integrated circuit testing company. It provides chip final testing (FT) and wafer testing (CP) services for core customers of domestic high-end chips and participants in the industrial chain. It is a national-level specialized and sophisticated "little giant" enterprise.
It is also the fastest-growing company among the top five domestic third-party integrated circuit testing companies from 2023 to 2025, with a compound growth rate of over 100% in its main business over the three years.
The chip products it tests include various types such as computing power chips, high-performance SoC chips, optical chips, automotive chips, RF chips, and sensor chips. The downstream applications focus on important fields such as high-end computing power, consumer electronics, automotive intelligent control, communication, and industrial control, and also cover multiple important scenarios such as navigation communication, smart home, and wearable devices.
In this IPO, Langxun Technology plans to raise 6.51684 billion yuan, which will be used for the national strategic base project for testing artificial intelligence and terminal consumer chips in Hangzhou, the advanced testing base project for high-end intelligent terminals and automotive-grade chips of Yuexin Semiconductor, the headquarters R & D building project, and the project to replenish working capital.
01.
Annual Revenue Exceeds 2 Billion Yuan, Net Profit Exceeds 600 Million Yuan
In 2023, 2024, and 2025, Langxun Technology's revenues were 536 million yuan, 1.087 billion yuan, and 2.064 billion yuan respectively. Its net profits were 99 million yuan, 203 million yuan, and 620 million yuan respectively. Its R & D expenses were 67 million yuan, 102 million yuan, and 154 million yuan respectively.
▲ Changes in Langxun Technology's revenue, net profit, and R & D investment from 2023 to 2025 (Compiled by Xin Dongxi)
Among them, chip final testing (FT) and wafer testing (CP) services contributed 48.14% and 30.36% respectively to Langxun Technology's revenue in 2025.
In 2023, 2024, and 2025, its gross profit margins were 39.25%, 35.86%, and 45.37% respectively, higher than the average level of comparable companies. This is mainly because the main customers and testing contents of each company are different. Langxun Technology focuses on the testing business of domestic high-end chips, so its gross profit margin is relatively high.
As of the end of December 2025, Langxun Technology had a total of 555 R & D personnel, accounting for 18.82% of the total number of employees. It had 100 domestic authorized patents, including 42 invention patents, and 203 software copyrights, indicating strong technological accumulation.
02.
High Concentration of Top Five Customers
Broadcom Integration is Both a Customer and a Shareholder
Broadcom Integration is both a major customer and a shareholder of Langxun Technology, holding 1.03% of the shares.
In 2023, 2024, and 2025, the proportion of Langxun Technology's sales to the top five customers in its total revenue was 93.75%, 96.55%, and 98.22% respectively, indicating a high degree of concentration. Among them, the proportion of sales revenue from Company A in Langxun Technology's total revenue was 87.05%, 86.49%, and 92.57% respectively.
During the same period, the proportion of Langxun Technology's procurement from the top five suppliers in its total procurement amount was 80.82%, 77.27%, and 77.11% respectively, indicating a high degree of concentration. However, there is no situation where the procurement from a single supplier exceeds 50% or there is a serious dependence on a small number of suppliers.
03.
The Actual Controller Holds 22.35% of the Shares Directly
As of the signing date of the prospectus, the equity structure of Langxun Technology is as follows:
Its legal representative, controlling shareholder, and actual controller is Xu Zhen, the chairman and general manager. Xu Zhen holds 22.35% of the shares directly. He serves as the executive partner of Hangzhou Huixin, Hangzhou Langxin, and Hangzhou Juxin. The above-mentioned partnerships hold 8.28%, 6.76%, and 4.69% of the shares respectively. Xu Zhen controls 19.73% of the voting rights of the company through the above-mentioned entities.
At the same time, Xu Zhen and Huang Qinghong, Zhang Xiaochan, He Tao, and Shou Jiaqi are persons acting in concert. Based on relevant agreements, they form a concerted action relationship. All parties will keep consistent with Xu Zhen in the decision-making and actions of all major matters and reflect such consistent opinions at the board of directors or shareholders' meetings.
In summary, Xu Zhen and his persons acting in concert jointly control 46.18% of the voting rights of the company.
In addition to Xu Zhen, the controlling shareholder and actual controller, the shareholders directly holding more than 5% of the shares of Langxun Technology are Hangzhou Huixin and Hangzhou Langxin. Hangzhou Huixin, Hangzhou Langxin, and Hangzhou Juxin are all enterprises where Xu Zhen serves as the executive partner, holding 8.28%, 6.76%, and 4.69% of the shares respectively.
The top ten shareholders of Langxun Technology are as follows:
04.
Conclusion: The Chinese Third-Party Testing Industry is Growing Rapidly
Serving the Process of Domesticating Integrated Circuits
The main providers of integrated circuit testing services include two major categories: third-party testing service companies and integrated packaging and testing companies. The domestic third-party testing industry in China is in a stage of rapid growth, but it still started relatively late compared with the integrated packaging and testing model. The existing enterprises in the industry are relatively small in scale compared with representative integrated packaging and testing companies such as Changjiang Electronics Technology and Tongfu Microelectronics, and there is still a certain gap in terms of revenue volume, customer coverage, and financial strength.
Langxun Technology focuses on the domestication of equipment and the high-endization of customers and products. Through this issuance, it will further increase its testing capacity and R & D ability, and contribute to the national integrated circuit strategy and the process of self - controllability of the industrial chain.
The company plans to adhere to the vision of "building a world - class integrated circuit testing base", give full play to its advantages in core technologies and industrial experience accumulated in the process of participating in the construction and maturation of the domestic high - end integrated circuit industrial chain, further promote the improvement of testing capabilities, meet the testing needs of a series of high - end chips including computing power chips, optical chips, and automotive chips, and better serve the process of domesticating the integrated circuit industrial chain.
This article is from the WeChat official account "Xin Dongxi", author: ZeR0, editor: Moying. It is published by 36Kr with authorization.