80 billion HKD, Hefei, the most formidable "Venture Capital City", welcomes another "A+H" enterprise

Hefei, the top "venture capital city", has welcomed another "A+H" listed enterprise.

On July 10th, 12-inch pure wafer foundry Hefei Jinghe Integrated Circuit Co., Ltd. (hereinafter referred to as "Jinghe Integration") was officially listed on the Hong Kong Stock Exchange, becoming the second dual-listed enterprise in Hefei following Xinqi Microdevice.

At yesterday's close, Jinghe Integration's A shares rose 11.45% to close at 65.21 yuan, with a total market value of 130.9 billion yuan. In yesterday's grey market trading, the company's shares closed up 9.85% at HK$35.48, corresponding to a market capitalization of HK$78.9 billion. At today's opening, Jinghe Integration traded at HK$36, up 11.46% from its issue price of HK$32.3, with a total market value of HK$80.055 billion.

As of the midday break, Jinghe Integration's H shares were up 1.18% at HK$32.68, with a total market capitalization of HK$72.672 billion; its A shares fell 12.27% to close at 57.21 yuan, with a total market value of 114.9 billion yuan.

Source: Baidu Stock Connect

The IPO process shows that Jinghe Integration was listed on the Shanghai Stock Exchange STAR Market in May 2023, then submitted listing applications to the Hong Kong Stock Exchange twice in September 2025 and March 2026 respectively, and obtained the overseas issuance and listing filing notice from the China Securities Regulatory Commission in May 2026.

As of March 25, 2026, Hefei had a total of 96 listed companies, including 89 A-share listed companies. Among these IPO enterprises, there are many upstream and downstream enterprises in the semiconductor industry, such as semiconductor equipment manufacturer Xinqi Microdevice, semiconductor design enterprises Hengshuo Co., Ltd. and Longxun Co., Ltd., and semiconductor packaging and testing provider Huicheng Co., Ltd. In Hefei, the semiconductor industry cluster effect has already emerged.

It is worth mentioning that soon, Changxin Technology will also land on the STAR Market, becoming the largest-ever enterprise listing project in Hefei in terms of valuation and fundraising scale, as well as the second-largest issuance in the history of the A-share STAR Market, second only to SMIC.

Jinghe Integration was established in May 2015 as a joint venture between Hefei Construction Investment Holding (Group) Co., Ltd. and Powerchip Innovation Investment Holding Co., Ltd. Since its inception, the company has been committed to advancing process technology. Its foundry services cover technology nodes from 150nm to 40nm, and it has successfully developed a 28nm logic chip platform as of the latest practicable date.

Jinghe Integration's process capabilities focus on key application-specific integrated circuit categories, including display driver ICs (DDIC) for display control, complementary metal-oxide-semiconductor image sensors (CIS) for image sensing, and power management integrated circuits (PMIC) for regulating and optimizing power usage. Logic ICs (supporting data processing) and microcontroller units (MCUs, providing embedded control) also experienced rapid growth during the track record period.

With this product portfolio, Jinghe Integration is able to support a wide range of applications including consumer electronics, automotive electronics, industrial control, artificial intelligence, the Internet of Things, and memory.

According to data from Frost & Sullivan, among the world's top 10 wafer foundries from 2020 to 2025, Jinghe Integration ranked first globally in terms of capacity and revenue growth rates. Based on 2025 revenue, the company is the world's ninth-largest and mainland China's third-largest wafer foundry.

From 2023 to 2025, Jinghe Integration's operating revenue reached approximately 7.183 billion yuan, 9.120 billion yuan, and 10.388 billion yuan respectively; gross profit was approximately 1.461 billion yuan, 2.299 billion yuan, and 2.358 billion yuan, with gross profit margins of 20.3%, 25.2%, and 22.7% respectively; net profit was approximately 119 million yuan, 482 million yuan, and 466 million yuan.

Source: Jinghe Integration Prospectus

In the first quarter of 2026, Jinghe Integration's operating revenue reached approximately 2.912 billion yuan, representing a 13.41% increase from the approximately 2.568 billion yuan in the same period of the previous year; net profit was approximately 50.6586 million yuan, down 62.61% from the approximately 135 million yuan in the same period of the prior year; non-recurring profit-adjusted net profit was approximately 38.7655 million yuan, down 68.38% from the approximately 123 million yuan in the same period of the previous year.

It should be noted that previously, Powerchip Venture Capital was the second-largest shareholder of Jinghe Integration. In August 2025, Powerchip Venture Capital transferred its 6% stake, totaling approximately 2.393 billion yuan at 19.88 yuan per share, to Huaqin Technology. In May 2026, Huaqin Technology, which had already become the third-largest shareholder of Jinghe Integration, acquired an additional 5% stake held by Powerchip Venture Capital through its subsidiary Hefei Qinhe at a price of 26.41 yuan per share, investing approximately 2.651 billion yuan, and immediately became the second-largest shareholder.

After the IPO, Hefei Construction Investment under the Hefei State-owned Assets Supervision and Administration Commission holds 21.07% of Jinghe Integration's shares, and Hefei Xinping holds 14.78%, with a combined shareholding of 35.85%, making them the controlling shareholder. In addition, Huaqin Technology holds a total of 9.93% of Jinghe Integration's shares; Powerchip Venture Capital holds 7.28%.

As of the end of 2025, Jinghe Integration held cash and cash equivalents of approximately 2.276 billion yuan.

In this IPO, Jinghe Integration raised a total of approximately HK$6.982 billion, with net proceeds of approximately HK$6.537 billion. Its cornerstone investors, including Jichuang, Puxin Technology, Zhigan Microelectronics, Chery Automobile, Goertek, Taikang Life, GF Fund, Shanghai Gaoyi, Harvest Fund, Hillhouse, Ivy Partners, Pinpoint Asset Management, Dacheng International, ICBC Wealth Management, China Post Wealth Management, and Harvest International, collectively subscribed for approximately US$430 million (about HK$3.373 billion).

Jinghe Integration plans to use the raised funds to research and develop and optimize the new-generation 22nm technology platform, so as to enhance technological competitiveness and meet market demand for high-performance products; implement AI-based intelligent R&D and production plans, aiming to build a comprehensive intelligent system platform covering the entire process from R&D to production, thereby realizing intelligent collaboration between R&D and production; and establish a research and development and sales center in Hong Kong, China, to carry out R&D and sales activities.

This article is from the WeChat Official Account "Direct to IPO", written by Wang Fei, and published with authorization from 36Kr.