Hengyunchang's Sci-tech Innovation Board IPO passed the listing committee meeting, with over 60% of its income coming from a single client.

On November 14th, Shenzhen Hengyunchang Vacuum Technology Co., Ltd. (referred to as Hengyunchang) passed the listing committee meeting of the Shanghai Stock Exchange's Sci-Tech Innovation Board. CITIC SEC is its sponsor institution, intending to raise 1.55 billion yuan. The prospectus shows that Hengyunchang is a core component supplier of semiconductor equipment, mainly engaged in the research and development, production, sales, and technical services of plasma radio frequency power systems, plasma excitation devices, plasma direct current power supplies, and various accessories. It also introduces core components related to vacuum acquisition and fluid control, providing overall core component solutions for plasma processes. Due to its unique optical, thermal, and electrical physical properties, as well as its high activity and high energy characteristics, plasma provides an irreplaceable technological foundation for precision semiconductor manufacturing. Plasma processes are now widely used in important processes of chip manufacturing such as thin film deposition, etching, ion implantation, cleaning, and bonding, and with the development of advanced packaging technologies, they are being applied in more process steps. According to Frost & Sullivan statistics, the market size of plasma radio frequency power systems in the mainland China semiconductor industry is expected to reach 6.56 billion yuan by 2024, with a domestication rate of less than 12%. In 2024, among domestic plasma radio frequency power system manufacturers in the China mainland semiconductor industry, Hengyunchang's market share ranks first, leading in market position. The company's self-developed second-generation product, the Bestda series plasma radio frequency power system, can support 28-nanometer processes, while the third-generation product, the Aspen series plasma radio frequency power system, can support 7-14 nanometer processes. The company's products have been mass-produced and delivered to leading domestic semiconductor equipment manufacturers such as Piotech Inc., Advanced Micro-Fabrication Equipment Inc. China, NAURA Technology Group, Jiangsu Leadmicro Nano Technology, and are complementary to domestic wafer factories such as Semiconductor Manufacturing International Corporation and Changjiang Storage. During the reporting period, the company's income mainly came from the semiconductor equipment industry. The revenue generated by the top five customers of the company accounted for 73.54%, 80.39%, 90.62%, and 89.37% of the main operating income, respectively, with sales revenue to the largest customer, Piotech Inc., accounting for 45.23%, 58.16%, 63.13%, and 62.06% respectively. The customer concentration is high. In terms of the actual controlling shareholders, before this issuance, Le Weiping directly held 23.0866% of the voting rights of Hengyunchang, and indirectly controlled 25.8179%, 20.7787%, and 3.1895% of the voting rights of Hengyunchang through Hengyunchang Investment, Investment Center, and Investment Development Center, totaling controlling 72.8727% of the voting rights of Hengyunchang. After deducting issuance expenses, the company will invest in the following projects: Financially, in the fiscal years 2022, 2023, 2024, and from January to June 2025, Hengyunchang achieved operating income of approximately 158 million yuan, 325 million yuan, 541 million yuan, and 304 million yuan; during the same period, net profits were 26.1879 million yuan, 79.8273 million yuan, 142 million yuan, and 69.3476 million yuan.