China United Network Communications Corporation Limited's IPO on the Shanghai Stock Exchange Sci-Tech Innovation Board has already been questioned. It is one of the leading manufacturers in the global graphic laminate industry in terms of production and sales scale.

On January 28, Guangdong Zhongtu Semiconductor Technology Co., Ltd. (referred to as "Zhongtu Technology") applied to change its status for listing on the Shanghai Stock Exchange Science and Technology Innovation Board to "inquiry completed," with Guotai Haitong as its sponsor institution, intending to raise 1.05 billion yuan. According to the prospectus, Zhongtu Technology was established in 2013 and is one of the world's leading manufacturers of graphitized substrate materials, focusing on research, production, and sales of graphitized substrate materials required for gallium nitride (GaN) epitaxy. The company's main products include 2 to 6-inch graphitized sapphire substrates (PSS) and 4 to 6-inch graphitized composite material substrates (MMS), which are one of the core substrate materials in the upstream of the semiconductor industry chain. They are mainly used in Mini/Micro LED, automotive lighting and car displays, RGB direct displays, backlight displays, lighting, and other fields, with increasingly mature applications in gallium nitride power devices. The company has successfully developed and mass-produced graphitized substrate products with short cycles and composite structures, widely used in new display and automotive applications such as Mini/Micro LED, and is one of the few companies globally with nano-level PSS and 8-inch graphitized substrate manufacturing capabilities. The company has key core technologies for the design and manufacturing of graphitized substrates for gallium nitride-based LED chips, providing critical support for improving the quality and yield of downstream LED chips. It has successfully overcome the early technological barriers related to graphitized substrates dominated by Japanese, Korean, and Taiwanese companies. Zhongtu Technology is highly recognized in the industry and is one of the leading manufacturers in the global graphitized substrate industry in terms of production and sales scale, with an annual production capacity of over 18 million pieces of 4-inch graphitized substrates. According to LEDinside statistics, the company's global market share of graphitized substrates is estimated to be about 32.76% in 2023. Currently, Zhongtu Technology's direct customers include top LED chip companies at home and abroad such as Fuhua Optoelectronics, Seoul Viosys, Sanan Optoelectronics, BOE HC SemiTek Corporation, Focus Lightings Tech, Xiamen Changelight, etc. The company's products, as key upstream materials, are widely used in products of many globally renowned brands, with end customers including Apple, Samsung, LG, Hisense, TCL, BYD Company Limited, Chongqing Sokon Industry Group Stock, NIO, and IDEAL, known for their consumer electronics and new energy vehicles. After years of effort and accumulation, the company's products have entered the supply chain of leading companies such as Apple and Samsung in the Mini/Micro LED field, demonstrating the company's core competitiveness in the forefront market. According to the prospectus, the funds raised in this offering will be used for the "Mini/Micro LED and Automotive LED Chip Graphite Substrate Industrialization Project" and the "Semiconductor Substrate Material Engineering Technology Research Center Project." The investment projects will focus on expanding production capacity around the company's main products, while also establishing a research platform for key materials such as large-sized semiconductor substrates, Micro LED, etc. Financially, in the financial years 2022, 2023, 2024, and January-June 2025, the company achieved operating revenues of approximately 1.063 billion yuan, 1.208 billion yuan, 1.149 billion yuan, and 532 million yuan respectively; during the same period, net profits were 44.282 million yuan, 77.1017 million yuan, 93.2769 million yuan, and 40.8429 million yuan respectively.