[News] CanSemi Debuts on ChiNext, Raising CNY 7.5 Billion to Expand Specialty Processes and Silicon Photonics
CanSemi Technology Inc. made its debut on the ChiNext board of the Shenzhen Stock Exchange on October 13, with an IPO price of CNY 12.01 per share. Shares opened at CNY 45, up 274.69%, valuing the company at approximately CNY 129.5 billion.
Founded in 2017 in Guangzhou’s Huangpu District, CanSemi is Guangdong Province’s first 12-inch wafer foundry to achieve mass production. Its listing adds another player to China’s A-share foundry sector, strengthening its position in specialty processes and optoelectronic integration.
Expanding 12-Inch Capacity and Specialty Processes
CanSemi specializes in 12-inch wafer foundry services and specialty process solutions. Its technology portfolio spans process nodes from 180nm to 55nm, covering analog, high-voltage, CMOS image sensor (CIS), bipolar-CMOS-DMOS (BCD), embedded non-volatile memory (eNVM), MOSFET, IGBT, and silicon photonics technologies.
Its products serve applications including power management, display drivers, image sensors, microcontrollers (MCUs), power devices, and optical communications, with end markets spanning automotive electronics, industrial control, consumer electronics, and optical modules.
CanSemi operates two 12-inch fabs with a combined planned monthly capacity of 80,000 wafers. As of 2025, monthly capacity had reached 63,300 wafers, with utilization at 96.38%. Construction of its Phase IV project began in January 2026, adding a planned monthly capacity of 40,000 wafers. The project is expected to enter production by late 2029, bringing total planned monthly capacity to 120,000 wafers.
As of the end of 2025, CanSemi had developed more than 200 customers, including nearly 40 publicly listed companies in China and overseas. Eight of China’s top 10 listed analog chipmakers have established partnerships with the company.
Silicon Photonics and Optical Integration in Focus
Beyond analog and power semiconductor manufacturing, CanSemi is advancing silicon photonics and optoelectronic integration. Its 90nm silicon photonics platform has accumulated more than 7,000 wafer starts, supporting 400G, 800G, and 1.6T pluggable optical modules. The company is also working to introduce 3.2T near-packaged optics (NPO) products.
Meanwhile, CanSemi is developing 65nm silicon photonics and processes related to co-packaged optics (CPO). Its R&D project for silicon photonics and optoelectronic co-packaging based on 65nm logic technology carries a total investment of CNY 770 million, with CNY 730 million earmarked from IPO proceeds.
The project aims to develop process platforms for optical modules of 800G and above, optical-engine integration for CPO, and microring modulator processes for optical input/output interfaces.
CNY 7.5 Billion IPO Proceeds to Support Growth
CanSemi plans to raise CNY 7.5 billion through its IPO. Proceeds will fund its Phase III 12-inch analog specialty-process production line, specialty-process technology R&D, and working capital.
Revenue rose from CNY 1.044 billion in 2023 to CNY 1.681 billion in 2024 and CNY 2.582 billion in 2025, representing a compound annual growth rate of 57.3%. First-half 2026 revenue reached CNY 1.777 billion, up 68.76% year on year. Gross margin improved to -24.46% from -54.70% a year earlier.
However, CanSemi remains unprofitable. Net losses attributable to shareholders totaled CNY 1.917 billion in 2023, CNY 2.253 billion in 2024, and CNY 2.346 billion in 2025.
The company also reported a net loss of more than CNY 1 billion in the first half of 2026. Accumulated uncovered losses stood at approximately CNY 10.081 billion at the end of 2025, and CanSemi expects to achieve consolidated profitability no earlier than 2029.
(Photo credit: CamSemi)
