On the evening of October 30, the Shanghai Stock Exchange officially green-lit the IPO application of SJSemi Conductor Co., Ltd. for listing on the STAR Market. With China International Capital Corporation Limited (CICC) serving as the sponsor, SJSemi aims to raise 4.8 billion yuan. As a globally recognized leader in advanced wafer-level packaging and testing for integrated circuits, SJSemi commands a prominent position domestically in mid-stage wafer processing, wafer-level packaging, and chiplet multi-chip integrated packaging. In 2024, the company ascended to the 10th spot globally and the 4th domestically in the packaging and testing arena, with both its revenue and net profit experiencing robust growth. Nevertheless, there has been a noticeable downturn in the proportion of R&D personnel and the percentage of revenue allocated to R&D investment. In 2020, SJSemi found itself on the U.S. 'Entity List.' Although its current performance remains largely unscathed, the intensification of international trade tensions and policy constraints could potentially inflict negative repercussions. Furthermore, the company is heavily reliant on government subsidies and exhibits a high degree of customer concentration, with its largest client rumored to be HW. SJSemi operates without a controlling shareholder or actual controller, featuring a widely dispersed shareholding structure. The proceeds from the IPO will be predominantly channeled into projects focused on three-dimensional multi-chip integrated packaging and ultra-high-density interconnected three-dimensional multi-chip integrated packaging. The pertinent technology platforms have either been finalized or have entered the verification phase, possessing the necessary conditions to embark on large-scale production.