On October 29, the Shanghai Stock Exchange disclosed the announcement of the results of the 79th listing committee review meeting of the Science and Technology Innovation Board Listing Committee in 2021, and Tuojing Technology Co., Ltd. (hereinafter referred to as “Tuojing Technology”) was approved for its initial listing.

The conference draft shows that Tuojing Technology plans to raise 1 billion yuan this time. After deducting the issuance expenses, it will invest in high-end semiconductor equipment expansion projects, technology research and development and improvement projects of advanced semiconductor equipment, ALD equipment research and development and industrialization projects and Supplementary liquidity. After listing, the market value is expected to be no less than 3 billion yuan.

According to the data, Tuojing Technology is mainly engaged in the research and development, production, sales and technical services of high-end semiconductor special equipment. The company’s focused semiconductor thin film deposition equipment, lithography machine and etching machine together constitute the three main equipment for chip manufacturing. The main products include plasma. Three product series of volume-enhanced chemical vapor deposition (PECVD) equipment, atomic layer deposition (ALD) equipment and sub-atmospheric pressure chemical vapor deposition (SACVD) equipment, which have been widely used in domestic fab 14nm and above integrated circuit manufacturing lines , and has launched 10nm and below process product verification test.

The top three shareholders of Tuojing Technology are National Integrated Circuit Industry Investment Fund Co., Ltd., SDIC (Shanghai) Technology Achievement Transformation Venture Capital Enterprise (Limited Partnership), and China Micro Semiconductor Equipment (Shanghai) Co., Ltd. The shareholding ratio of the Integrated Circuit Industry Investment Fund is 26.48%.

According to reports, Tuojing Technology is the only domestic manufacturer of integrated circuit PECVD and SACVD equipment for industrial application. Its products have been adapted to the most advanced 28/14nm logic chips, 19/17nm DRAM chips and 64/128-layer 3D NAND in China. FLASH wafer manufacturing production line, 2.5D, 3D advanced packaging and other pan-semiconductor fields have been successfully applied to domestic mainstream wafer fab production lines such as SMIC, Hua Hong Group, Yangtze Memory, Xiamen Lianxin, and Yandong Microelectronics .

The data shows that from January to March 2021, the top three customers of Tuojing Technology are Yangtze River Storage, Hua Hong Group, and SMIC.

Tuojing Technology said that the main reason is that the semiconductor equipment industry in which the company operates is characterized by small quantity and high price, and the acceptance time and revenue recognition time are concentrated in the second half of the year and the fourth quarter of the industry. As a result, the company has fewer sales in the first quarter of 2021, resulting in a customer concentration that cannot be amortized by sales.