Major acceleration! IPO applications accepted for multiple LED lighting companies!

In the last two days of 2025, IPO applications from multiple LED lighting-related companies were accepted, ushering in a "late peak" for IPOs in the capital market.

Zhongtu Technology races for STAR Market IPO

On December 31, 2025, the Shanghai Stock Exchange website showed that the STAR Market IPO application of Guangdong Zhongtu Semiconductor Technology Co., Ltd. (hereinafter referred to as "Zhongtu Technology") was accepted. This is the company's second attempt at the STAR Market after three years; its first filing was accepted in March 2020, and it was voluntarily withdrawn in January 2022.

Public records show that Zhongtu Technology was established in December 2013. It is a major global manufacturer of patterned substrate materials, focusing on the R&D, production, and sales of patterned substrate materials required for GaN epitaxy. It is a national-level specialized and sophisticated "Little Giant" enterprise.

The company's main products are 2-6 inch patterned sapphire substrates (PSS) and 4-6 inch patterned composite material substrates (MMS), widely used in Mini/Micro LED, automotive lighting and in-vehicle displays, backlight displays, and other lighting fields. It is a core material supplier in the upstream semiconductor industry chain.

Since 2021, Mini/Micro LED, as a new display technology, has been widely applied in HD TVs/displays, laptops, tablets, and in-vehicle displays. It continues to ramp up volume from 2023 to 2025, with the market size maintaining rapid growth.

For this IPO, Zhongtu Technology plans to raise 1.05 billion yuan for the industrialization project of patterned substrates for Mini/Micro LED and automotive LED chips, the engineering technology research center project for semiconductor substrate materials, and to supplement working capital.

Among these, the implementation of the industrialization project for patterned substrates for Mini/Micro LED and automotive LED chips will further expand the company's production capacity in the high-end substrate field, responding to the market trends of rapid penetration of the global Mini/Micro LED display industry and the surge in demand for in-vehicle displays and lighting in new energy vehicles.

It is understood that in the chip manufacturing process, the substrate usually refers to a wafer that has not yet undergone surface processing. In specific applications, the substrate is the core material of LED chips. From the upstream perspective of the LED chip industry chain, sapphire is currently a widely used and mature substrate material for GaN devices. Two other common substrates are silicon and SiC.

Currently, major global patterned substrate manufacturers include Zhongtu Technology, Seoul Viosys, OSRAM, Nichia Chemical, Fujian Jing'an,兆驰 Semiconductor, Xuzhou Meixing, Fujian Zhongjing, etc.

In terms of industry status, statistical data shows that in 2023, Zhongtu Technology's global market share for patterned substrates was approximately 32.76%, ranking among the industry leaders.

According to available information, Zhongtu Technology masters the key core technologies for the design and manufacturing of patterned substrates for all series of GaN-based LED chips. The related technologies and products provide key support for improving the quality and yield of downstream LED chips.

In terms of customer structure, the companydirectly covers leading domestic and international LED chip enterprises such as Epistar, Seoul Viosys, Sanan Optoelectronics, Hc Semitek, etc. Its products ultimately enter the terminal supply chains of consumer electronics and new energy vehicles for Apple, Samsung, LG, BYD, NIO, etc. Especially in the Mini/Micro LED field, it has entered the supply systems of leading companies such as Apple and Samsung.

Zhongtu Technology has supplied patterned substrate products for Mini LED chip production in bulk to customers such as Epistar, HC Semitek, and Sanan Optoelectronics, and has shipped 6-inch patterned substrates for Micro LED chip production to customers including Epistar, PlayNitride, and HC Semitek.

Regarding the controlling shareholder, Chen Jianmin, the controlling shareholder and actual controller of Zhongtu Technology, directly holds 46.39% of the company's shares and indirectly controls 33.27% of the shares through Zhongmin Holdings, collectively controlling 79.66% of the company's shares. After this issuance, its controlling shareholder and actual controller will still maintain absolute control.

In terms of performance, data disclosed in its prospectus shows that at the end of each period from 2022 to 2024, the company's revenue was RMB 1.063 billion, RMB 1.208 billion, and RMB 1.149 billion respectively; net profit was RMB 44.28 million, RMB 77.10 million, and RMB 93.2769 million respectively. In the first half of 2025, the company achieved revenue of RMB 532 million and net profit of RMB 40.84 million, with net profit after deducting non-recurring items at RMB 39.97 million.

From the perspective of revenue structure, during the reporting period, the company's revenue and profit mainly came from core businesses such as PSS and MMS, while also engaging in the retrofitting of retired semiconductor equipment and trading business. Among them, PSS is its core revenue pillar, contributing more than 61% of the revenue from 2022 to the first half of 2025.

It is worth mentioning that in 2022, 2023, 2024, and January-June 2025, the proportion of sales revenue from Zhongtu Technology's top five customers to total revenue was 74.61%, 69.35%, 77.16%, and 81.89% respectively.

Yishida's IPO on the Beijing Stock Exchange accepted

On December 30, the IPO application of Yishida Optoelectronics (Guangdong) Co., Ltd. (hereinafter referred to as "Yishida"), which focuses on the automotive LED aftermarket, was accepted.

According to available information, Yishida is an automotive parts manufacturer specializing in the production of automotive LED vehicle lights. Established in 2010, it was listed on the Innovation Layer of the NEEQ on August 1, 2025, and is recognized as a specialized and sophisticated "Little Giant" enterprise. Yishida's main products include LED headlights, LED signal lights, and automotive auxiliary lighting luminaires. Among these, LED headlights are its core products, accounting for more than 90% of its revenue.

The company collaborates with globally renowned automotive parts customers such as PHILIPS, NARVA, IPF, PIAA, BELLOF, CARMATE, and EXCELITE. As of June 30, 2025, the company has obtained 188 patents, including 14 invention patents.

Yishida plans to raise 363 million yuan through this IPO, which will be used for the intelligent manufacturing technology transformation project for LED vehicle light assemblies and components, the intelligent upgrade technology transformation project for production workshops, the R&D center and informatization construction project, and to supplement working capital.

In terms of performance, from 2022 to 2024 and for January-June 2025, the Company's Revenue was RMB 310,033,100, RMB 353,797,100, RMB 418,378,700, and RMB 171,109,200, respectively, and the Net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was RMB 65,571,500, RMB 69,256,500, RMB 71,796,100, and RMB 26,510,100, respectively.

From 2022 to 2024, both the Company's Revenue and the Net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses showed an upward trend. In January-June 2025, affected by operational changes of certain customers and adjustments in product structure, the Company's Revenue decreased by 8.95% compared to the same period of the previous year.

Regarding the shareholding structure, as of the date of signing the prospectus, Shengtuo Investment is the controlling shareholder of Yishida, directly holding 61.20% of the Company's shares, making it the largest shareholder. The couple Xu Baozhou and Fang Hong collectively directly hold 26.23% of the Company's shares and indirectly hold 61.20% of the Company's shares through Shengtuo Investment. The couple Xu Baozhou and Fang Hong collectively hold 89.71% of the Company's shares and collectively control 87.43% of the Company's shares, serving as the joint actual controllers of the Company.

In January and February 2025, the Company introduced five new shareholders, including the employee stock ownership platform Zhongshan Tuowei, as well as Yueke Investment, Chuangyu Mingjing, Chuangyu Mingrui, and Ruan Hailiang, through capital increase.

Notably, on the same day that the IPO application was accepted, Yishida announced disclosure of involvement in Patent infringement litigation.

On the evening of December 30, Yishida announced that it recently received 15 litigation response materials from the Guangzhou Intellectual Property Court, including civil complaints and notices of response to lawsuits, with case number (2025) Yue 73 Zhi Min Chu No. 3227, among others. The plaintiff, Guangzhou Liancheng Lighting Industrial Co., Ltd., alleged that Yishida (as the first defendant) infringed its utility model patent by selling relevant products on the 1688 platform.

The plaintiff requests that Yishida be ordered to cease manufacturing, selling, and offering for sale products that infringe the plaintiff's utility model Patent, and to destroy inventory; compensate the plaintiff for economic losses of 4.3125 million yuan and reasonable expenses of 187,500 yuan incurred to stop the infringing acts, totaling 4.5 million yuan. As of the date of this announcement, the case has not yet been heard in court.

In addition, recently, Dongguan Yuanli Optoelectronics Co., Ltd.'s IPO application on the Beijing Stock Exchange was accepted; Ningbo Yaotai Optoelectronic Technology Co., Ltd. and other companies responded to the first round of inquiries.