Jiangsu Silicon Integrity Semiconductor Technology Co., Ltd.（江苏芯德半导体科技股份有限公司）has passed its Hong Kong main-board listing hearing, with post-hearing documents disclosed on October 21. Huatai International（华泰国际）is the sole sponsor. The proposed listing would provide another financing channel for the Chinese chip-packaging and testing company as it expands production while continuing to report losses.
Founded in Nanjing in 2020, Silicon Integrity operates an outsourced semiconductor assembly and test business, providing packaging design, production and testing services. Its technology portfolio includes quad flat no-lead, ball grid array, land grid array and wafer-level packaging, alongside development work in 2.5D and 3D packaging.
Revenue rose from approximately CNY 509 million in 2023 to CNY 827 million in 2024 and CNY 1.012 billion in 2025. Revenue for the first four months of 2026 reached approximately CNY 360 million. Growth has narrowed, but not eliminated, its gross losses: the gross loss margin improved from 38.4% in 2023 to 18.0% in 2025 and 17.9% in the first four months of 2026. The company recorded a net loss of approximately CNY 483 million in 2025.
The figures highlight the challenge of expanding a capital-intensive packaging business. New facilities and equipment create costs before production reaches sufficient scale, making capacity utilization, product mix and customer qualification important to profitability. Rising revenue alone does not establish that additional production will generate attractive returns.
The proposed offering’s proceeds are intended to support production facilities and equipment, advanced-packaging research and development, customer expansion, and working capital. These investments could strengthen the company’s manufacturing and commercial capabilities, but their contribution will depend on demand, execution and the pace at which new capacity is absorbed.
Its international business remains relatively small. Overseas revenue accounted for 5.4% of sales in 2025 and 6.3% in the first four months of 2026. A Hong Kong listing would broaden access to investors, while expansion of the overseas customer base would still require technical qualification, reliable production and ongoing customer support.
For Chinese semiconductor suppliers pursuing international growth, the case illustrates the distinction between raising offshore capital and building an overseas business. Passing the hearing advances the financing process; it does not complete the offering or demonstrate that newer packaging technologies have secured substantial commercial demand. The practical test will be whether investment translates into repeat orders, improved utilization and a sustained recovery in margins.
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