Recently, Shanghai TwinSolution Electro行綠nic Technology Co., Ltd要購. (hereinafter referred to as場理 "TwinSolution Technology"), a profe刀術ssional semiconductor testing solut服兒ion provider, has registered with the 從請Shanghai Securities 國快Regulatory Bureau for guidance 紙火and plans to issue shares for the f長請irst time and go public. The guidance村員 broker is Huatai United Secur場得ities. Data from Cail錯和ianshe Venture Capital-Zhiz可放hong shows that TwinSolution Techn友時ology received Series男作 A investment and Series B investment i水的n 2015 and May 2023 respectively.
■ Investment Target
One , Company Profile
1. TwinSolution Technology was e身慢stablished in April 2007 an區音d is headquartered in Zhangjiang, Sha上月nghai. It is a domestic On理中e of the earliest providers o土唱f professional test interface火地 products and solutio理算ns in the semiconductor field, i體金t is also the most techn腦林ologically advanced and largest c風河ompany in the domestic test so業店cket field. Customers in低理clude the world's leading m機那obile phone chip, memory chip an門習d AI chip manufacturers, gallium n師媽itride (GaN) and silicon c來現arbide (SiC) wafer ma妹舊nufacturers, etc., with more than 600 c匠南ustomers worldwide. TwinSolutio志雜n Technology recently stated that it 議城is conducting a Pre-IPO round o學了f financing. The company's 服請annual sales are close 文如to 200 million yuan and it 雨坐is preparing for an IPO.
2. Overview of the field
1. Semiconductor tes月弟ting aims to verify product functions 有錯and performance, and exclude products術看 with structural defects 又路and non-compliance with requi身件rements. Semiconductor chip test pro男能be is a high-end precision elec輛志tronic component that plays靜少 an important role in the manuf影訊acturing of semiconductor 費計test equipment and is a key 劇快consumable. Currently, 器內the more mainstream pro煙公be cards on the market a這物re cantilever type and vertica他問l type. The cantilever t場哥ype is mainly used for testing 理得LCD drivers, low-end SoCs and po朋對wer chips. Due to its relati火票vely low process and technica市爸l threshold, market competition is 慢妹relatively fierce. Intensely, the prod都能uct value has been suppressed to a low體車er level. The flatness 匠樹and precision of vertical probe c書拿ards are relatively higher, and they費樹 are currently the mai說雪nstream choice for high-end國我 SoC testing.
2. According to Guotai Junan Securit新關ies research, high-end semiconduct喝鐘or test probe products are oligop高個olized by overseas companies,妹話 and domestic probe manufacturer農工s are in the mid- to low-e街都nd segment of the probe mar大林ket. , the current global share of dom有樹estic probes is only 1.1%, and t地友he international market spa制兒ce for domestic probes is h公聽uge. In addition, from知跳 the perspective of mar綠小ket size, my country's 白嗎semiconductor test probe market size w地北ill reach 1.875 billio小低n yuan in 2021. With the co子民ntinuous development of my cou市樹ntry's integrated circui店在t industry, it is expected t銀東o reach 3.283 billion yuan by 2025, wi睡國th a compound annual growth rate of mor站海e than 15%.
3. Core Competencies
1. In terms of products, Twi男音nSolution Technology’s近務 products include ATE test sockets, ME子鐘MS (micro-electromechani時門cal systems) chip probes, etc. Th務做e MEMS probe card de司店signed and manufactured by T場道winSolution Technology 線喝is considered the "fingertip書我" of the test equipment and a key公唱 tool in the chip testing process. I習計t is fixed on the probe machine wi你店th the wafer, and the dies on the waf如低er are connected to th日習e probe in turn. Pin contacts and te東章sted one by one.
2. In terms of team, Yi計睡n Lanyong, founder and CEO of Twin近鄉Solution Technology, has s能冷erved as Sales Manager o土身f Electroglas China, a wafer dete她暗ctor company, and as Sale舞雜s Manager of K&S Semicon業對ductor Test Products Division China Dis關一trict General Manager.錯爸 Before founding TwinSolu媽見tion Technology, a company事間 founded by Yin Lanyong was acquired學亮 by FormFactor (NASDAQ: FO制她RM), an American semiconductor t得現esting company. Curren舞樂tly, TwinSolution Technology h花裡as more than 300 emplo一吧yees and two design and R&D cen拍船ters in Tianjin and Seoul, South Ko現錯rea.
■ Investment institutions
Jun Xin Capital
Jun Xin Capital was esta志船blished in May 2017. In September 2017的從, Aijian Group strategically inves東一ted Junxin Capital has becom城相e the largest shareholder of the co風問mpany. Junxin Capital has become放美 a fully market-oriented priva快校te equity investment platfor學如m under Juneyao Group-Aijian Grou樂但p, focusing on investing in the tw長場o major industries of informatio厭去n technology and medical health身都. It is an industry leade西市r in each segment. . Junxin Capit費東al's investment areas focus 火小on the Yangtze River Delta, Beijing白近 and the Pearl River Delta. The i業森nvestment stages are mainly舊作 mid- to late-stage, and also 風低take into account the mid-to-e物鐵arly stage. Junxin C不高apital has invested in 歌歌a number of high-quality projects. 相區Among them, Kangfang Biotech術樂 has been listed on the的高 Hong Kong stock market, H白內aoyuan Pharmaceutical, L但空ixin Micro, Aohua Endosco照窗py, Nanocore Micro, and Wetest 為們Semiconductor have been list制離ed on the Science and Technology Innova國暗tion Board. 3D Techno姐都logy has been listed 問但on the Science and Technolog暗公y Innovation Board. List土服ed on GEM.
According to Cailianshe 還現Venture Capital Pass-Zh房森izhong data, as of now, Ju數技nxin Capital has 8 funds under mana但電gement and a total of 31 externa美玩l investment events involvi雪都ng There are 27 companies, i冷藍ncluding 17 that have西唱 entered the second round很裡, 3 companies that have been invest大多ed multiple times, 1歌音 VIE listed company, 6 IPO compani志國es, and 9 companies to 讀海be listed. Investment rounds ma器匠inly include Series B, Seri道唱es D, equity investment看什, etc., mainly involvi科可ng fields such as medical h短下ealth, advanced manufact銀美uring, and corporate serv從員ices.
