中国晶圆代工厂广芯微电子（CanSemi Technology）在深圳的首次公开募股（IPO）正成为今年中国内地最受追捧的科技股上市项目之一，投资者纷纷看好其在硅光子领域的布局及其在国产人工智能基础设施中扮演的角色。
Chinese chip foundry CanSemi Technology’s Shenzhen initial public offering (IPO) is emerging as one of mainland China’s most sought-after tech listings this year, as investors bet on its push into silicon photonics and its role in domestic artificial intelligence infrastructure.
根据周日晚间提交给证券交易所的文件，这家总部位于广州的公司在回拨机制启动后，其零售部分超额认购超过2300倍，显示出投资者对分享国内半导体市场红利的迫切需求。
The Guangzhou-based company’s retail tranche was oversubscribed by more than 2,300 times after clawback, according to a stock exchange filing late on Sunday, as investors scrambled for a piece of the domestic semiconductor pie.
待正式挂牌交易后，广芯微电子预计将成为深圳证券交易所的一个里程碑，即首家在以科技股为主的创业板上市的纯晶圆代工企业。以下是关于该公司及其备受期待的上市背后动力的核心信息。
When trading begins, CanSemi is expected to set a milestone for the Shenzhen exchange as the first pure-play wafer fabrication company to list on its Shenzhen’s tech-heavy ChiNext board. Here is what you need to know about the company and the momentum behind its highly anticipated debut.
广芯微电子成立于2017年，被广泛誉为“广州芯片第一股”。作为一家为无晶圆厂芯片设计公司代工生产晶圆的厂商，该公司专注于成熟制程半导体，包括用于电源管理、汽车电子和工业传感器的模拟及混合信号芯片。
Established in 2017, CanSemi is widely celebrated as “Guangzhou’s top chip company”. As a contract chipmaker that manufactures wafers for fabless chip designers, it focuses on mature-node semiconductors, including analog and mixed-signal chips used in power management, automotive electronics and industrial sensors.
然而，使其脱颖而出的是其对硅光子技术的押注。这是一种利用光来传输数据的技术，正日益被视为下一代人工智能基础设施的关键。该公司于2024年底推出了90纳米硅光子技术平台，目前正向65纳米工艺节点迈进。
What makes it stand out, however, is its bet on silicon photonics, a technology that uses light to transmit data and is increasingly seen as critical to next-generation AI infrastructure. The company launched a 90-nanometre silicon photonics technology platform in late 2024 and is now moving to 65nm process nodes.
广芯微电子并未急于挤进先进制程的独木桥，而是围绕180纳米至55纳米的成熟工艺构建业务。根据其招股说明书援引市场研究机构弗若斯特沙利文（Frost & Sullivan）的数据，截至2026年4月，该公司已成为中国内地唯一能够实现12英寸硅光子晶圆大规模量产的企业。
CanSemi did not rush to squeeze onto the single-plank bridge of advanced nodes, but instead built its business around mature 180nm to 55nm processesICWise By April 2026, it had become the only enterprise in mainland China capable of large-scale mass production of 12-inch silicon photonic wafers, according to its prospectus, citing data from market research firm Frost & Sullivan.
据中国半导体行业咨询机构ICWise近期发布的一份报告称，芯联集成（CanSemi）“并未急于挤上先进制程这座独木桥”，而是围绕180纳米至55纳米的成熟制程构建了其业务体系。
CanSemi “did not rush to squeeze onto the single-plank bridge of advanced nodes”, but instead built its business around mature 180nm to 55nm processes, according to a recent note by Chinese semiconductor industry consultancy ICWise.
该公司运营两座12英寸晶圆厂，规划月产能达8万片。根据其招股说明书，该公司今年早些时候已启动第三座晶圆厂的建设，预计将使月产能提升50%。
The company operates two 12-inch wafer fabs with planned capacity of 80,000 wafers a month. It had also started construction earlier this year on a third fab, which was expected to boost monthly capacity by 50 per cent, according to its prospectus.
芯联集成每股定价12.01元，计划募资75亿元人民币（约合11.2亿美元）。此次发行吸引了1440万个在线账户申购，合计申购4234亿股，导致初始网上超购倍数高达3303倍。
CanSemi, which priced its shares at 12.01 yuan apiece and aimed to raise 7.5 billion yuan (US$1.12 billion), attracted bids from 14.4 million online accounts for a combined 423.4 billion shares, resulting in an initial online oversubscription of 3,303 times.
这一情况触发了回拨机制，将20%的线下配售额度回拨至线上部分，最终超购倍数降至约2360倍，投资者的中签率仅为0.042%。
That triggered a mechanism to claw back 20 per cent of the offline allotment to the online tranche, reducing the final multiple to about 2,360 times and leaving investors with a successful allotment rate of just 0.042 per cent.
芯联集成位列今年最受追捧的科技类新股之一，与今年早些时候在上海证券交易所科创板上市的芯片制造商燧原科技（Enflame Technology）和长鑫存储（CXMT）齐名。燧原科技在703万个账户申购后，最终网上中签率为0.025%；长鑫存储在943万个账户参与申购后，中签率为0.47%。
It ranked among the year’s most sought-after tech listings, alongside chipmakers Enflame Technology and ChangXin Memory Technologies (CXMT), which made their market debuts on Shanghai’s Star Market earlier this year. Enflame recorded a final online win rate of 0.025 per cent after 7.03 million accounts applied, while CXMT posted a 0.47 per cent win rate after 9.43 million accounts participated.
投资者的热情得到了芯联集成机构股东的支持。其股东包括广东省半导体及集成电路产业投资基金、科学城投资集团等国有背景投资者，以及多只国家级产业基金。
Investor enthusiasm has been supported by CanSemi’s institutional backing. Its shareholders include state-backed investors such as the Guangdong Semiconductor and Integrated Circuit Industry Investment Fund and the Science City Investment Group, alongside several national-level industrial funds.
ICWise表示，芯联集成通过成熟制程制造进军光子学领域，表明国内代工厂商可以通过运营精准度获得竞争优势，而非仅仅专注于最先进制程。
CanSemi’s push into photonics through mature-node manufacturing demonstrated that domestic foundries could secure competitive advantages through operational precision, ICWise said, rather than focusing solely on leading-edge nodes.
该公司表示，IPO募集的资金中约有35亿元人民币将直接用于建设一条12英寸模拟专用工艺生产线的第三阶段；另外25亿元人民币将用于先进技术研发，包括硅光子技术的相关研究。
The company said the bulk of the proceeds from the IPO – around 3.5 billion yuan – would directly fund the third phase of a 12-inch analog speciality-process production line, while 2.5 billion yuan was earmarked for advanced technology research and development, including silicon photonics.
除了在光通信领域的业务发展外，市场分析师认为这笔资金还将有助于加强CanSemi在传统下游产业中的市场地位。
Beyond its optical interconnect ambitions, market observers expect the capital injection to strengthen CanSemi’s position across legacy downstream sectors.
“物联网、汽车电子、工业控制以及5G通信领域的市场需求依然强劲，”中国人工智能协会的天使投资人兼委员会成员郭涛指出；随着电动汽车的普及和智能驾驶技术的不断发展，每辆汽车所需的芯片数量也在不断增加。
“Demand across the Internet of Things, automotive electronics, industrial controls and 5G communications remains robust,” said Guo Tao, an angel investor and committee member at the Chinese Association for Artificial Intelligence, pointing to rising electric vehicle adoption and smart-driving capabilities that continue to boost chip content per vehicle.
郭涛补充说：“CanSemi有望凭借其本土化的运营优势在市场中占据更多份额。”——安·曹（Ann Cao）
CanSemi was “expected to capture market share on the strength of its local operating advantages”, Guo added. By Ann Cao