Recently, Shanghai TwinSolution Electronic Technology Co., Ltd. (hereinafter referred to as "TwinSolution Technology"), a professional semiconductor testing solution provider, has registered with the Shanghai Securities Regulatory Bureau for guidance and plans to issue shares for the first time and go public. The guidance broker is Huatai United Securities. Data from Cailianshe Venture Capital-Zhizhong shows that TwinSolution Technology received Series A investment and Series B investment in 2015 and May 2023 respectively.
■ Investment Target
One , Company Profile
1. TwinSolution Technology was established in April 2007 and is headquartered in Zhangjiang, Shanghai. It is a domestic One of the earliest providers of professional test interface products and solutions in the semiconductor field, it is also the most technologically advanced and largest company in the domestic test socket field. Customers include the world's leading mobile phone chip, memory chip and AI chip manufacturers, gallium nitride (GaN) and silicon carbide (SiC) wafer manufacturers, etc., with more than 600 customers worldwide. TwinSolution Technology recently stated that it is conducting a Pre-IPO round of financing. The company's annual sales are close to 200 million yuan and it is preparing for an IPO.
2. Overview of the field
1. Semiconductor testing aims to verify product functions and performance, and exclude products with structural defects and non-compliance with requirements. Semiconductor chip test probe is a high-end precision electronic component that plays an important role in the manufacturing of semiconductor test equipment and is a key consumable. Currently, the more mainstream probe cards on the market are cantilever type and vertical type. The cantilever type is mainly used for testing LCD drivers, low-end SoCs and power chips. Due to its relatively low process and technical threshold, market competition is relatively fierce. Intensely, the product value has been suppressed to a lower level. The flatness and precision of vertical probe cards are relatively higher, and they are currently the mainstream choice for high-end SoC testing.
2. According to Guotai Junan Securities research, high-end semiconductor test probe products are oligopolized by overseas companies, and domestic probe manufacturers are in the mid- to low-end segment of the probe market. , the current global share of domestic probes is only 1.1%, and the international market space for domestic probes is huge. In addition, from the perspective of market size, my country's semiconductor test probe market size will reach 1.875 billion yuan in 2021. With the continuous development of my country's integrated circuit industry, it is expected to reach 3.283 billion yuan by 2025, with a compound annual growth rate of more than 15%.
3. Core Competencies
1. In terms of products, TwinSolution Technology’s products include ATE test sockets, MEMS (micro-electromechanical systems) chip probes, etc. The MEMS probe card designed and manufactured by TwinSolution Technology is considered the "fingertip" of the test equipment and a key tool in the chip testing process. It is fixed on the probe machine with the wafer, and the dies on the wafer are connected to the probe in turn. Pin contacts and tested one by one.
2. In terms of team, Yin Lanyong, founder and CEO of TwinSolution Technology, has served as Sales Manager of Electroglas China, a wafer detector company, and as Sales Manager of K&S Semiconductor Test Products Division China District General Manager. Before founding TwinSolution Technology, a company founded by Yin Lanyong was acquired by FormFactor (NASDAQ: FORM), an American semiconductor testing company. Currently, TwinSolution Technology has more than 300 employees and two design and R&D centers in Tianjin and Seoul, South Korea.
■ Investment institutions
Jun Xin Capital
Jun Xin Capital was established in May 2017. In September 2017, Aijian Group strategically invested Junxin Capital has become the largest shareholder of the company. Junxin Capital has become a fully market-oriented private equity investment platform under Juneyao Group-Aijian Group, focusing on investing in the two major industries of information technology and medical health. It is an industry leader in each segment. . Junxin Capital's investment areas focus on the Yangtze River Delta, Beijing and the Pearl River Delta. The investment stages are mainly mid- to late-stage, and also take into account the mid-to-early stage. Junxin Capital has invested in a number of high-quality projects. Among them, Kangfang Biotech has been listed on the Hong Kong stock market, Haoyuan Pharmaceutical, Lixin Micro, Aohua Endoscopy, Nanocore Micro, and Wetest Semiconductor have been listed on the Science and Technology Innovation Board. 3D Technology has been listed on the Science and Technology Innovation Board. Listed on GEM.
According to Cailianshe Venture Capital Pass-Zhizhong data, as of now, Junxin Capital has 8 funds under management and a total of 31 external investment events involving There are 27 companies, including 17 that have entered the second round, 3 companies that have been invested multiple times, 1 VIE listed company, 6 IPO companies, and 9 companies to be listed. Investment rounds mainly include Series B, Series D, equity investment, etc., mainly involving fields such as medical health, advanced manufacturing, and corporate services.
