SJ Semiconductor has successfully passed its listing review on Shanghai's STAR Market, becoming the first IPO approval of the Year of the Horse. The advanced packaging specialist plans to raise RMB 4.8 billion (approx. $670 million) to expand its advanced packaging capabilities, with RMB 4 billion allocated for 3D multi-chip integration projects and RMB 800 million for ultra-high density interconnect development.

The company has established leadership across three core advanced packaging domains:

In intermediate wafer processing, SJ Semiconductor was among the first in China to achieve 12-inch bumping mass production and remains the only domestic provider of 14nm bumping services, holding the country's largest 12-inch bumping capacity.

For wafer-level packaging, the company successfully commercialized 12-inch WLCSP solutions including Low-K and ultra-thin variants, capturing approximately 31% of China's 12-inch WLCSP market revenue in 2024.

In chiplet multi-chip integration, SJ Semiconductor leads China's 2.5D market with 85% market share and commenced 3D Package mass production in May 2025, achieving technology parity with global leaders.

The company has transformed from a specialized bumping provider to China's dominant AI hardware acceleration platform, achieving 69.77% revenue CAGR from 2022-2024 and reaching RMB 4.71 billion in annual revenue.

ICgoodFind : SJ Semiconductor's IPO represents a critical valuation test for the foundry-packaging integration model. With dominant 2.5D market share and proven 3D capability, this advanced packaging pure-play is strategically positioned to capture AI-driven heterogenous integration demand.