CanSemi IPO Under Scrutiny as Connected Transactions Surge: Firm with 14 Insured Employees Lands 28-Million-Yuan Order

Regulation
โดย 时代周报·Read original
Summary · why it matters

CanSemi is drawing market attention during a critical phase of its IPO review due to unusual movements in upstream and downstream connected transactions. On the procurement side, a subsidiary of Zhiguang Electric plans to provide 28 million yuan in integrated energy services to CanSemi in 2026, an over eightfold jump from 3.0364 million yuan in 2025, reversing a previously declining trend. On the sales side, Wuyue Optoelectronics, where CanSemi’s board secretary also serves as a director, was established in May 2024 and contributed a wafer foundry order of 28.4392 million yuan in its second year, a 14.47-fold year-on-year increase, while the company had only 14 social insurance participants in 2025. Sales to another connected customer, Guangxin Micro, also rose from 6.6536 million yuan in 2023 to 14.2563 million yuan in 2025. CanSemi stated in its prospectus that the connected transactions are commercially reasonable and fairly priced, but the market remains skeptical about their authenticity and independence.

Impact on stocks 1

Others▼ · 1 stocks
Guangzhou Zhiguang Electric Co Ltd
002169
▼ NegativeRegulationrelevance

CanSemi's IPO scrutiny and surge in connected transactions with Zhiguang Electric subsidiary raise regulatory concerns about authenticity and independence.

Theme Impact 1

Off-coverage companies 2

粤芯半导体Private▼ Negative
Regulationrelevance

CanSemi's IPO review faces skepticism over connected transactions, including a large order from a newly established firm with few employees, questioning business authenticity.

武汉武粤光电技术有限公司Private▼ Negative
Regulationrelevance

Wuyue Optoelectronics, a connected party with CanSemi's board secretary as director, shows a 14.47-fold order increase despite only 14 insured employees, raising red flags.

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