en.Wedoany.com Reported - Mind Electronics recently released its prospectus for a 2026 targeted issuance of A-shares (draft), planning to raise a total of no more than 1 billion yuan. After deducting issuance expenses, the funds will be used for a specialty high-voltage power semiconductor device and power integrated circuit wafer foundry project, as well as to supplement working capital and repay bank loans.

The matters related to this issuance have been reviewed and approved by the 19th meeting of the company's fourth board of directors, the 2025 annual shareholders' meeting, and the 22nd meeting of the fourth board of directors. Implementation is still subject to review and approval by the Shenzhen Stock Exchange and registration approval from the China Securities Regulatory Commission. The issuance targets will be no more than 35 qualified specific investors, with the issuance price no lower than 80% of the average trading price of the company's shares in the 20 trading days prior to the pricing benchmark date. The number of shares issued will not exceed 30% of the company's total share capital before this issuance, i.e., no more than 51,337,521 shares.

The total funds raised will not exceed 100,000.00万元 (approximately 1 billion yuan), of which 70,000.00万元 is planned to be invested in the specialty high-voltage power semiconductor device and power integrated circuit wafer foundry project, and 30,000.00万元 will be used to supplement working capital and repay bank loans. The total investment for this fundraising project is 83,998.75万元. It plans to utilize and renovate the existing plant and ancillary facilities of its controlled subsidiary, GX Micro, and to build a new 6-inch power semiconductor wafer foundry production line by procuring production equipment, testing instruments, and software systems to increase capacity. Upon completion and reaching full production, the project is expected to add a wafer foundry capacity of 60,000 pieces per month for products such as IGBTs, ultra-high voltage VDMOS, and 700V high-voltage BCD, which are suitable for high-voltage and high-power applications. These products will primarily target downstream sectors including AI data center high-power power supplies, ultra-high voltage power facilities, photovoltaic storage and industrial inverters, and automotive electronics.

In the prospectus, Mind Electronics stated that the company has established a dual-wheel drive strategy of deeply cultivating AiDC and focusing on power semiconductors, with the power semiconductor business being the company's core future growth engine. Currently, through its controlled subsidiaries GX Micro and Guangwei Integration, as well as its investee companies Jingrui Electronics and Xinwei Taike, the company has completed the layout of key links in the power semiconductor wafer material, chip design, and wafer foundry industry chain. Benefiting from the continuous rise in downstream demand from AI data centers, energy power construction, and automotive electronics, GX Micro's wafer foundry business has developed rapidly. Its output has quickly increased from 6,000 pieces per month at the beginning of 2025 to 40,000 pieces per month by the end of the year, with process maturity and product yield widely recognized by downstream customers.

Currently, GX Micro's capacity scale is still relatively small, making it difficult to achieve significant economies of scale and also limiting its ability to secure orders from high-quality downstream customers to a certain extent. The capacity bottleneck has become a core constraint on business upgrading, and it is urgent to break through this development bottleneck through capacity expansion. From an industry perspective, the power semiconductor sector is experiencing a recovery in prosperity, and the global landscape for mature process capacity is undergoing profound restructuring. International giants like TSMC and Samsung are shifting their capacity towards advanced processes, actively reducing their mature process capacity for 6-inch and 8-inch wafers. Meanwhile, demand for mature processes driven by AI, such as power devices, is growing exponentially, leading to a tightening supply-demand balance. Industry insiders analyze that this trend presents a rare opportunity for Chinese mature process wafer fabs to acquire customers and improve profitability.

Mind Electronics stated that the 6-inch process platform offers comprehensive advantages in the production of high-voltage, high-power semiconductors. The power semiconductor industry is generally characterized by small batches, multiple varieties, and customization. The 6-inch production line offers advantages in production flexibility and economy when dealing with diverse and rapidly iterating product demands, enabling it to respond to customization needs at lower costs and faster R&D turnaround times. Additionally, due to their smaller size, 6-inch wafers offer better structural strength and stability, making them particularly suitable for high-voltage, ultra-high voltage, and high-power products. Since commencing production at the end of 2023, GX Micro has successfully achieved mass production of the full series of MOS field-effect diodes (voltage range 45-200V) and multiple VDMOS products (voltage range 60-2,000V). High-voltage IGBTs and 700V high-voltage BCD products have also successfully entered the customer tape-out and introduction phase. GX Micro has achieved good results in the construction, operation, and optimization of its 6-inch high-end specialty process wafer foundry line, possessing several core technologies such as deep trench etching, flat heavy boron well, and COOLMOS processes.

The prospectus discloses that during the reporting period, the company's operating revenues were 39,950.93万元, 40,943.91万元, and 30,315.92万元, respectively, and net profits attributable to the parent company's shareholders were 1,255.57万元, -11,391.58万元, and -10,178.78万元, respectively. The company cautions that if the company faces significant adverse changes in the macroeconomic environment, intensified industry competition, or lower-than-expected downstream market demand in the future, its operating performance may continue to fluctuate significantly or even sustain losses.