Hangzhou Firstack Technology from China Restarts A-Share IPO

en.Wedoany.com Reported - On July 9, Hangzhou Firstack Technology Co., Ltd. completed its IPO tutoring registration with the Zhejiang Securities Regulatory Bureau, officially launching its A-share IPO process, with CITIC Securities as the tutoring institution.

Public information shows that Firstack was founded in 2011 in Hangzhou Linping. It is a national key "Little Giant" enterprise specializing in new and advanced technologies, having established a provincial-level enterprise research institute and a national postdoctoral research workstation, with its core R&D team originating from Zhejiang University. The company currently has over 470 employees, holds more than 150 independent intellectual property rights, and has shipped over 5 million units of products. Its business revolves around mainstream power semiconductor devices such as IGBTs and SiC MOSFETs, primarily divided into two segments: first, core power system components like power device drivers and power modules; second, dynamic and static laboratory testing equipment for power semiconductors, covering full test solutions for third-generation semiconductor SiC devices, with a maximum test voltage of 6000V, suitable for verification needs in high-voltage scenarios such as automotive-grade, energy storage, and wind power. Firstack's products have been deployed in volume across sectors including new energy vehicles, photovoltaic energy storage, urban rail transit, industrial variable frequency drives, and power grid transmission and distribution. Its cooperative clients include leading companies such as BYD, NIO, and State Grid. The company is one of the few domestic manufacturers to achieve both self-developed mass production of power drive chips and SiC-specific testing equipment, forming a complete business system that synergizes device application with backend testing.

This is not Firstack's first attempt at an IPO. In June 2023, the company submitted IPO application materials for the STAR Market but voluntarily withdrew due to market environment influences. In December 2024, the Shanghai Stock Exchange formally terminated its review process. After about a year and a half, Firstack has changed its tutoring securities firm and restarted the IPO tutoring process. In terms of equity structure, Shi Yimeng is the company's controlling shareholder and actual controller, directly holding 63.1628% and indirectly holding 1.2893% through an employee stock ownership platform, collectively controlling 64.4521% of the voting rights, indicating a high degree of equity concentration.

According to A-share IPO tutoring regulatory requirements, CITIC Securities will carry out a series of tutoring tasks including standardizing governance, financial compliance, and information disclosure. Only after completing the entire tutoring process and passing the acceptance inspection by the Zhejiang Securities Regulatory Bureau can the company submit its formal IPO application materials.