Hengyunchang (688785.SH), a leading domestic supplier of semiconductor equipment core components, plans to publicly issue 169.305.59 million shares

According to the Zhitong Finance App, Heng Yunchang (688785.SH) disclosed a prospectus of intent. The number of new shares to be publicly issued by the company is 169.305.59 million shares, accounting for 25.01% of the total share capital after issuance. Senior management and core employees plan to participate in this strategic placement through an asset management plan. The number participating in the strategic placement will not exceed 10% of the current issuance scale, or 1,6930.55 million shares; at the same time, the total subscription amount will not exceed 65.4 million yuan. CITIC Securities Investment Co., Ltd. participated in the strategic placement of this offering. The initial follow-up ratio is expected to be 5% of the current issuance, or 8465.27 million shares. The inquiry date for this offering is January 13, 2026, and the subscription date is January 16, 2026. The company will apply for listing on the Science and Technology Innovation Board as soon as the distribution is over.

The company is a leading supplier of core components for semiconductor equipment in China. It is mainly engaged in R&D, production, sales and technical services of plasma RF power systems, plasma excitation devices, plasma DC power supplies, and various accessories, and introduces core components related to vacuum acquisition and fluid control to provide overall solutions for core components around plasma processes.

The company's net profit attributable to shareholders of the parent company for the first half year of 2022 to 2025 was RMB 26.1879 million, RMB 798.273 million, RMB 142 million and RMB 693.476 million, respectively. At the end of June 2025, the company's current order amount was 107 million yuan, down 22.13% from the end of 2024. The gross margins of the company's main business were 41.49%, 45.86%, 48.51% and 49.01% respectively. While the revenue scale grew rapidly, the gross margin increased year by year, mainly due to the rapid growth in the sales scale and share of the company's high-margin self-developed products. The rapid growth in the company's revenue and profit is mainly affected by the rise in the domestic semiconductor industry's boom, the wave of domestic substitution, the continuous strengthening of the company's product competitiveness, continuous product upgrading and iteration, and further market development.

After deducting the issuance costs, the total capital raised by the company is intended to be used for: Shenyang semiconductor RF power supply system industrialization construction project, intelligent production and operation base project for semiconductor and vacuum equipment core components, R&D and cutting-edge technology innovation center projects, marketing and technical support center projects, and supplementary working capital. The total investment in these projects is 1,518 billion yuan, and the amount of capital raised is 1,469 billion yuan.