Langxun Technology’s Shenzhen Main Board IPO Application Accepted; Seeks $903 Million

Hangzhou Langxun Technology Co., a third-party integrated circuit testing company, said its Shenzhen main board IPO application has been accepted by the Shenzhen Stock Exchange, with GF Securities as sponsor, and it plans to raise 6.517 billion yuan ($903 million) for four projects including expanded chip-testing capacity and a headquarters R&D building, according to Jiemian News. The company reported revenue rose to 2.064 billion yuan in 2025 from 536 million yuan in 2023, while net profit attributable to shareholders increased to 620 million yuan from 99 million yuan. Customer concentration also increased, with the top five customers accounting for 93.75%, 96.55% and 98.22% of revenue in 2023-2025; its largest customer contributed 92.57% in 2025. Langxun’s R&D expense ratio fell to 7.46% in 2025 from 12.47% in 2023, while it said R&D spending rose to 1.539 billion yuan in 2025 from 667.654 million yuan in 2023. The report also cited a 400 million yuan share repurchase obligation tied to a November 2025 capital injection into key subsidiary Hangzhou Xinyunhai by two state-backed investors, and said 5.2 billion yuan of the IPO proceeds would go directly to capacity expansion; in 2025, finished-product testing and wafer testing utilization rates were 76% and 88%, respectively.