Listing Success | Frost & Sullivan Supports Jiangsu XinDe Semiconductor Technology Co., Ltd. in Its Successful Listing on Hong Kong Stock Exchange (7672.HK)
Listing Success | Frost & Sullivan Supports Jiangsu XinDe Semiconductor Technology Co., Ltd. in Its Successful Listing on Hong Kong Stock Exchange (7672.HK)
Frost & Sullivan
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Frost & Sullivan China LeadLeo Research Institute LeadLeo YUAN CAPITAL SULLIVAN TELE-TREND CLOUD TECHNOLOGY TradeGo MagnaTEC Automotive & Mobility Environmental Protection & Energy Saving Technology Logistics & Supply Chain MATERNAL AND INFANT Education & Training Real Estate & Property Catering & New Retailing Advanced Materials Healthcare & Life Sciences Semiconductor & Chip COMMERCIAL AVIATION Technology, Media and Telecom LANDSCAPING Big Data & AI Infrastructure Construction & Utilities Culture & Entertainment AGRICULTURE, FORESTRY ANIMAL HUSBANDRY AND FISHERY Food & Beverage Fintech SHIPPING AND PORTS Dual Carbon & New Energy Mining & Metals Public Sector Cross-Border E-commerce Trade Building Technology, Construction & Decoration Beauty & Fashion Smart Homes Digital Infrastructure Enterprise Services Consumer Electronics
During this Hong Kong listing process, Frost & Sullivan provided the following main services: helping the issuer accurately and objectively understand its position in the target market, using objective market data to uncover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in drafting relevant sections of the prospectus (such as Overview, Competitive Advantages and Strategy, Industry Overview, Business, etc.), helping the issuer communicate with the Stock Exchange and investors, and assisting investors in quickly understanding the market ecosystem and competitive landscape, as well as assisting the issuer in responding to various industry-related questions from the Stock Exchange.
Frost & Sullivan has always been a leader in assisting companies with their Hong Kong listing. According to LiveReport Big Data (statistical data as of September 30, 2026), during the statistical period from January to September 2026 and over the past 12 and 36 months, Frost & Sullivan provided listing industry advisory services for 76 (market share: 66%), 111 (market share: 68%), and 223 (market share: 69%) Hong Kong IPOs, ranking first in number and possessing rich industry experience, as well as communication expertise with regulatory authorities, exchanges, investment and financing institutions, and related entities.
PART/1
Investment Highlights
The company's technical reserves cover multiple generations of packaging processes. The company has achieved full-scale mass production of third-generation packaging technologies such as QFN and BGA, as well as fourth-generation packaging technologies such as SiP and Bumping; it covers over 80% of fifth-generation packaging technologies, including 2.5D mainstream technology, which has been fully deployed.
It possesses differentiated advanced packaging technology capabilities. According to Frost & Sullivan, the company was the first to achieve full-scale mass production of wafer-level ultra-thin four-sided flat without pins (QFN) packaging technology in the LDFO (eWLB-P) field and has industry-leading high-density radio module packaging technology, 3nm high-performance processor packaging technology, and ball grid array multi-layer arc packaging technology.
The company has a broad customer base and has received recognition from customers in multiple fields. The company has obtained quality recognition from more than 200 direct customers, including global fifth-largest waferless semiconductor company and other customers; it has also received quality recognition from more than 50 end-user customers, including Xiaomi and OPPO, as well as quality certifications from nine of the world's top ten mobile phone industry end-user customers. The product applications cover general-purpose processors, high-speed computing processors, radio modules, power audio components, opto-electronic products, and storage devices.
Continuous research and development efforts support technical accumulation. During the historical performance period, the company's cumulative research and development expenditure reached RMB 2.864 billion, with over 200 R&D personnel and over 200 patents, providing support for packaging process development and product iteration.
Its quality management system and product yield have been verified. The company has obtained ten packaging quality system certifications; the yields of QFN, BGA, LGA, and WLP products exceed 99.95%, ensuring product quality and stable delivery.
The revenue scale continues to expand. From 2023 to 2025, the company's revenue had a compound annual growth rate of 41.0%, reflecting the continuous growth in business scale during customer expansion and product commercialization.
According to Frost & Sullivan, based on the relevant business income in 2025, MagnaTEC:
In the Chinese General Purpose OSAT company, it ranks seventh by semiconductor advanced packaging testing income, with a market share of 0.6%;
In the Chinese General Purpose OSAT company, it ranks eighth by traditional semiconductor packaging testing income, with a market share of 0.1%.
PART/2
Global and Chinese Semiconductor Market Overview
Semiconductor is the core foundation of modern electronic information technology. The development of technologies and applications such as artificial intelligence, 5G, the Internet of Things, and automotive electronics continues to drive demand for high-performance, low-power chips. According to Frost & Sullivan’s data, the global semiconductor market size increased from RMB 31,762 billion in 2020 to RMB 56,721 billion in 2025, with a compound annual growth rate of 12.3%; it is expected to reach RMB 170,952 billion by 2030, with a compound annual growth rate of 24.7% from 2025 to 2030. During the same period, the market size of semiconductors in the Chinese mainland increased from RMB 10,323 billion in 2020 to RMB 19,052 billion in 2025, with a compound annual growth rate of 13.0%; it is expected to reach RMB 47,436 billion by 2030, with a compound annual growth rate of 20.0%.
Source: Frost & Sullivan Analysis
PART/3
Global and Chinese Semiconductor Packaging and Testing Market Overview
Semiconductor packaging, through physical protection, electrical interconnection, and thermal management, enables the bare chip or wafer to be used as an independent device in electronic devices; semiconductor testing, on the other hand, evaluates its electrical performance, functional integrity, reliability, and environmental adaptability, screening qualified products. Packaging and testing connect chip manufacturing and end-use applications; the upstream involves substrates, bonding wires, packaging adhesive, intermediate layers, and equipment, while the downstream applications cover consumer electronics, automotive electronics, industrial electronics, medical equipment, and communication equipment.
According to Frost & Sullivan’s data, the global semiconductor packaging and testing market size increased from RMB 4,956 billion in 2020 to RMB 8,048 billion in 2025, with a compound annual growth rate of 10.2%; it is expected to reach RMB 13,831 billion by 2030, with a compound annual growth rate of 11.4%. The market size in the Chinese mainland increased from RMB 1,749 billion in 2020 to RMB 3,144 billion in 2025, with a compound annual growth rate of 12.4%; it is expected to reach RMB 5,982 billion by 2030, with a compound annual growth rate of 13.7%.
Source: Frost & Sullivan Analysis
PART/4
Global and Chinese Semiconductor Advanced Packaging and Testing Market Overview
Advanced packaging, through structural design, interconnection technology, material and equipment innovation, achieves higher integration, better performance, smaller size, lower power consumption, and higher reliability. As Moore’s Law slows, advanced packaging has become an important technical pathway for enhancing chip performance. According to Frost & Sullivan’s data, the global semiconductor advanced packaging and testing market size increased from RMB 2,141 billion in 2020 to RMB 3,967 billion in 2025, with a compound annual growth rate of 13.1%; it is expected to reach RMB 7,903 billion by 2030, with a compound annual growth rate of 14.8%. The market size in the Chinese mainland increased from RMB 586 billion in 2020 to RMB 1,262 billion in 2025, with a compound annual growth rate of 16.6%; it is expected to reach RMB 2,985 billion by 2030, with a compound annual growth rate of 18.8%.
Source: Frost & Sullivan Analysis
PART/5
Chinese Semiconductor Packaging and Testing Market Competitive Landscape
According to Frost & Sullivan’s data, the Chinese semiconductor packaging and testing market includes approximately 150 to 200 OSAT companies, most of which are primarily engaged in traditional packaging and testing services. General-purpose OSATs provide services for various chips across different industries, while specific application OSATs focus on specific applications. In 2025, based on advanced packaging and testing revenue, these two types of companies accounted for approximately 85% to 90% and 10% to 15% of the Chinese mainland market, respectively. Based on 2025 semiconductor advanced packaging and testing revenue, XinDe Semiconductor ranked seventh among Chinese general-purpose OSAT companies, with a market share of 0.6%; during the same period, the company’s advanced packaging revenue was RMB 7.374 billion.
Source: Frost & Sullivan Analysis
Traditional packaging remains an important component of the packaging and testing market. According to Frost & Sullivan’s data, based on 2025 traditional semiconductor packaging and testing revenue, XinDe Semiconductor ranked eighth among Chinese general-purpose OSAT companies, with a market share of 0.1%; during the same period, the company’s traditional packaging revenue was RMB 2.712 billion. The company’s product portfolio in traditional and advanced packaging enables it to meet the requirements for cost, performance, and reliability across different chips and application scenarios.
Source: Frost & Sullivan Analysis
PART/6
Semiconductor Packaging and Testing Industry Drivers and Development Trends
Downstream application expansion drives the demand for packaging and testing. The development in areas such as Consumer Electronics, Automotive Electronics, Industrial Control, and Data Centers generates demand for chips and packaging and testing. Artificial Intelligence and high-performance computing place higher requirements on storage, computing power, and energy efficiency, promoting the application of technologies such as 3D NAND, HBM, and Chiplet heterogeneous integration; Automotive Electronics and intelligent terminals pose higher demands on device size, reliability, and integration, facilitating the penetration of advanced packaging.
The process miniaturization bottleneck enhances the importance of advanced packaging. As the chip process node shrinks to 7nm, 5nm and below, further miniaturization faces physical and cost limitations. Advanced packaging improves chip performance and system efficiency through interconnection and integration innovation, extending its role from chip protection and connection to system-level integration, becoming an important technical path for semiconductor companies to enhance their product competitiveness.
High performance and miniaturization drive the upgrade of packaging technology. The demands for high bandwidth, low power consumption, and compact structure from Artificial Intelligence, data centers, and Consumer Electronics drive the continued development of 2.5D/3D packaging and wafer-level packaging. Meanwhile, OSAT companies deepen their cooperation with chip design firms and wafer foundries to jointly optimize design and process alignment, provide customized solutions, and improve packaging efficiency and product quality.
The localization process is accelerating. Changes in the international trade environment and the need for independent semiconductor development drive Chinese advanced packaging and testing companies to increase research and development investment and capacity building. Domestic manufacturers are gradually enhancing their local manufacturing and technical service capabilities to meet downstream customer needs and reduce their reliance on external technologies.
Policy Support Promotes Industrial Development. The promotion of artificial intelligence applications and the support policies for the integrated circuit industry provide support for high-performance chips and advanced packaging and testing demands. Relevant policies offer tax benefits and other supports to eligible integrated circuit enterprises, encouraging them to engage in technical research and development, equipment upgrades, and industrialization construction.
PART/7
Semiconductor Advanced Packaging Industry Barriers
Technical and process capabilities. Advanced packaging requires the integration of equipment, materials, and manufacturing processes, along with stable yield, effective quality control, and failure analysis capabilities during commercial production. These capabilities depend on an experienced engineering team, process development, pilot production, and long-term manufacturing experience; merely purchasing equipment is insufficient to establish a reliable mass production capability.
Capital Investment and Production Scale. OSAT enterprises need to invest substantial funds in production facilities, clean rooms, packaging and testing equipment, and supporting infrastructure, and they must continuously carry out process development and equipment upgrades. Additionally, they need sufficient output and capacity utilization to offset depreciation and other fixed costs—thus, financial strength and scale operation capabilities constitute key entry barriers.
Customer Certification and Operational Records. Customers typically evaluate a supplier’s quality system, technical capabilities, product yield, and reliability through audits, sample verifications, and pilot production. After certification, consistent and stable delivery and verifiable production records serve as the essential foundation for transforming initial orders into ongoing business; new entrants require time to build customer trust.
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Frost & Sullivan has extensive research experience in the TMT industry and has assisted well-known enterprises in successfully entering the capital market. Successful listing cases include: Tonny Holdings (2636.HK), Yuexin Semiconductor (301660.SZ), Yisiwei Computing (1256.HK), Hongfucheng (301716.SZ), Benmo Technology (6731.HK), Nazhen Technology (9856.HK), Xinghuan Technology (6727.HK), Youdi Robot (3231.HK), Beijing Junzheng (3223.HK), Chaochuan Yingshi (301717.SZ), Jinghe Integration (2249.HK), Lixiu Precision (2475.HK), Sanhuan Group (6951.HK), Dingtai High-tech (1377.HK), Puyuan Jingdian (0537.HK), Basic Semiconductor (9971.HK), Ruiwei Technology (7656.HK), Anke Innovation (0668.HK), Shenghong Technology (2476.HK), Changguang Chenxin (3277.HK),Qunkun Technology (0068.HK),Fourier Semiconductor (3625.HK),Huayan Robot (1021.HK), Jieyeechi (6636.HK), Kaileshi (2729.HK), Feixu Innovation (3355.HK),Estune (2715.HK),Zhaowei Electromechanical (2692.HK),Meige Intelligent (3268.HK), Youlehai (2649.HK), Longqi Technology (9611.HK), Hauwei Group (0501.HK), Zhaoyi Innovation (3986.HK), Tianshuizhen (9903.HK), Zhipu Huazhang (2513.HK),Wuyi Vision (6651.HK),Xunce Technology (3317.HK),Woan Robot (6600.HK),Excellence Ruixin (2687.HK),Naxinwei (2676.HK),Tianyu Semiconductor (2658.HK),GIBO (NASDAQ: GIBO),Lemo Technology (2539.HK),Quantify (2685.HK),Minglüe Technology (2718.HK),Cambridge Technology (6166.HK),Dipu Technology (1384.HK),Guanghetong (0638.HK),Yunji Technology (2670.HK),Tianyue Advanced (2631.HK), YimuTian (NASDAQ),Xunzhong Communication (2597.HK),Fengtao Technology (1304.HK),Lanshi Technology (6613.HK),Julong (NASDAQ: JLHL),Xiangjiang Electric (2619.HK),Lianzhang Portal (LZMH:NASDAQ),Jiayou (GMHS.NASDAQ), YiPin WeiKe (EPWK:NASDAQ)Sikan Technology (688583.SH),Yinlifu (INLF.NASDAQ),Innosaike (2577.HK),Midea Group (0300.HK),TianjuDiHe (2479.HK),Yungongfang (2512.HK),Youbo Holding (8529.HK), MaifuShi (2556.HK), ZhiBao Technology (ZBAO.US), LuoKeshi (LGCL.NASDAQ), YouBixuan (9880.HK), BeikeWei (2149.HK), WeiEr Co., Ltd (SIX:WILL), CongLian Technology (ICG.NASDAQ), XiaoI Robot (AIXI.US), Jinshan YunHeng Holdings (3896.HK), HaoJian Technology (2440.HK), XuanBuYun Technology (2392.HK), HuiTuanDong (9878.HK), ChuangXinQiZhi (2121.HK), ShangTan Technology (0020.HK), QinHuaData (CD.NASDAQ), MingYuanYun (0909.HK), ChuangSheJi Group (1849.HK), WeiMengGroup (2013.HK), WanKaYiLian (1762.HK), Yaxin Technology (1675.HK), GangYaHoldings (1723.HK), JiguoMobile (JG.NASDAQ), HuangJianHoldings (8606.HK), QiYiTechnology (1739.HK), WeiXinJinKe (2003.HK), HuiFuTian (1806.HK), Atlinks (8043.HK), Zioncom (8287.HK), ISP Global (8487.HK), Vobile (3738.HK), Aibei Technology (2708.HK), iClick (ICLK.NASDAQ), ShengYe Capital (6069.HK), AnLing International (8410.HK), AnKo System (8353.HK), JunMeng International (8062.HK), FeiSiDa (8342.HK), Future Data (8229.HK) and YaShiBackup (8290.HK) etc.
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