QinHeng Micro's Sci-Tech Innovation Board IPO "terminated", focusing on connecting technology and microprocessor research.

On January 20th, Nanjing DeepCore Microelectronics Co., Ltd. (referred to as DeepCore Micro) had its IPO status on the Shanghai Stock Exchange Science and Technology Innovation Board changed to "terminated." This was because DeepCore Micro and its sponsors withdrew their application for a public listing, leading to the termination of the IPO review by the Shanghai Stock Exchange in accordance with relevant provisions of the Stock Issuance and Listing Review Rules of the Shanghai Stock Exchange. According to the prospectus, DeepCore Micro specializes in the research of connectivity technology and microprocessors, and is an integrated circuit design company that builds chips based on self-developed professional interface IP and core IP. The company's main business during the reporting period was the research, design, and sale of interface chips and interconnect MCU chips. The company's main products include interface chips and interconnect MCU chips. Interface chips serve as windows for electronic device information exchange and interconnection, while interconnect MCU chips integrate processor technology with connectivity technology, serving as data processing centers with built-in information exchange windows. These products focus on connectivity, networking, and control, and are primarily used in industrial control and connection, IoT networking, interconnection, computer and mobile peripheral fields. The process of independent chip development in China is somewhat similar to the development of the computer industry. In the early stages of the computer industry, although most machines were domestically branded, key components such as the central processing unit (CPU) and network modules still needed to be imported, marking a "1.0 domestic production" phase. Currently, some strong enterprises are using self-developed CPUs and communication technology in computers or tablets, transitioning from assembling machines with external cores to integrating self-developed cores, essentially moving from the periphery of the industrial chain to its core, equivalent to a "2.0 domestic production." The core IP and professional interface IP required for DeepCore Micro's main products, like a computer's CPU and network module, are crucial "raw materials" in the system-level chip design process, possessing high technical difficulty and research threshold. Unlike the conventional model of purchasing IP from third parties and integrating it into MCU/SoC chips, the company's industrialization path involves "laying the IP foundation first, then building the chip high-rise," starting with foundational research on key technologies to form a matrix and vertical independent IP system, and then integrating chip products according to market demand. After years of research and iteration, the company's independent IP system has brought chip-level domestic sourcing to a more thorough "2.0 version" core component-level independence, breaking through the external IP core purchasing and peripheral chip design model, reducing reliance on third-party technology and ecosystems, achieving performance optimization, marginal cost advantages, and sustainable competitiveness. The funds raised in this round of financing will be allocated to investment projects as determined by the 2024 annual shareholders' meeting, to be implemented by the board of directors and primarily used for the following projects: Financially, the company reported operating revenues of approximately RMB 238 million, RMB 308 million, RMB 397 million, and RMB 249 million, and net profits of RMB 59.1041 million, RMB 72.3967 million, RMB 104 million, and RMB 81.7964 million during the fiscal years 2022, 2023, 2024, and the first half of 2025 respectively.