Ruishi Semiconductor's Science and Technology Innovation Board IPO has been queried, focusing on RF front-end chips and modules.

On January 21st, Rui Shi Chuangxin (Chongqing) Technology Co., Ltd. (referred to as Rui Shi Chuangxin) applied for a change in the status of the Shanghai Stock Exchange's Sci-Tech Innovation Board listing review to "under inquiry", with GF SEC as its sponsoring institution, aiming to raise 809 million yuan. The prospectus shows that Rui Shi Chuangxin is a high-tech innovative enterprise focusing on RF front-end chips and modules, committed to breaking through the core key technologies in the RF communication field. Its main business includes research, design, manufacturing, and sale of RF front-end modules and RF discrete devices. The company's products and technology layout are complete, covering a wide range of core RF devices, including RF filters (including duplexers, multiplexers, SAW Banks), power amplifiers, RF switches, and low noise amplifiers, as well as the fast development and continuous iteration ability of highly integrated RF front-end modules. Rui Shi Chuangxin is one of the few RF front-end module manufacturers in China with the production capability of RF filters (including duplexers, multiplexers, SAW Banks). Recognizing the high value of filters in RF front-end modules and their long-term significance in the development of domestic high-end modules, the company strategically positioned itself in this core area in the early stages of development. In 2024, the company's high-performance filter wafer manufacturing base officially started production, marking the successful transition from a Fabless design company to a Fab-lite platform company. With this base, the company has established an industrial chain synergy mechanism covering core device research and development, independent filter manufacturing, and full supply chain localization, ensuring supply chain independence and controllability while balancing operational efficiency to form a sustainable competitive barrier. Currently, Rui Shi Chuangxin has comprehensively mastered the core technology advantages of the RF front-end core devices and module integration solution design, filter wafer manufacturing, advanced module packaging processes, and test platform development, with highly integrated, fully localized RF front-end modules achieving large-scale production. Benefiting from a comprehensive technical layout in key areas of the RF front-end, the company has established a complete product matrix. In the module sector, the company has introduced core products such as L-PAMiD, L-PAMiF, DiFEM, LNA Bank, LFEM, MMMB PAM, and TxM, and launched dedicated RF front-end modules for emerging applications such as drones and satellite communications. In the discrete device sector, the company's products cover RF filters (including duplexers, multiplexers, SAW Banks), RF switches, low noise amplifiers, and antenna tuning switches. The company's product categories cover highly integrated transceiver modules, highly integrated receiver modules, moderately integrated modules, and RF discrete devices; communication formats are fully supported including 5G/4G/3G/2G cellular communication bands, expanding into emerging areas such as drone and satellite communications. Currently, Rui Shi Chuangxin has become one of the enterprises with the widest coverage of RF front-end products in China, fully meeting the diverse application needs of various end customers. In the field of high-integration transceiver modules with the highest technology threshold in the RF front-end sector, Rui Shi Chuangxin has made a key breakthrough by being one of the few domestic enterprises to successfully launch a nationally-produced L-PAMiD product equipped with self-developed and self-produced filters. The company's Phase 8L L-PAMiD product uses independently designed and manufactured duplex/multi-function filters, achieving full-process localization from chip design, filter manufacturing to module packaging and testing. The product's key performance indicators have reached international first-class standards, exhibiting outstanding harmonic performance in dual card scenarios, breaking through the long-term technological barriers of international RF front-end giants. Currently, most domestically imported L-PAMiD products that have been introduced to the market and are in mass production still rely on imported filters. The company's successful launch of nationally-produced L-PAMiD modules equipped with self-developed and self-produced filters fundamentally enhances the independence and controllability of the supply chain, effectively eliminating the risk of filter shortages due to changes in international trade environments, providing downstream customers with a high-end RF front-end solution with reliable supply guarantee. After deducting issuance expenses, the raised funds from this issuance will be invested in the following projects: Financially, for the years 2022, 2023, 2024, and January-June 2025, the company's operating income is expected to be approximately 370 million yuan, 649 million yuan, 669 million yuan, and 377 million yuan, respectively; meanwhile, the net profit is expected to be -328 million yuan, -328 million yuan, -353 million yuan, and -148 million yuan, respectively.