After 4 years of setbacks in the STAR Market IPO, Longteng Semiconductor resumes its listing counseling

The China Securities Regulatory Commission website disclosed that on March 30, 2026, Longteng Semiconductor Co., Ltd. (hereinafter referred to as “Longteng Semiconductor”) filed a counseling record registration with the Shaanxi Securities Regulatory Bureau. The company plans to make its first public offering of shares and list on the stock exchange. The counseling sponsor is Guosen Securities.

According to publicly available information, Longteng Semiconductor was established on July 13, 2009 in Xi’an. It is a high-tech enterprise devoted to the R&D, manufacturing, sales, and services of new power semiconductor devices. As for shareholders, Xu Xichang is the controlling shareholder and the actual controller of Longteng Semiconductor. As of now, Xu Xichang, through direct and indirect holdings and an acting-in-concert agreement, jointly controls 35.99% of the company’s equity.

For this IPO, it is no longer the first time Longteng Semiconductor has attempted to enter the capital market. In June 2021, the Shanghai Stock Exchange accepted the company’s STAR Market IPO application. But at the end of December that year, Longteng Semiconductor proactively withdrew its listing application, and the Shanghai Stock Exchange subsequently terminated its review of the listing application.

Three years after the STAR Market IPO attempt fell through, Xu Xichang plans to “sell” Longteng Semiconductor to a leather merchant listed in Hong Kong. This deal has been viewed by outsiders as a strategic choice to bypass IPO review and reach the capital market faster through a “backdoor listing” approach.

According to publicly available information, in November 2025, China United Development Holdings, whose main business is leather apparel, announced that it entered into a non-legally binding memorandum of understanding with Xu Xichang (the seller), to acquire up to 100% of Longteng Semiconductor at a consideration of HK$4.5 billion to HK$9.0 billion. The exclusivity period is within three months from the date of the memorandum.

In its announcement, China United Development Holdings also reminded the company’s shareholders and/or investors that, since the parties to the agreement have not yet executed formal documents with binding legal effect, and negotiations are still ongoing, the proposed transaction may not necessarily be carried out. When the company’s shareholders and/or investors trade in the company’s securities, they are advised to exercise caution.

In February 2026, the updated progress announcement regarding the supplemental memorandum of understanding and the proposed transaction disclosed by China United Development Holdings showed that it entered into a supplemental agreement to the memorandum with Xu Xichang. Accordingly, both parties agreed to extend the exclusivity period by 3 months, i.e., to within 6 months from the date of the memorandum.

China United Development Holdings also disclosed that it has engaged a professional team, including financial advisors, Mainland China lawyers, and Hong Kong lawyers, to conduct due diligence on the target group’s business, operations, assets, finance, and legal matters, among others.

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