The Zhitong Finance App learned that on November 10, the IPO review status of Qingdao Sirui Intelligent Technology Co., Ltd. (abbreviation: Sirui Smart) was changed to “accepted” on the Shanghai Stock Exchange Science and Technology Innovation Board. Cathay Pacific Haitong Securities is its sponsor and plans to raise 2 billion yuan.
According to the prospectus, Sirui Intelligence is a semiconductor equipment company headquartered in China, with China and Finland as R&D and manufacturing centers to serve global customers. The company is mainly engaged in R&D, production and sales of atomic layer deposition equipment and ion implantation equipment used in the fields of integrated circuits, power devices, scientific research and display devices, and provides spare parts and related technical services.
After years of independent research and technology accumulation, the company has mastered the key core technologies of atomic layer deposition equipment and ion implantation equipment. The company is one of the few domestic equipment manufacturers that have achieved a global layout in the field of atomic layer deposition equipment and has global popularity. It is also one of the few domestic equipment manufacturers that has achieved R&D, manufacturing and industrial application of ion implantation equipment.
International giants such as Xianjing Semiconductor, Tokyo Electronics, and Fanlin Semiconductor dominate the global atomic layer deposition equipment market. According to QYResearch statistics, the three international giants mentioned above will have a total share of 58.15% in the global atomic layer deposition equipment market in 2025. Domestic atomic layer deposition equipment companies started late. Currently, their business is mainly focused on the domestic market, and there is still a certain gap in overall business scale compared to international giants.
The company's atomic layer deposition equipment is widely used in the fields of compound semiconductors, display devices, scientific research, etc., and is gradually expanding into the field of silicon-based semiconductors, achieving a global R&D and manufacturing layout in the field of atomic layer deposition equipment and is globally well-known. According to QYResearch statistics, in 2025, the company's atomic layer deposition equipment ranked third in the world in the field of compound semiconductors, first among domestic manufacturers, and number one in the world in the market share of display devices and scientific research. The company's atomic layer deposition equipment has a strong market position and the market segment share is leading in the world.
International giants such as Applied Materials and Asseri dominate the global ion implantation equipment market. According to QYResearch statistics, the total share of these companies in the international ion implantation equipment market will reach 82.25% in 2025. The domestic ion implantation equipment market has long been monopolized by international giants, and the total market share of domestic equipment is less than 6%.
The company is one of the few semiconductor equipment manufacturers in China that provides ion implantation equipment for advanced integrated circuit manufacturing lines. The company's ion implantation equipment first focused on the most technically difficult high-energy ion implantation equipment and achieved breakthroughs. Related products have been used in advanced domestic storage manufacturing production lines. Based on the successful development of high-energy ion implantation equipment, the company simultaneously carried out research and development of large beam, medium beam, hydrogen ion, and SiC plasma injection equipment, forming a rich product system for ion implantation equipment. By the end of the reporting period, the company's high-energy ion implantation equipment had passed customer O and customer Q acceptance, and 13 ion implantation equipment had been verified on customer production lines such as customer O, customer P, customer V, and customer R.
On the financial side, in 2023, 2024, 2025, and January-June 2026, the company achieved operating income of about 349 million yuan, 363 million yuan, 495 million yuan, and 190 million yuan respectively; for the same period, net profit was approximately -304 million yuan, -271 million yuan, -267 million yuan, and -231 million yuan, respectively.
