Long Xintech Launches STAR Board IPO with $29.5B Fundraising Target, 78% Shares Locked on Day One

According to Odaily, Chinese chipmaker Long Xintech has received approval from China Securities Regulatory Commission to proceed with its STAR Board (Sci-Tech Innovation Board) IPO. The company plans to raise 29.5 billion yuan, with an estimated issue price of 4.41 yuan per share and projected total market value near 295 billion yuan upon listing.

Initial strategic allocation accounts for 50% of shares issued. Under the underwriting arrangement, approximately 78% of newly issued shares will be locked-up on the first trading day, corresponding to an estimated free-float market value of 6.5 billion yuan. The company projects first-half 2026 revenues of 110-120 billion yuan with net profits of 66-75 billion yuan.