On November 24, the Jiangsu Provincial Productivity Promotion Center released the evaluation results of “Jiangsu Unicorn Companies and Potential Unicorn Companies in 2023”. Jiangsu Xinhua Semiconductor Technology Co., Ltd. (hereinafter referred to as “Xinhua Semiconductor”) is the only company in the city to be rated as a unicorn enterprise in Jiangsu. This recognition marks a significant achievement for the company and solidifies its position as a leader in the integrated circuit and ICT industry in Xuzhou.
According to the evaluation criteria, unicorn companies are hard technology companies registered in the province with independent legal personality. They are start-up companies that have been established within 10 years, have a valuation of more than US$1 billion, have received private equity investment, and have not been listed. Xinhua Semiconductor fulfills all of these qualifications, making it a standout in the industry.
Xinhua Semiconductor, established in 2015 by GCL Group and the National Integrated Circuit Industry Investment Fund, is focused on breaking through the improvement technology of electronic-grade polysilicon. The company’s general manager, Tian Xin, stated that their mission is to ensure the safety and stability of the domestic semiconductor industry’s basic material supply chain and reduce dependence on imports and external control.
The company has made significant strides in achieving its goals, completing the construction and commissioning of China’s first 5,000-ton/year electronic polysilicon production line in 2017. This milestone addressed technical challenges in the industry and filled a gap in national integrated circuit industrial specialization.
Xinhua Semiconductor’s success has also been recognized by prestigious organizations. In 2020, the company was awarded the title of “IC Unicorn Enterprise” by CCID Consulting, a subsidiary of the Ministry of Industry and Information Technology. Additionally, the China Electronic Materials Industry Association selected Xinhua Semiconductor as the leading domestic R&D and manufacturer of electronic-grade polysilicon in their fifth (2023) list of the top ten companies.
In terms of financing, Xinhua Semiconductor has demonstrated strong appeal to investors, completing multiple rounds of financing since its establishment. The company recently secured Series B financing of 1 billion yuan in the first half of this year, indicating sustained investor confidence.
Looking ahead, Xinhua Semiconductor is continuing to expand its industrial chain and accelerate its strategic layout in the field of semiconductor materials. The company has launched the construction of a 1,500-ton silicon-based electronic special gas project, signaling its commitment to promoting localization and reducing dependence on imports.
In addition to Xinhua Semiconductor, the evaluation also identified five potential unicorn companies in Xuzhou’s integrated circuit and ICT industry, highlighting the region’s growing prominence in the field. The industry has seen high growth, with 166 regulated companies achieving an output value of over 9.5 billion yuan, a 12.4% year-on-year increase in the first half of this year.
Overall, the evaluation results reflect the impressive advancements and potential for growth in Jiangsu’s integrated circuit and ICT industry, positioning the region as a key player in the industry’s ongoing development.