This year, the semiconductor industry has truly exploded. Nearly a hundred chip companies are considering going public—95 semiconductor companies are lined up, some have already successfully rung the bell, some are still in the sprint, and 10 have already settled and gone public.

Just recent actions are enough to see. Moore Thread and Muoxi Co. have stabilized their positions in A-shares, while Wallr Technology and TianShu Smart Chip are rushing to Hong Kong to ring the bell. Even Baidu's Kunlun Chip hasn't been idle, submitting an application directly to the Hong Kong Stock Exchange.

But this wave of IPOs involves more than just AI chip companies. Look at Changxin Technology in storage chips, Guangdong's Yuexin Semiconductor, and Yunbao Intelligence in the DPU field... top players across the industry chain are lining up. Statistics show that 55 companies plan to list in A-shares, 40 in Hong Kong, and there are already 85 companies preparing to go public. This is truly the largest scene ever seen in semiconductor history.

Some say this is a great thing—domestic chip companies need funds to invest in R&D, to reduce being chokepointed. This reasoning is sound. Making chips is a money-burning activity; a 12-inch wafer production line costs hundreds of billions. If Changxin Technology can successfully go public, our DRAM storage chips could compete with Samsung and Micron; Yuexin Semiconductor raising real funds might even cut the cost of 28nm chips further. From a national strategic perspective, this is the accelerator for domestic substitution—stepping on the gas pedal directly speeds up the chip industry.

However, retail investors are starting to worry. With so many companies rushing to raise funds, can the A-shares market really handle it? The total IPO financing target for A-shares in 2025 is only 131.7 billion yuan, but the semiconductor sector alone might absorb over a thousand billion. Plus, industries like new energy and biomedicine are also clamoring for funds. Will the market's purse be emptied?

In fact, this can't be a one-size-fits-all approach. Think back to CATL's IPO, raising 13 billion yuan in one go. At that time, some people worried about the "bloodletting effect." But what happened? They used that money to expand production, which drove the entire new energy industry chain, and now it has become a pillar of the Growth Enterprise Market. A good semiconductor company going public is like releasing a koi into a pond—short-term, the water might be stirred, but in the long run, it can activate the entire ecosystem.

That said, not everything should be poured in. Some companies lose money year after year, and they rush to raise funds before even proving their technology—these "sickly" listings must be watched carefully. Recently, regulators have been tightening IPO review processes, and the "rejection rate" on the STAR Market has clearly increased. This is actually a good thing—it helps filter out companies with real potential.

Currently, the "water level" of A-shares isn't shallow. Social security funds, insurance capital, and other "long-term funds" are gradually entering the market. As long as these semiconductor companies show real capability—like SMIC improving 14nm yield rates, or Cambrian enhancing AI chip computing power—the market will naturally be willing to assign high valuations. The biggest risk is raising funds and then sitting on the books earning interest, or engaging in "pseudo-innovation" to scam subsidies.

Ultimately, whether the market can continue depends on the quality of listed companies, not quantity. If this wave of semiconductor IPOs can truly produce a few "Chinese chips" giants, not to mention raising hundreds of billions, even two trillion market capitalization would be welcomed. After all, China's semiconductor industry has moved from "following" to "running alongside" and then to "leading." The most lacking thing on this path has never been money, but how to turn money into technological breakthroughs.