Shanghai, Feb 1, 2026, 10:28 (GMT+8) — The market has closed.
Tongfu Microelectronics introduced a 200 million yuan elevate by way of a 270-day sci-tech innovation bond priced at 1.77%, in accordance with a submitting. The chip packaging and testing firm is now on merchants’ radar for the upcoming onshore session. The bond, maturing Oct. 26, was organized by China Merchants Bank underneath a debt program registered with the China Interbank Market Dealers Association, the submitting revealed.
Timing is essential. Chinese chip shares have been unstable, reacting to funding strikes and revenue information. Packaging and testing sits at a crucial juncture—it’s the stage that transforms wafers into shippable elements and might restrict provide of high-end chips.
Tongfu used final week to push its superior packaging technique. In a Jan. 29 investor briefing, board secretary Jiang Shu highlighted expansions in fan-out, wafer-level, and flip-chip packaging capacities. The firm can also be creating “Chiplet” and “2D+” packaging applied sciences. The submitting named key purchasers like Advanced Micro Devices, Texas Instruments, NXP Semiconductors, and MediaTek. It additionally talked about a deliberate fairness elevate, pending approvals from the inventory trade and the China Securities Regulatory Commission. (CNINFO)
A sci-tech innovation bond refers to debt in China’s interbank market linked to technology-oriented issuers and initiatives. Tongfu’s providing is short-dated paper—extra like a company IOU than a standard long-term bond—and it’s often rolled over or paid off swiftly.
Tongfu’s revenue forecast can also be weighing on the commerce. The firm initiatives internet revenue attributable to shareholders for 2025 between 1.1 billion yuan and 1.35 billion yuan, marking a leap of 62.34% to 99.24% in comparison with final 12 months. This enhance comes from elevated capability utilization, increased gross sales of mid-to-high-end merchandise, tighter value administration, and features from investments. (EE Times China)
Tongfu’s A-shares ended Friday at 52.06 yuan, gaining 1.15%. This was a uncommon brilliant spot because the Shanghai Composite dropped 0.96% and the Shenzhen Component Index slipped 0.66%. Meanwhile, the ChiNext Index edged up 1.27%, in accordance with a market report. (Yahoo Finance)
Still, the inventory hasn’t adopted a clean path. It’s dropped roughly 7.6% over the past 5 periods however stays up round 38% year-to-date, per market information. (MarketScreener)
The near-term outlook is dangerous. What begins as a brief be aware may flip right into a refinancing problem later this 12 months if onshore credit score tightens. Plus, any hiccup in the fairness plan or weaker chip demand would possibly undercut the expansion story that’s been driving momentum.
Traders are actually centered on additional particulars in regards to the firm’s wider funding plans and the schedule for its fairness elevate, whereas maintaining a tally of earnings bulletins throughout the sector. Tongfu’s subsequent earnings replace is due April 17, per the earnings calendar. (Investing)