Maxone Semiconductor (Suzhou) has cleared the Shanghai STAR Market IPO review, a notable milestone in China's effort to end foreign control of the wafer-test hardware market. It is the only Chinese supplier in the global top 10 and has risen to sixth place in 2024, underscoring a broader shift in the semiconductor test supply chain.
Huawei's investment arm, Hubble Technology, holds a 6.4% stake and is Maxone's fourth-largest shareholder. The ownership link strengthens market assumptions that Maxone's unnamed "B Company," its largest customer, refers to Huawei's HiSilicon.
Breaking foreign grip on MEMS probe cards
Probe cards act as consumable interfaces between testers and wafers, shaping yield, cost, and time-to-market. The global market reached US$2.65 billion in 2024, including US$357 million in China, with more than 80% controlled by foreign suppliers such as FormFactor, Technoprobe, and Japan's MJC.
According to Sina and 163.com, Maxone is the first Chinese company with fully self-developed MEMS probe manufacturing, supported by three 8-inch and one 12-inch MEMS production lines. Its MEMS range includes 2D, 2.5D, and thin-film probe cards, while vertical and cantilever designs form part of its non-MEMS lineup.
Between 2023 and 2024, Maxone rose from ninth to sixth place globally, the only Chinese producer in this bracket. Its cards support densities of tens of thousands of probes, 45μm pitch, and roughly 7μm precision.
Its customers include major chip designers such as Unisoc, Loongson, Rockchip, Amlogic, and Horizon Robotics, along with foundries Hua Hong Semiconductor and SMIC Ningbo, and OSAT providers including JCET and SPIL.
Growth powered by China's MEMS transition
Revenue increased from CNY254 million (approx. US$35.8 million) in 2022 to CNY641 million in 2024, a compound annual growth rate of 58.85%. MEMS probe cards now generate nearly 88% of sales, pushing gross margins from 40.78% to 68.99%. Net profit expanded from CNY15.6 million in 2022 to CNY233.1 million in 2024 as MEMS adoption accelerated and domestic alternatives gained ground.
The company faces significant concentration risk. Including direct and indirect orders, B Company contributes 50% to 83% of annual revenue. Filings describe it as a leading chip designer controlled by "A Company," with cooperation beginning in 2019 and formal supplier entry in 2021. Combined with Hubble's stake, the profile closely matches Huawei's HiSilicon.
Maxone argues its pricing matches market benchmarks and is based on competitive bidding, with no evidence of related-party benefits. Even so, any disruption to B Company's design, foundry, or testing operations would directly affect Maxone's performance.
Heavy reliance on a single-chip customer
Though Maxone has mastered MEMS probe production, it remains dependent on imported materials and tools, including precious-metal chemicals, lithography systems, and advanced interposer substrates. Its top five suppliers account for 40% to 64% of annual procurement.
Key suppliers include KAGA FEI, Advantest China, TigerElec, Tanaka Precious Metals, and MEMPro Corp. The company warns that supply disruptions or geopolitical limits could affect output, and plans to use IPO funds to advance domestic substitutes.
Import-dependent materials and supply risk
Maxone founder Zhou Ming controls 50.05% of equity through direct holdings and aligned partners. Hubble Technology's 6.4% stake positions it as the fourth-largest shareholder.
Regulators flagged a past related-party issue in which Maxone sold functional-board assets to PI Semiconductor (NanTong) Co. for CNY2.95 million, well below the assessed fair value of CNY21.4 million. A compensation plan is in place, with half already paid on 27 October 2025 and the balance due by year-end.
If PI Semiconductor had remained consolidated, Maxone's 2022-2023 results would have shifted from a CNY33 million profit to a CNY61 million loss. The correction was central to securing IPO approval.
Capacity expansion and next-gen MEMS roadmap
The IPO will raise CNY1.5 billion for probe-card R&D and new facilities in Suzhou and Nantong. Planned additions include 15 million 2D MEMS probes, 15 million 2.5D MEMS probes, and 5,000 thin-film probe cards.
Maxone is developing 3D MEMS vertical and RF MEMS vertical probe cards. RF MEMS products are already generating revenue, while 3D MEMS cards are in validation with leading customers.
The company also completed a CNY30 million MEMS expansion project in Suzhou in early 2024 and maintains operations in Shanghai, Nantong, and Hefei to support multi-site manufacturing.
Forecasts put the global probe-card market at US$2.74 billion in 2025, with MEMS probe cards set to exceed 60% of demand. Maxone remains one of the few Chinese companies capable of competing at this level.
Maxone's IPO progress marks one of China's most notable advances in probe-card localisation. With Huawei-linked ownership, rising global ranking, and broader MEMS capability, the company sits at the core of China's semiconductor test-equipment push, even as customer concentration and import reliance remain key risks.
Article edited by Jack Wu
