Torrance jumps 859% on debut after US$144.4M chip IPO
What's the deal? Torrance Precision ManufacturingDealroom has a profile for this one. Try Dealroom → (301583.SZ), a maker of precision metal parts for semiconductor equipment, closed its first trading day up 858.85% at US$29.8 on July 10, 2026, giving it a market value of US$5.53B. The stock opened 800% higher and hit an intraday gain of over 1,070%, triggering a temporary halt. Investors who won one lot of 500 shares booked a peak paper profit of US$16.6K.
What led up to it? The company raised US$144.4M by issuing 46.37 million new shares on Shenzhen's ChiNext board, priced at a 44.82 price-to-earnings ratio. Demand was intense: the online allotment rate was just 0.02%, and strategic investors included a private fund under China International Capital Corporation.
What led to the IPO? Founded in 2017 in Jiangsu, Torrance supplies parts for etching, thin-film deposition, and advanced packaging. Revenue grew from US$40M in US$278.2M to US$99M in 2025, a compound annual rate of 57.39%, driven by China's push to localise chip equipment. Net profit was more volatile, at US$2.1M, US$14.6M, and US$13.5M over the same period.
What could go wrong? Torrance leans heavily on a few clients. Its top five customers supplied more than 90% of revenue for three straight years, with Naura and AMEC alone accounting for over 80%. Key supply contracts expire at the end of 2026.
Who cashed in? Before the IPO, Torrance completed four funding rounds between 2022 and 2025, raising US$78.4M and lifting its valuation from US$145.8M to US$424.9M. Liu Zhihua, brother-in-law of controller Qian Ke, sold shares three times through his firm Jiangxi Lide, taking out US$88.7M for nearly 28 times his return.
The signal: Torrance's surge extends a hot streak for chip-equipment parts listings — Zhenbao Technology jumped over 1,200% on debut just weeks earlier. Sinolink Securities sees a "golden window" for domestic substitution as Chinese firms advance technically, with equipment makers' order books swelling into 2026.
Read more: Jiemian News
Image credit: Kitmondo.com
