Chipbond subsidiary GanZhan Technology to list on emerging stock market

GanZhan Technology, a key silicon intellectual property (IP) developer within the Chipbond group, is set to debut on the Taiwan Stock Exchange's emerging stock market (TPEx) on May 27th, with an offering price of NT$500 per share. The company held an investor briefing today, drawing support from prominent figures such as Arm Taiwan President Huang Hsiao-kang and Powerchip Semiconductor Manufacturing Corp. Chairman Hsieh Ching-chiang. Notably, Luo Shih-hao, son of Chipbond Group Chairman Luo Sen-chou, made his public debut, serving as GanZhan Technology's General Manager and spearheading the group's advanced process silicon IP business. GanZhan Technology focuses on advanced process nodes, covering 2nm, 3nm, 4nm, 5nm, and 6nm. The company's strategy aligns with the semiconductor industry's trajectory, following TSMC's advancements and collaborating with Arm for necessary solutions.

GanZhan Technology's core business revolves around high-complexity advanced process IP, generating revenue through IP licensing, customization services, and maintenance royalties. Currently, IP licensing and customization account for 97% of its revenue, with royalties expected to contribute significantly once clients reach mass production. The company's competitive edge lies in its practical experience with advanced processes, over 20 years of high-speed interconnect technology, and its first-mover advantage. Its current focus is on the U.S. and South Korean markets. The company's business model is characterized by its asset-light nature and high added value, as its main products have maintained a 100% gross profit margin over the past two years due to the intangible nature of IP design and licensing, avoiding costs associated with physical raw materials and inventory.

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GanZhan Technology focuses on advanced processes, including 2nm, 3nm, 4nm, 5nm, and 6nm. The IC design industry follows TSMC; if something is missing, we look to Arm. GanZhan Technology enters the market with UCIe IP and is optimistic about the company's future operations.

Established in 2019 and acquired by Chipbond in 2024, GanZhan Technology reported NT$601 million in revenue and NT$162 million in net profit for 2025, translating to an earnings per share of NT$5.6. For the first four months of 2026, revenue stood at NT$113 million with an EPS of NT$0.34. Chipbond currently holds a 62.77% stake in GanZhan Technology. In the short term, GanZhan plans to accelerate silicon validation and mass production certification for advanced process IPs such as UCIe (Universal Chiplet Interconnect Express), ONFI, and DDR/LPDDR, while also enhancing its customization services and focusing on automotive-grade reliability. Long-term, the company aims to evolve from a pure IP provider to a high-performance subsystem solution supplier by investing in UCIe 2.0/3.0, next-generation ONFI, and DDR/LPDDR technologies. Leveraging its strengths in advanced process PPA optimization, silicon validation, and the Chipbond Group's resources, GanZhan is poised to play a crucial role in the global chiplet and high-speed IP supply chain, driven by the increasing demand for bandwidth and low power consumption in AI computing.

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GanZhan targets high-complexity advanced process IPs. Our two main revenue streams are IP licensing and IP customization services, along with maintenance and royalties. Currently, IP licensing and customization account for 97% of revenue. Royalties require time to mature and will contribute once clients reach mass production. Our core competitive advantages stem from practical experience in advanced processes, over 20 years of high-speed interconnect technology, and a first-mover advantage. We are currently focusing on the U.S. and South Korean markets.