Gorilla Rush sprints into Hong Kong stocks: 2025 revenue of 300 million, a loss of 100 million; IPO filing record submitted and filed

Ask AI · How Breakthroughs in 12-Inch Wafer Technology Can Support the Company’s Journey to Hong Kong Stocks?

Lei Difi by Lei Jianping April 5

Shanghai Corely Software Co., Ltd. (hereinafter referred to as “Corely”) has recently updated its prospectus, preparing to list on the Hong Kong Stock Exchange.

Corely’s revenue in 2025 was 300 million, with a loss of 100 million. Corely has just received the IPO filing and has obtained the key to going public.

Annual Revenue of 300 Million, Loss of 100 Million

Corely was established in 2007. It is a leading intelligent manufacturing software solution provider in the broadly defined semiconductor industry. It focuses on the R&D and commercialization of intelligent manufacturing software solutions, tailored to advanced manufacturing processes applied in the broadly defined semiconductor industry.

In 2010, Corely launched an 8-inch semiconductor manufacturing execution system. In 2023, it delivered a domestically made computer-integrated manufacturing system for 12-inch front-end 18-nanometer processes, including a core manufacturing execution system, becoming one of the first suppliers in China to achieve breakthroughs in fully automated, intelligent manufacturing software solution offerings for the entire plant of 12-inch wafer manufacturing.

The prospectus shows that Corely’s revenues in 2023, 2024, and 2025 were 165 million, 249 million yuan, and 300 million yuan, respectively; gross margins were 5.7 million, 32.75 million yuan, and 42.64 million yuan, respectively; and losses during the period were 127 million, 103 million yuan, and 104 million yuan, respectively.

As of December 31, 2025, Corely’s cash and cash equivalents amounted to 66.07 million yuan.

A Major Special Project Fund by SDIC and Guokai Manufacturing Are Shareholders

Corely’s executive directors are Sun Ziyan, Jiang Zhi, Xu Qingzhong, and Xu Renbang, respectively; non-executive directors are Ms. Shen Jun, Ms. Huang Jia, Liang Hua, and Yang Ouyang, respectively; and independent non-executive directors are Zhang Rongjin, Liu Jingwen, Xun Peijue, and Ms. Yang Xiaoxin, respectively.

Before the IPO, Sun Ziyan controlled a total of approximately 53.57% of voting rights, including 30.02% equity directly held; approximately 14.26% beneficially owned by Xinxiang Limited Partnership controlled by Sun Ziyan as the sole general partner; and approximately 9.29% beneficially owned by Jingwei Limited Partnership controlled by Sun Ziyan as the sole general partner.

Xinxiang Limited Partnership is the company’s equity incentive platform; and Jingwei Limited Partnership is the shareholding platform of Sun Ziyan, Executive Director Jiang Zhix Sun Ziyan, and certain financial investors.

Before the IPO, Jiang Zhi held 6.42%, Xu Qingzhong held 0.86%, the SDIC Major Special Project Fund held 6.92%, Guokai Manufacturing held 5.62%, Shenzhen Qichang and Shenzhen Chenxin respectively held 4.12%;

Shen Tou Holding held 2.06%, the Semiconductor & Electronics Haihe Fund held 1.61%, Hangzhou Hikvision held 5.63%, Lin Yiping held 2.14%, He Jianfu held 1.97%;

Shanghai Daoming held 1.06%, Hangzhou Jianzhi held 0.75%, Beijing Optoelectronics and Yangzhou Yongchao respectively held 0.56%, Ms. Dong Hong and Zhang Jiuhai respectively held 0.54%, Suzhou Dekai held 0.4%, and Shanghai Worth Ten No. 10 held 0.55%.

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Lei Difi was founded by media person Lei Jianping. If reproduced, the source must be stated.