Wanlian Securities
Recently, CanSemi Technology Inc. was officially listed on the ChiNext Market of the Shenzhen Stock Exchange, marking the culmination of nearly a decade of patient-capital investment by Wanlian Securities. In 2017, Wanlian Tianze Capital Investment Co., Ltd., a subsidiary of Wanlian Securities, took the lead in establishing the Yuxin Fund, which became CanSemi’s largest shareholder and played a pivotal role in bringing the company to Guangzhou. CanSemi has since achieved several significant milestones: it is the first company to be listed under the third set of listing criteria introduced for the ChiNext Market, the first wafer fabrication company to be listed under these criteria, and the first 12-inch wafer manufacturer in South China to achieve mass production.
Behind the company hailed as “Guangzhou’s First Chip” lies a decade of sustained support from a state-owned securities firm. As China advances the development of new quality productive forces, financial institutions such as Wanlian Securities are leveraging patient capital to help companies navigate the entire innovation cycle, serving as a vital link between the financial sector and technological innovation.
As the only municipal state-owned securities firm in Guangzhou, Wanlian Securities, through its subsidiaries Wanlian Tianze and Wanlian Guangsheng, had invested in a total of 158 equity projects as of the end of June this year, with aggregate investments exceeding RMB 5.3 billion. These investments included four global unicorns, 11 listed companies and 42 national-level SRDI (Specialized, Refined, Distinctive and Innovative) “Little Giant” enterprises. Of these 158 projects, 88 were based in Guangzhou, providing strong support for the development of Guangzhou’s “12218” modern industrial system and helping upgrade and strengthen industrial clusters across the Guangdong-Hong Kong-Macao Greater Bay Area.
CanSemi is a prime example of how patient capital is being deployed. From its establishment in Guangzhou in 2017 to its listing in October 2026, long-term capital has helped Guangdong achieve a breakthrough in advanced wafer manufacturing, taking the industry from zero to one. In January this year, the company also launched its Phase IV project, with a total investment of RMB 25.2 billion, to develop a silicon photonics production line featuring internationally advanced processes. Following CanSemi’s listing, upstream and downstream companies in chip design, semiconductor equipment and materials have accelerated their expansion into Guangzhou. The multiplier effect of attracting a leading enterprise, bringing in an entire industrial chain and fostering a thriving industrial ecosystem is now becoming increasingly evident.
Similar long-term support has also been extended to companies operating in other critical areas of the technology value chain. Wanlian Securities has supported ASENSING, a company specialising in positioning and attitude sensing technologies, for six years. The company submitted its listing application to the Hong Kong Stock Exchange in January 2026. Wanlian Securities has also made successive investments in Yunzhou Biosciences, a gene delivery company, in 2022, 2025 and 2026, helping it grow into Guangzhou’s first global biotechnology unicorn. Its proprietary MiniVec™ plasmid system has already been granted a European patent.
In Wanlian Securities’ view, capital injection is merely the starting point. Drawing on a range of financial instruments, including equity investment, bond financing and IPO advisory services, the company provides businesses with support throughout their entire life cycles. At the same time, it has built a fund portfolio comprising three funds, each at the RMB 10 billion level, breaking down barriers between regions, industries, talent and capital. This enables the company to move beyond supporting individual businesses towards systematically fostering entire industrial ecosystems. Over the past two years, Wanlian Securities has also adopted an investment-led approach to attracting businesses to Guangzhou, helping high-quality projects such as Lvju Technology and Lingdong Technology establish a presence in the city. In the first half of 2026 alone, the company invested in 21 additional technology and innovation projects, with new investments totalling RMB 377 million.
CanSemi’s successful listing marks a tangible outcome of patient capital’s long-term commitment. Wanlian Securities believes that, as the fundamental institutions underpinning China’s capital markets continue to improve and the proportion of long-term capital increases, a more well-regulated, transparent, open, dynamic and resilient capital market will provide hard-tech companies with more predictable exit channels and a more stable financing environment. China’s capital markets are entering a new stage of high-quality development and increasingly serving as a key engine for the high-quality economic development.