Gotran Microelectronics Technology (Shanghai) Co. has filed for a STAR Market listing on the Shanghai Stock Exchange and plans to raise 3.489 billion yuan for high-performance millimeter-wave radar chips, advanced UWB connectivity chips and headquarters construction, according to Jiemian News.
The company said revenue rose from 206 million yuan in 2023 to 632 million yuan in 2025, while net losses narrowed from 323 million yuan to 193 million yuan over the same period. But customer concentration remains extremely high: the top two customers accounted for 95.35% of revenue in 2024 and 88.99% in 2025, while the top five customers contributed 99.97% of revenue in the first quarter of 2026. Jiemian News reported that first-quarter 2026 revenue rose only 8.1% year on year to 154 million yuan, sharply slower than the 108% growth in the same period of 2025.
The filing also shows heavy dependence on overseas suppliers. The company’s largest supplier accounted for 48.21% of purchases in 2025 and 58.68% in the first quarter of 2026; Jiemian News said the supplier appears to be Taiwan Semiconductor Manufacturing Co. The company also relies on Amkor and STATS ChipPAC for packaging, and on overseas vendors for EDA software and IP cores.
Gotran plans to spend 695 million yuan of the IPO proceeds on its UWB advanced connectivity chip project, even though the business generated only 5,400 yuan of revenue in 2025 and none in the first quarter of 2026. The company said the chip has not yet entered mass production.