FactDI Technology: The Only Chinese Company in the Global Top 10 for Test Sockets

According to Yole statistics, in 2025 the top ten manufacturers in the global semiconductor test socket industry together held a 62.8% market share. Suzhou Fatdi Technology Co., Ltd. ranked tenth, making it the only company headquartered in mainland China among the top ten. Separately, according to Frost & Sullivan data, in the same year, Fatdi ranked first in mainland China's market for semiconductor packaging and testing consumable hardware.

These two rankings are the two strongest calling cards this recently established semiconductor equipment company can currently present.

Fatdi Technology's main business is the research and development, production, and sales of high-performance test sockets, packaging and testing interface components, and other products. Its products cover key testing scenarios such as chip engineering validation, final test, burn-in testing, and system-level testing. Its customers include chip design companies, packaging and testing service providers, test equipment manufacturers, and other key participants in the semiconductor industry chain. Test sockets are the core interface components connecting the chip under test to test equipment. Their performance directly determines signal transmission integrity, test result reliability, and mass production efficiency, making them the subcategory with the highest demand and value within semiconductor packaging and testing consumable hardware.

This track was long dominated by a small number of companies from Europe, the United States, Japan, South Korea, and China's Taiwan region. Fatdi's ability to squeeze into the global top ten is itself a rare breakthrough for a domestic test interface company.

Several specific technical indicators of the company are worth elaborating on. According to the prospectus, Fatdi's products support ultra-high-speed signal transmission of up to 224Gbps and high-frequency RF signal transmission of 85GHz, and the company has developed burn-in testing solutions adapted to 2,000W high power and capable of precise temperature control of plus or minus 1.5 degrees Celsius. Its test socket products have achieved 10,000-pin-level high-density layouts, 250-micron-level probe pitch, and the manufacture of a 110mm by 110mm extra-large coaxial structure.

These parameters correspond to the stringent requirements of high-performance chip testing for AI computing chips, smartphone SoCs, automotive-grade chips, and others in terms of signal integrity, heat dissipation capability, and structural precision, and being able to simultaneously meet these indicators shows that the company has solid accumulated capabilities in both high-frequency high-speed signal processing and precision manufacturing.

In terms of financial data, the company's operating revenue grew from 225.4796 million yuan in 2023 to 309.5123 million yuan in 2024, then jumped to 544.0248 million yuan in 2025, a three-year compound growth rate of 55.3%; net profit attributable to the parent company during the same period grew from 38.3175 million yuan to 61.6786 million yuan, reaching a range of 131 million yuan to 132 million yuan in 2025, a compound growth rate of 85.59%, with net profit growth clearly faster than revenue growth.

Comprehensive gross margin was 36.66%, 35.90%, and 38.29% from 2023 to 2025, respectively, and rose to approximately 44.3% in the first half of 2026. This upward trend was mainly driven by the rapid improvement in the gross margin of the core product, burn-in test sockets. The gross margin of this product rose from 15.69% in 2023 all the way to 42.63% in the first half of 2026, an increase of nearly 27 percentage points.

What supports this growth curve is the company's continuously increasing R&D investment and patent accumulation. As of the signing date of the prospectus, the company and its subsidiaries owned 68 invention patents and 65 utility model patents, had established a provincial-level enterprise technology center and a provincial-level integrated circuit chip test connector engineering technology research center, was rated as a national-level specialized and sophisticated key little giant enterprise, and had set up a postdoctoral research workstation.

The company has formed six major core technology systems, covering the design and manufacturing of high-frequency high-speed signal test sockets, the design and manufacturing of wide-temperature-range high-power test sockets, the design of high-performance test probes, the precision manufacturing of high-precision fine-pitch test sockets, the precision manufacturing of test sorting kits, and the manufacturing of high-speed test handler interface modules. R&D investment grew from 11.2279 million yuan in 2023 to 21.2655 million yuan in 2025, a compound growth rate of 37.62%.

From the perspective of the industry development background, the semiconductor packaging and testing consumable hardware track in which Fatdi operates was previously long dominated by a small number of companies from Europe, the United States, Japan, South Korea, and China's Taiwan region. The company's ability to enter the global top ten as a mainland Chinese enterprise and take first place in the mainland market shows that the performance and reliability of domestic test interface products are being recognized by more and more downstream customers. The company's customer list simultaneously includes leading domestic packaging and testing companies such as ASE, JCET, Tongfu Microelectronics, Huatian Technology, and V-Test, as well as AI chip design companies such as Moore Threads, MetaX, Biren Technology, and Enflame. This customer structure, covering both packaging and testing foundries and chip design, reflects that the company's products have broad competitiveness across different application scenarios.

The company is advancing a platformization strategy to upgrade from a leading single-product test socket company to a comprehensive solutions provider covering test sockets, WLCSP probe cards, load boards, chip testing liquid cooling plates, and packaging and testing interface components. This IPO plans to raise 1.804 billion yuan, of which 742 million yuan will be invested in an advanced production base construction project, 528 million yuan in a research and development and production project for high-power chip liquid cooling heat dissipation and temperature control technology, 296 million yuan in a headquarters and R&D center project, and 237 million yuan for supplementing working capital. The focus of the fundraising is basically consistent with the direction of the technological extension under the platformization strategy.

Fatdi Technology's equity structure is relatively dispersed, with no controlling shareholder. The actual controller, Wang Qiang, directly holds 13.5596% and indirectly controls 12.8914% through three employee shareholding platforms, controlling a total of 26.4510% of the shares and voting rights directly and indirectly. There is another name worth noting on the company's shareholder list: Zhao Yi, the actual controller of A-share listed company Changchuan Technology, holds 4.95%, while Changchuan Technology itself holds 4.99%, for a combined 9.93%. At the same time, Changchuan Technology was also Fatdi's second- or third-largest customer from 2023 to 2025, with sales accounting for around 10%.

This overlapping relationship between customer and shareholder status is not uncommon in the semiconductor equipment industry chain, and often reflects deep binding formed between upstream and downstream enterprises in the chain based on long-term cooperation.

Fatdi Technology's review inquiry process is currently at the stage of having been responded to. The Shenzhen Stock Exchange inquiry response report was disclosed on September 23, 2026, and the sponsor institution is CITIC Securities. The prospectus also discloses that the share of revenue from the company's burn-in test socket products in main business revenue has risen from 22.70% in 2023 to 66.79% in the first half of 2026, with dependence on a single product continuing to rise. In its inquiry response, the company attributed this trend to structural growth in testing demand for AI computing chips, smartphone SoCs, and automotive-grade chips. Before other product lines such as functional test sockets and packaging and testing interface components can scale up in tandem, this explanation still needs more quarterly data for verification.