Analysis of the Reference Significance of Biyi Micro's 6.99x Oversubscribed Inquiry Transfer to Semiconductor Valuation on STAR Market

Based on the collected information, I will systematically analyze the reference significance of Biyi Micro’s highly oversubscribed inquiry transfer to its semiconductor valuation on the STAR Market.

Biyi Micro (Stock Code: 688045.SH) is an analog and mixed-signal integrated circuit design company focusing on core technologies such as power management, motor drive, and battery management, and was listed on the STAR Market in 2022 [1]. This inquiry transfer attracted 16 institutional investors to participate, with an effective subscription multiple of 6.99x, fully subscribing 698,400 shares, with an initial pricing of RMB 36.29 per share [2].

The STAR Market’s inquiry transfer mechanism was officially implemented on July 22, 2020, with the following characteristics:

• The transfer price is determined through non-public inquiry to specific institutional investors
• The price floor is 70% of the average price of the 20 trading days before the subscription invitation letter is sent [3]

• According to Wind data, since 2025, the average number of institutions offering quotes for inquiry transfers has exceeded 17, a significant increase compared to 14 in 2024
• The average subscription multiple is around 2x, with the highest approaching 5x [3]

• In terms of the industries of companies conducting inquiry transfers, emerging industry companies such as semiconductors, new energy, and biomedicine account for a relatively high proportion [3]

Biyi Micro’s 6.99x oversubscription multiple is much higher than the market average (around 2x), indicating a high level of recognition of the company’s fundamentals by institutional investors. This has important reference value for the valuation and pricing of semiconductor enterprises on the STAR Market:

• Verification of Institutional Pricing Capability
  : The high subscription multiple demonstrates professional institutional investors’ recognition of the company’s intrinsic value
• Market Confidence Signal
  : In the current market environment, institutional investors remain optimistic about the semiconductor track [3]

For semiconductor enterprises on the STAR Market, commonly used valuation methods include:

• PS (Price-to-Sales) Valuation Method
  : Since semiconductor enterprises have a low proportion of fixed assets, PS is suitable for judging valuation levels
• DCF Valuation Method
  : Suitable for growth-stage enterprises with large profit fluctuations
• Peer Company Valuation Method
  : Reference to the valuation levels of peer companies in the same industry

According to iFinD data, as of the end of August 2025, the price-to-sales ratio of the STAR Chip Index is 18.06x (with a historical quantile of 100%) [4].

The inquiry transfer system realizes an orderly “relay” between early investors and long-term investors, guiding long-term capital into the market and promoting rational game among market participants [3].

• Compared with call auctions and block trades, inquiry transfer has a smaller impact on the market
• Helps maintain the stability of listed companies’ market capitalization
• Converts concentrated share reductions into phased market-based liquidation [3]

Biyi Micro’s high subscription multiple can provide a reference for the valuation of peer semiconductor enterprises:

• Power Management Chip Field
  : Reference Biyi Micro’s institutional recognition
• Analog Chip Design Enterprises
  : Learn from its valuation and pricing logic
• Semiconductor Sector on STAR Market
  : Form an industry valuation benchmark

• Active participation of institutional investors demonstrates the market’s recognition of the company’s long-term value
• The trend of domestic substitution in semiconductors is clear, and the industry has broad growth space
• Liquidity on the STAR Market continues to improve, and the valuation system is becoming increasingly mature

• Risk of cyclical fluctuations in the semiconductor industry
• Impact of international trade frictions on the supply chain
• Valuation levels need to be comprehensively judged in combination with the company’s fundamentals

Biyi Micro’s 6.99x oversubscribed inquiry transfer is an important valuation reference event for the semiconductor sector on the STAR Market. The high subscription multiple not only reflects institutional investors’ recognition of the company’s fundamentals but also provides an important basis for the valuation and pricing of peer companies. Against the backdrop of domestic substitution in semiconductors, the inquiry transfer system is reshaping the share reduction ecology of A-shares, achieving a win-win situation for listed company shareholders, institutional investors, and secondary market investors [3]

[1] Biyi Micro Official Website - About Biyi Micro (https://www.kiwiinst.com/zjbyw)

[2] Securities Times - Relevant Reports on STAR Market Inquiry Transfer (https://www.stcn.com/article/detail/3504048.html)

[3] Securities Times Network - “Nearly 100 Billion RMB! A-Share Inquiry Transfer ‘Blowout’” (https://www.stcn.com/article/detail/3504048.html)

[4] GF Securities - Research Report on STAR Market Investment Manual (https://premium-wscn.awtmt.com/647b1089-08da-40b6-bff2-991dbe4cf3c8.pdf)