Shanghai Superconductor's ¥1.2B STAR Market IPO enters review; filing shows 2024 profit and fusion customers

Shanghai Superconductor Technology/2G REBCO superconducting tape

Shanghai Superconductor's STAR Market IPO, accepted on 18 June 2025, moved into the exchange's question-and-answer review on 11 July. It aims to raise ¥1.2B for the first phase of its new tape plant and headquarters, which would add 6,000 km a year of capacity. The filing shows sales up almost sevenfold in two years, with fusion developers and grid operators among its customers.

• Revenue: ¥35.8M (2022), ¥83.3M (2023), ¥240M (2024).
• Net result: -¥26.1M (2022), -¥3.9M (2023), +¥73.0M (2024).
• Over 80% of China's market for 2G tape in 2022-2024.
• Customers named include Energy Singularity, Commonwealth Fusion Systems, MIT, State Grid and China Southern Power Grid.