IC Valley Microelectronics

Company Overview

Founded in 2014 and headquartered in Hefei, Anhui Province, Hefei Core Valley Microelectronics is a high-tech enterprise focusing on the research, development, design, production and sales of semiconductor microwave millimeter wave chips, microwave modules and T/R components. With the business philosophy of “serving the motherland with core and changing the world with innovation”, the company is committed to becoming a leading microwave millimeter wave chip industry chain enterprise in China. The company's technical team originated from the well-known IDM company in the U.S., inherited nearly 30 years of experience in circuit design, chip manufacturing and testing, and strengthened the accumulation of technology through the introduction of senior designers from Triquint, Hittite, Huawei, etc. The company is a leading microwave millimeter-wave chip manufacturer in China.

The company was awarded the title of “National High-Tech Enterprise”, “Key IC Design Enterprise Encouraged by the State”, “Specialized, Specialized, Specialized, Specialized and New SMEs of Anhui Province”, etc., and was selected as one of the “Top 500 China's Stealth Unicorns in 2021”. "2021 China's Top 500 Invisible Unicorns". In November 2025, Core Valley Micro registered for counseling with the Anhui Securities Regulatory Bureau, and intends to launch an IPO on the Science and Technology Innovation Board (STIB) again, with the counseling brokerage firm of GF Securities. Previously, the company had submitted an application for listing on the Science and Technology Innovation Board in May 2023, but withdrew it in April 2024 on its own initiative.

Products & Services

Core Valley Micro's products cover the entire industry chain of microwave millimeter wave chips, including:

• chip class: Low noise amplifiers, ultra-wideband power amplifiers, high linearity power amplifiers, high power GaN cores, multifunction chips, etc;
• module class: High-power internally matched tube amplifiers (IMFETs), switches, attenuators, phase shifters, frequency multipliers, mixers, VCOs (voltage-controlled oscillators), and more;
• component class: X-band, Ku-band, Ka-band active phased array T/R components, frequency converter modules and frequency synthesizer modules based on multi-chip assembly and three-dimensional packaging processes.

The company also provides technology development services to support customer customization needs around GaAs (Gallium Arsenide) and GaN (Gallium Nitride) compound semiconductor processes. Its products are widely used in the defense industry (electronic countermeasures, precision guidance, radar detection, military communications) and the civilian sector (instrumentation, medical equipment, satellite Internet, 5G millimeter wave communications).

core technology

Core Valley Micro has formed five core technology systems, all of which are in mass production or trial production stage:

1. ultra-broadbandchip designskill: Supports DC-110G frequency range, covering low noise amplifiers, ultra-wideband power amplifiers, etc;
2. High Efficiency Power Amplifier Design Techniques: Based on GaN process for high power and high efficiency output;
3. High-performance microwave control chip design technology: Includes switches, attenuators, phase shifters, etc. to support high band applications;
4. Module Design Technology: Modular and integrated design through multi-chip assembly and three-dimensional packaging;
5. Microwave Product Packaging and Test Technology: Mastering high-density integration and interconnection processes to ensure product reliability.

Patent Layout: As of the signing date of the prospectus, the company owns 61 patents (18 invention patents), but the number of patents for core technologies is relatively small, and some of the subdivided technologies (e.g., ultra-broadband distributed amplifier matching technology, millimeter-wave amplifier encapsulation technology) are not patented, and the ability to innovate independently is questioned.

major client

Core Valley Micro's customers are categorized into two major fields: military and civil:

• Military CustomersThe main state-owned large and medium-sized military industrial groups, the products are used in national major equipment models;
• Civilian customersLtd. provides domesticated MRI (magnetic resonance imaging) low-noise amplifiers; in addition, the company is also the main domestic microwave millimeter-wave chip supplier for customers such as A01 unit and Chengdu Jiu Jin Technology Co.

Competitive landscapeInternational competitors include ADI, Qorvo, MACOM, etc. Domestic competitors include private companies such as Guobo Electronics, Visionspring Technology, ZhenRa Technology, as well as major players such as the 13th Research Institute of the China Electronics Technology Group Corporation (CETC) and the 55th Research Institute of the China Electronics Technology Group Corporation (CETC).

development prospect

1. Industry OpportunitiesMicrowave millimeter wave chip market space is vast, the demand for defense industry continues to grow, the civil sector (such as 5G millimeter wave communication, satellite Internet) to accelerate the penetration. Policy level, the state encourages the development of integrated circuit industry, core valley micro as “the state encourages the key integrated circuit design enterprise”, is expected to benefit.
2. strategic layout: The company plans to raise capital through IPO to expand its production capacity, build R&D centers, and enhance its technological barriers. Its IDM model (design, manufacturing, packaging and testing whole industry chain) helps reduce costs and improve supply chain stability.
3. Challenges and risks::
   • Patent shortcomings: Insufficient patent layout of core technologies may affect technical barriers and bargaining power;
   • Customer Concentration: A high proportion of military customers are affected by industry policies;
   • market competition: International giants are technologically advanced, and domestic companies are experiencing increased competition and need to continue to innovate in order to maintain their advantages.

future directionCore Valley Micro needs to strengthen the patent layout, enhance independent innovation ability; expand the civilian market, reduce the dependence on military customers; through the industry chain integration (such as mergers and acquisitions, cooperation) to strengthen competitiveness, and strive to become the domestic microwave millimeter wave chip field leader.