Netcom manufacturer Lengyan Technology will be listed on the Innovation Board on September 22, with the underwriting price set at 60 yuan.

Zhang Shuwei, Chairman of Lengyan Technology. (Photo by reporter Wang Yihong)

[Reporter Wang Yihong/Report from Taipei] Netcom factory Lengyan Technology (7812) cooperated with the public underwriting before the listing on the Innovation Board. This time, it issued 3,980 new shares through cash capital increase before the listing, of which 15% were reserved for employees to subscribe. The remaining 3,383 were all processed through inquiry. The reference price range for the inquiry was 60 to 62 yuan, and the final underwriting price was set at 60 yuan; it is expected to be listed on September 22.

Lengyan's products include millimeter wave R&D and verification instruments, Lego-style phased array antennas and sub-system modules, which are used in 5G/6G, satellite and defense industries. Lengyan pointed out that the proportion of module business has continued to rise in recent years, and the company has set a goal of exceeding 50% of module revenue in 2027.

According to statistics from Mordor Intelligence, the global millimeter wave technology market will be approximately US$4.52 billion in 2025 and is expected to grow to US$16.93 billion in 2031, with a compound annual growth rate (CAGR) of 24.60%. Regarding 6G, as for the space economy, according to a report by the World Economic Forum and McKinsey, the scale of the global space economy will grow from US$630 billion in 2023 to US$1.16 trillion in 2030, a growth rate of more than 80%.

Zhang Shuwei, Chairman of Lengyan, said that Lengyan's three major application markets of broadband communications, defense communications, and multi-orbit satellites have gradually moved from the verification stage to delivery and mass production. Among them, the broadband communications field has become one of the few qualified suppliers for large-scale millimeter wave projects of telecom operators in emerging markets; the defense communications field has successfully entered the AESA phased array radar and communication module supply chain in the Middle East and entered the actual machine delivery and testing stage; the multi-orbit satellite field has cooperated with the American company Comtech to develop "One Modem, One Antenna" multi-orbit user terminal has completed end-to-end connection testing of multiple satellites in orbit.

Zhang Shuwei said that Leng Research adopts the Fabless asset-light model, outsources 100% of production and manufacturing, and deeply integrates Taiwan's semiconductor and packaging and testing supply chains to create a non-red supply chain that is in line with the international situation. Its technical capabilities have also been certified by many Tier-1 customers, and its mass production mechanism is gradually ready.