Securities Registration Statement: 12M New Common Shares (KRW 49.8B Offering)
Original: 증권신고서(지분증권)
Summary
The company has filed a securities registration statement for an equity offering of 12,000,000 new registered common shares with a total offering value of KRW 49.8 billion. The filing details key business risks tied to the semiconductor back-end (OSAT) business, including exposure to global macroeconomic conditions, downstream display and system semiconductor cycles, and the risk of in-housing by major IDM customers such as Samsung Electronics and SK hynix. Roughly 40% of revenue comes from DDI (display driver IC) bumping, with the remainder from SoC, PMIC, and CIS Non-DDI work, leaving results highly sensitive to display panel demand and non-memory chip cycles. WSTS projects the 2026 global semiconductor market to grow 26.3% YoY to USD 520.1B, and OSAT is expected to grow at a 7.81% CAGR through 2035, but customer concentration and potential policy/support changes remain material risks. KB Securities is listed as the underwriter contact.
Full Translation
Securities Registration Statement (Equity Securities)
6.1
LB Semicon Co., Ltd.
SECURITIES REGISTRATION STATEMENT
(EQUITY SECURITIES)
To: Financial Services Commission
Date: May 15, 2026
Company Name: LB Semicon Co., Ltd.
Representative Director: Lee Dae-gyo
Head Office: 138 Cheongbuksandan-ro, Cheongbuk-eup, Pyeongtaek City
(Tel) 031-680-1600
(Website) http://www.lbsemicon.com
Responsible Preparer:
(Title) Head of Management Division (Name) Kim Jeong-gyu
(Tel) 031-680-1600
Type and Number of Securities Offered or Sold:
12,000,000 registered common shares
Total Offering or Sale Amount:
KRW 49,800,000,000
Locations for Inspection of Securities Registration Statement and Prospectus:
A. Securities Registration Statement
Electronic document: FSC (FSS) DART system → http://dart.fss.or.kr
B. Prospectus
Electronic document: FSC (FSS) DART system → http://dart.fss.or.kr
Paper document: LB Semicon Co., Ltd. → 138 Cheongbuksandan-ro, Cheongbuk-eup, Pyeongtaek City, Gyeonggi-do; KB Securities Co., Ltd. → 50 Yeoinaru-ro, Yeongdeungpo-gu, Seoul
[Confirmation by Representative Director, etc.]
CEO_Confirmation_Signature_0515.jpg
SUMMARY INFORMATION
1. Key Investment Risks
The key investment risks below are a concise summary of the most important items among the investment risk factors described in the body of the registration statement, for the purpose of investor understanding. Detailed risk factors are described in "Body - Part 1 Matters Relating to the Offering or Sale - III. Investment Risk Factors."
Business Risks
A. Risks from Domestic and International Economic Fluctuations
According to the World Economic Outlook published by the IMF in April 2026, the 2026 global economic growth forecast was announced at 3.1%. This is 0.2 percentage points lower than the 3.3% forecast for 2026 issued in January 2026. The IMF diagnosed that risks to the global economy remain tilted to the downside, citing prolonged or expanded conflicts, deepening geopolitical fragmentation, reassessment of expectations for AI-driven productivity improvements, or renewed trade tensions as major downside factors. According to the Bank of Korea's economic outlook report published in February 2026, despite the impact of U.S. tariffs and slow recovery in construction investment, the country's growth rate this year is expected to reach 2.0%, higher than the 1.8% forecast level in November 2025, supported by an expanding recovery in the semiconductor cycle and better-than-expected global economic trends. In 2027, growth is projected at a solid 1.8%, as the domestic recovery continues and exports rise on the back of improving global conditions and expanded semiconductor supply capacity.
The semiconductor back-end (OSAT) business, which is the Company's main business, is directly and indirectly affected by domestic and international macroeconomic conditions, and a global economic downturn caused by high interest rates, high exchange rates, and low growth could lead to a contraction in capital investment across manufacturing or deterioration of the Company's operating results.
Semiconductor back-end companies are closely affected by the semiconductor manufacturing industry's outlook, and expansion of economic uncertainty may directly lead to delays or reductions in orders. Furthermore, with financial market instability not yet fully resolved, rising credit spreads may act as additional risk factors for the Company's financial situation, such as increased financial cost burden related to borrowings and worsening conditions for additional funding.
Such macroeconomic uncertainty may affect the overall domestic and international economy, and may also act as a negative factor on the Company's business and performance. Investors should take note of this.
B. Risks from Downstream Industry Cycle Fluctuations
The Company's semiconductor back-end (OSAT) business is closely affected by the cycles of downstream industries — the semiconductor and display industries — so cyclical changes in those downstream industries are expected to directly and indirectly affect the Company's consolidated profit/loss and financial structure.
In particular, the DDI (display driver IC) bumping business, which accounts for approximately 40% of the Company's revenue, is directly linked to display panel demand, while Non-DDI businesses such as SoC, PMIC, and CIS are affected by the non-memory semiconductor market. According to the global semiconductor market forecast published by World Semiconductor Trade Statistics (WSTS), the 2026 global semiconductor market is projected to grow 26.3% compared to 2025, reaching USD 520.1 billion. WSTS forecasts that 2026 memory revenue will grow 39% year-over-year, and the logic segment, including digital integrated circuits (IC), is also expected to grow around 30%. Meanwhile, according to market research firm Precedence Research, the global display market as a whole is expected to grow at a CAGR of 7.4%, from USD 195.4 billion in 2025 to USD 371.6 billion in 2034. Nevertheless, if growth in downstream industries stagnates or markets contract, this could negatively affect the Company's business performance, and there is a risk of delayed capital investment across the display industry due to a resurgence of the COVID-19 pandemic.
C. Risks Related to Legal and Policy Changes in Display and System Semiconductors
The results of the Company's main system semiconductor business — back-end work for Driver ICs — are highly correlated with semiconductor and display sales volumes. Therefore, growth in the semiconductor and display markets is highly correlated with growth in the Company's results. Looking at the global display market, while it has been stagnant in monetary terms due to global economic slowdown and falling LCD panel prices, it has shown steady growth in area terms driven by larger TVs and smartphones, and the importance of OLED panels is expected to strengthen, with government support policies in place for semiconductors and displays. However, if government policy support for displays and system semiconductors is reduced in the future and the display and semiconductor market growth is weaker than expected, this could negatively affect the Company's operating results. Investors should take note of this.
D. Risks from In-housing of Semiconductor Back-end by Customers
The semiconductor back-end industry is closely tied to integrated semiconductor companies such as Samsung Electronics and SK hynix, and operates under a business structure in which it receives outsourced back-end work — including semiconductor packaging and testing — from these integrated semiconductor companies and delivers the finished products.
Generally, semiconductor manufacturers have been increasing the share of outsourced packaging and testing in order to alleviate fixed cost burdens. In particular, the system semiconductor industry, due to diverse product uses and demand sources, has the characteristic of small-batch production of many varieties, which makes efficient cost structures essential. For this reason, the system semiconductor industry has more widespread division and specialization across processes such as fabless, foundry, packaging, and testing compared to the memory semiconductor industry, and the outsourcing ratio is gradually rising. According to market research firm Precedence Research, the semiconductor OSAT market is projected to grow from USD 46.5 billion in 2025 to USD 98.6 billion in 2035, at a 10-year CAGR of 7.81% from 2025 to 2035. However, due to unforeseen internal and external variables such as global regional conflicts and high benchmark rate hikes, downstream trends in the semiconductor market are unfolding in directions different from before, and the range of items affecting supply and demand is also broadening. In such a case, integrated semiconductor companies may revise their management strategies and production processes in ways different from before, in light of changes in downstream industries. If, in the development of next-generation semiconductor process technologies such as advanced packaging, the Company fails to respond proactively to the pace of technological development, integrated semiconductor companies may bring back-end work in-house. In that case, the order volume of back-end companies, including the Company, may decrease. In particular, the higher a company's revenue concentration on a specific customer, the more sharply its profitability may deteriorate if such in-housing policies are realized. Investors should take note of this.
E. Risks from Concentration of Major Customers
[Translation truncated]
Jun 15, 2026
₩5,300
₩5,180
-2.26%
Jun 1, 2026
₩5,110
₩4,315
-15.56%
Oct 30, 2025
₩5,120
₩5,050
-1.37%
Past performance does not guarantee future results. Small sample sizes may not be representative. For informational purposes only.