Zhong Guo Jing Ji Wang·2025-09-19 13:20Core Viewpoint - The Shanghai Stock Exchange's listing review committee has postponed the initial public offering (IPO) review of Xiamen Youxun Chip Co., Ltd. (referred to as "Youxun") during its 37th meeting of 2025 [1] Company Overview - Youxun focuses on the research, design, and sales of optical communication front-end transceiver chips [2] - The company's shareholding is relatively dispersed, with no single shareholder holding more than 30% of voting rights, indicating the absence of a controlling shareholder [2] - The actual controllers of the company are Ke Binglan and Ke Tenglong, who collectively control 27.13% of the voting rights [2] IPO Details - Youxun plans to publicly issue up to 20 million shares on the Shanghai Stock Exchange's Sci-Tech Innovation Board, accounting for no less than 25% of the total share capital post-issuance [2] - The company aims to raise approximately 809.065 million yuan for projects related to next-generation access networks, automotive chips, and 800G and above optical communication chips [2][3] Fund Allocation - The total investment for the projects is as follows: - Next-generation access network and high-speed data center chip development: 467.8065 million yuan [3] - Automotive chip research and development: 169.0847 million yuan [3] - 800G and above optical communication chips and silicon photonic components: 172.1738 million yuan [3] - The total amount to be raised is 809.065 million yuan [3] Key Questions from the Listing Committee - The committee raised concerns regarding the sustainability of the company's operating performance, potential risks of declining gross margins, and the stability of the actual controller's control over the company [4][5]