上交所深夜公告：暂缓审议

Core Viewpoint - The IPO review of Xiamen Youxun Chip Co., Ltd. has been suspended by the Shanghai Stock Exchange, raising concerns about the company's financial sustainability and control issues [1][2]. Group 1: Company Overview - Youxun Chip focuses on the research, design, and sales of optical communication front-end transceiver chips, with an initial fundraising target of 889 million yuan [2]. - The company was accepted for IPO review on June 26 and entered the inquiry phase on July 15, responding efficiently to two rounds of inquiries before reaching the review stage [2]. Group 2: Financial Concerns - Key issues raised during the review include the risk of declining gross margins, sustainability of operating performance, and the stability of the actual controller's control [2][3]. - The Shanghai Stock Exchange has requested the company to clarify whether there is a risk of continuous decline in gross margins and the sustainability of its operating performance, considering factors such as product structure and market development [2]. Group 3: Control Issues - The control structure of Youxun Chip is complex, with the actual controller holding a total of 27.13% of voting rights, raising questions about the stability of control and potential risks of changes post-IPO [4]. - The company has a dispersed shareholding structure, with 67.72% of natural and non-natural person shareholders committing not to seek control, combined with the actual controller's voting rights, totaling 94.85% [4].