Core Viewpoint - Xiamen Youxun Chip Co., Ltd. (Youxun Co.) is set to have its IPO reviewed again on October 15 after a previous delay due to concerns over the sustainability of its operating performance and the stability of its actual controller's control rights [1][3]. Group 1: IPO Details - Youxun Co. plans to raise 809 million yuan through its IPO, which will be allocated to the development and industrialization of next-generation access network and high-speed data center chips, automotive chips, and 800G and above optical communication chips [4]. - The company has removed a project for "supplementary working capital" from its fundraising plan, adjusting the total amount accordingly [4]. Group 2: Company Background - Established in February 2003 and headquartered in Xiamen, Youxun Co. claims to be a "national champion enterprise" in the optical communication field, focusing on the R&D, design, and sales of optical communication front-end transceiver chips [4]. - The company's products are widely used in optical modules and cover various applications, including access networks, 4G/5G networks, data centers, metropolitan area networks, and backbone networks [4]. Group 3: Market Position and Financial Performance - Youxun Co. holds the largest market share in China and the second largest globally in the segment of chips with speeds of 10Gbps and below, with a projected market size of 370 million USD (approximately 2.66 billion yuan) in 2024 [5]. - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was approximately 339 million yuan, 313 million yuan, 411 million yuan, and 238 million yuan, respectively, showing a compound annual growth rate of 10.26% [8]. - However, net profits during the same period were 81.4 million yuan, 72.1 million yuan, 77.9 million yuan, and 46.9 million yuan, with a declining gross margin from 55.26% to 43.48% [8][9]. Group 4: Pricing and Cost Pressures - The average selling price of Youxun Co.'s main product, the optical communication transceiver chip, decreased from 2.66 yuan per unit in 2022 to 2.29 yuan in the first half of 2025, a decline of nearly 14% [9]. - The average unit cost of the optical communication transceiver chip increased from 1.22 yuan in 2022 to 1.29 yuan in the first half of 2025, attributed to rising wafer costs [9]. Group 5: Customer and Supplier Concentration - Youxun Co. has a high customer concentration, with sales to its top five customers accounting for 65.22% to 65.53% of total revenue during the reporting period [9]. - The company also has a high supplier concentration, with purchases from its top five suppliers representing 83.68% to 89.47% of total procurement [10]. Group 6: Governance and Control Risks - The company has faced governance issues, with its actual controller's control rights being unstable due to historical disputes among founders, leading to changes in control over the years [11][12]. - The current actual controllers hold a combined 27.13% of voting rights, raising concerns about potential control changes post-IPO [12].

Group 1: Core Views - The Sci-Tech Innovation Board (STAR Market) serves as a crucial platform for technology innovation enterprises, with an IPO process that adheres to the basic framework of the A-share registration system while emphasizing the review requirements for "hard technology" attributes [2] Group 2: Detailed IPO Process - The IPO process on the STAR Market consists of six main stages: preparation, application and acceptance, review and inquiry, listing committee deliberation, CSRC registration, and issuance and listing, typically taking 6-12 months excluding preliminary rectification time [3] - The preparation stage lasts 3-6 months, focusing on self-assessment and compliance rectification to meet the basic thresholds for the STAR Market [4] - The application and acceptance stage takes 1-2 weeks, where companies submit their application materials to the Shanghai Stock Exchange after preparing them with intermediaries [6] - The review and inquiry stage lasts 2-3 months, during which the Shanghai Stock Exchange conducts a comprehensive review of the application materials, prompting companies to clarify their submissions through multiple rounds of inquiries [7] - The listing committee deliberation stage takes 1-2 weeks, where a committee of 3-7 members, including industry experts, assesses whether the company meets the issuance and listing conditions [9] - The CSRC registration stage occurs within 20 working days, focusing on the formal review of the Shanghai Stock Exchange's opinions and application materials [10] - The issuance and listing stage lasts 1-2 months, where the company initiates the issuance process with the lead underwriter after registration approval [11] Group 3: Core Points of STAR Market IPO - The core attribute of technology innovation serves as the "ticket" for entry into the STAR Market [12] - Information disclosure is prioritized over formality, emphasizing the substance of the information provided [12] - The review focuses on four major dimensions: authenticity of technology innovation attributes, technological advancement, business sustainability, and financial authenticity [13] Group 4: Review Mechanism - The review mechanism involves a dual-check system by the review department and quality control department, concentrating on the authenticity of technology innovation attributes and the sufficiency of information disclosure [13] - The first round of inquiries typically covers 20-30 questions across various dimensions, requiring companies to respond item by item [13] - If initial responses are insufficient, multiple rounds of inquiries may follow, focusing on core issues such as technological independence and reasons for performance fluctuations [13] Group 5: Issuance Pricing and Special Requirements - The pricing for issuance is market-driven, allowing the issuer and underwriters to negotiate based on market conditions while avoiding price manipulation [16] - Special requirements apply to red-chip companies, allowing them to be priced in USD/HKD, provided they meet specific standards [16] - Companies that are not yet profitable may still list if they meet certain criteria, such as a market capitalization of at least 40 billion and specific industry conditions [16]

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. is set to undergo a second review for its IPO on the Sci-Tech Innovation Board on October 15, following a previous postponement of its application [1] Group 1: Company Overview - Youxun specializes in the research, design, and sales of optical communication front-end transceiver chips [1] - The company aims to raise approximately 809 million yuan through this IPO [1] Group 2: IPO Review Process - The first review on September 19 resulted in a postponement, with the listing committee requesting clarification on several key issues [1] - The committee asked Youxun to address potential risks related to declining gross margins, sustainability of operating performance, and the company's product structure and market development [1] - Additional inquiries included the disclosure of any undisclosed related party relationships and the stability of the actual controller's control rights, given the low shareholding ratio and historical shareholding changes [1] - The committee also required an explanation of whether the accounting treatment of share-based payments complies with accounting standards [1]

Core Viewpoint - Changxin Technology has initiated its IPO counseling process, with an unusually large team of 34 members from two leading investment banks, indicating the project's complexity and significance in the semiconductor industry [1][14][20]. Group 1: IPO Counseling Details - The first phase of counseling for Changxin Technology began on July 7 and has concluded after two months, involving a total of 34 counselors from China International Capital Corporation (CICC) and CITIC Securities [1][4][20]. - The CICC team consists of 18 members, including newly added personnel, while the CITIC Securities team has 16 members, also with new additions [4][11]. - The large size of the counseling team is attributed to the project's scale and complexity, as well as the need to mitigate risks associated with personnel changes during the counseling period [14][15]. Group 2: Company Background and Market Position - Changxin Technology, founded in 2016, is recognized as a leading player in the memory chip sector, with a valuation exceeding 140 billion yuan and a strategic financing completion of 10.8 billion yuan in 2024 [20][21]. - The company operates the largest and most advanced DRAM production facility in China, focusing on various applications including mobile devices, computers, and IoT [20]. - The ownership structure of Changxin Technology includes 49 shareholders, with significant stakes held by state-owned enterprises, indicating strong governmental support [21].

Core Viewpoint - Zhuzhou Keno's debt has surged from 5.27 million to 405 million within a year, marking a staggering increase of 77 times, raising concerns about its IPO application on the Sci-Tech Innovation Board, which is not aligned with its "technology" label [1][3]. Financial Performance - Revenue for Zhuzhou Keno from 2022 to 2024 was reported at 679 million, 609 million, and 787 million respectively, with net profits of 50.82 million, 43.04 million, and 70.82 million, indicating a potential recovery in 2024 [5]. - However, the company has a concerning cash flow situation, with a net cash flow from operating activities of -427 million over the same period, despite a total net profit of approximately 165 million [10][11]. Ownership and Governance Issues - The actual controllers of the company, Zhao Kefu and Tang Yan, have a 14-year history of shareholding proxy arrangements, raising questions about corporate governance and transparency [6][8]. - The company has signed performance-based agreements with all strategic investors except for Zhoushan Gaoshang, which could reactivate if the company fails to complete a qualified IPO by December 2026 [9]. Debt and Cash Flow Concerns - The asset-liability ratio increased dramatically from 10.27% in 2023 to 41.81% in 2024, significantly exceeding the industry average of 40.4% [15][16]. - The company’s interest-bearing debt constitutes 81.69% of total liabilities, indicating a high dependency on debt financing [16]. Inventory and Operational Efficiency - Inventory has surged from 156 million at the end of 2020 to 641 million by the end of 2024, a 420% increase, with inventory accounting for 52.74% of total assets [12][21]. - The inventory turnover days increased from 147.02 days in 2020 to 242.95 days in 2024, with a turnover rate dropping from 3.64 times to 1.45 times, well below the industry average of 3.02 times [12][14]. Research and Development - R&D expenditures from 2022 to 2024 were 29.81 million, 28.53 million, and 30.32 million respectively, with R&D expense ratios declining from 4.39% to 3.85%, falling below the implicit 5% threshold for Sci-Tech Innovation Board companies [30][31]. - The educational background of employees is concerning, with 76.02% holding a diploma or lower, which raises doubts about the company's technological capabilities [32]. Market Position and Risks - The company has a high customer concentration risk, with significant reliance on a few major clients, which could pose a threat to its business stability [37]. - The cyclical nature of the rare metal industry, coupled with the company's substantial debt, increases operational risks, especially in a potential downturn [24][26].

Group 1 - The company completed its IPO review on the Sci-Tech Innovation Board in just 88 days, making it the fastest company to pass this process this year [1] - Despite incurring losses exceeding 5 billion yuan over three years, the company attracted significant investment interest from 86 institutions, including major players like Mobile, Sequoia, and ByteDance [1] - The rapid IPO approval and strong institutional interest highlight the company's potential and the growing demand for GPU technology in various sectors [1]

| | | | | 首页 党建 发行上市 披露 监管 数据 产品 服务 规则 关于 | | | 一网通办 "三开门"专栏 | | --- | --- | --- | --- | --- | --- | --- | --- | | 发行上市 > 审核项目动态 > | | | | | | | | | 摩尔线程智能科技（北京）股份有限公司 科创版IPO | | | | | | | | | 已受更 2025-06-30 | | 已问询 2025-07-17 | 上市委会议 2025-09-26 | | | 提交注册 | 注册结果 | | | | | 通过 | | | | | | 项目基本信息 | | | | | | | | | 公司全称 | 摩尔线程智能科技（北京）股份有限公司 | | | 受理日期 | 2025-06-30 | | | | 公司简称 | 摩尔线程 | | | 融资金额(亿元) | 80.00 | | | | 审核状态 | 上市委会议通过 | | | 更新日期 | 2025-09-26 | | | | 保存机构 | 中信证券股份有限公司 | | | 保存代表人 | 周哲立吴霞娟 | | | | 会计师 ...

Core Points - The Shanghai Stock Exchange announced that Moore Threads plans to undergo review by the Sci-Tech Innovation Board on September 26 [1] - Several listed companies have responded regarding their cooperation with Moore Threads, indicating varying levels of investment and partnership [1][2] Group 1: Investment and Shareholding - Yuexiu Capital has identified Moore Threads as one of the investment projects of its industrial fund [1] - Xiamen Guomao holds a 0.67% stake in Moore Threads through an investment fund [1] - Wanhe Electric does not directly hold shares in Moore Threads but has a 0.4664% stake through a participating fund [1] - Heertai directly holds 1.0262% of Moore Threads [1] - Honglida indirectly holds approximately 0.3% of Moore Threads [1] - Chuling Information has an indirect holding of about 0.0229% in Moore Threads, which is minimal [1] Group 2: Business Cooperation - Zhuoyi Information has a client relationship with Moore Threads, but specific business cooperation details are confidential [1] - Kehua Data has initiated business cooperation with Moore Threads and other domestic GPU chip manufacturers [1] - Shenzhen Huqiang has established business cooperation with Moore Threads [1] Group 3: No Investment or Cooperation - Companies such as Juhua Technology, Jingxing Paper, and Sihui Tuxin have confirmed they do not hold shares in Moore Threads [2] - Many companies, including Dazhu CNC and Yiyaton, have stated they have no investment in Moore Threads [2] - Several companies, including Kabeiyi and Zhongke Chuangda, have reported no cooperation with Moore Threads [1][2]

Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. is set to undergo its IPO review on September 24, 2025, after a two-year wait on the Sci-Tech Innovation Board, highlighting its progress in the biopharmaceutical sector and its innovative "Thousand Mice Ten Thousand Antibodies" program [1][4]. Group 1: Company Overview - Baiaosaitu was established in 2009 and operates as a preclinical CRO and biotechnology company, providing innovative animal models and drug development services based on its proprietary gene editing technology [1]. - The company has developed the RenMice platform, which allows for large-scale drug discovery targeting nearly a thousand potential drug targets [1]. Group 2: IPO Process and Financial Performance - The company was accepted for its Sci-Tech Innovation Board IPO on June 20, 2023, and has undergone two rounds of inquiries prior to the upcoming review [4]. - Financial data shows that Baiaosaitu's revenue increased from approximately 534 million yuan in 2022 to 980 million yuan in 2024, with a turnaround to a net profit of approximately 33.54 million yuan in 2024 after previous losses [5]. - In the first half of 2023, the company achieved a revenue of 621 million yuan, a 51.27% increase year-on-year, and reported a net profit of approximately 47.99 million yuan, indicating a successful recovery from losses [6]. Group 3: Research and Development Challenges - The company has experienced a significant reduction in its R&D personnel, with the number of dedicated R&D staff dropping from 58 in 2022 to just 5 in 2024, raising concerns about its innovation capacity [7]. - Governance issues are also present, as the major shareholders, who are a married couple, control over 27% of the voting rights, which may impact decision-making processes [7]. Group 4: Fundraising and Strategic Direction - Baiaosaitu has reduced its planned fundraising amount from 1.893 billion yuan to 1.185 billion yuan for its IPO, focusing on early drug development services, antibody drug research, and clinical projects [7][8]. - The company asserts that this reduction in fundraising will not alter its strategic direction, as the core projects will still revolve around its main business and technology platforms [8].

其三，要求发行人代表说明报告期股份支付会计处理是否符合企业会计准则规定。 其一，要求发行人代表结合产品结构、议价能力、市场开拓、主要产品验证及在手订单等情况，说明公 司是否存在毛利率持续下滑风险，以及经营业绩的可持续性。 其二，要求发行人代表说明 Jina Shaw、Ping Xu 及萍妮茹投资、蔡春生及一方建设之间是否存在应披露 未披露的关联关系或一致行动关系。结合实控人持股比例不高、实际控制公司时间较短、公司报告期多 次股权变动、历史上股东之间存在的分歧等情况，说明公司实控人的控制权是否稳定，是否存在上市后 控制权变更风险。 中经记者 孙汝祥 夏欣 实习生 王鑫 北京报道 上交所官网显示，9月19日，上交所上市审核委员会对厦门优迅芯片股份有限公司（以下简称"优迅股 份"）在科创板IPO进行审议，并作出暂缓审议的决定。 根据审议结果公告，上市委会议现场问询了三大问题。 需进一步落实事项为，发行人需说明报告期股份支付会计处理是否符合企业会计准则规定，保荐人和申 报会计师需发表明确核查意见。 （编辑：夏欣 审核：何莎莎 校对：燕郁霞） ...