Core Viewpoint - The article discusses the complex 15-year power struggle over the control of Xiamen Youxun Chip Co., Ltd., a leading domestic optical communication chip company, which is now preparing for its IPO on the Sci-Tech Innovation Board. Group 1: Company Overview - Xiamen Youxun, established in 2003, is one of the earliest companies in China focusing on the design of optical communication front-end transceiver chips, with applications in 5G base stations, data centers, and broadband access networks [2][4]. - The company has experienced fluctuations in revenue, with projections showing a drop from 3.39 billion yuan in 2022 to 3.13 billion yuan, followed by a rebound to 4.11 billion yuan in 2024 [4][5]. Group 2: Financial Performance - Despite a revenue rebound, the company's gross margin has been declining, from 55.26% in 2022 to 43.48% in the first half of 2025, primarily due to high reliance on a single product, which accounts for over 80% of its revenue [6][5]. - R&D expense ratio has decreased from 21.14% in 2022 to 15.81% in the first half of 2025, falling below industry averages [6][5]. Group 3: Governance and Control Issues - The company faced a governance crisis for nine years without a real controlling shareholder, which was resolved in 2022 when the founder Ke Binglan and his son Ke Tenglong became the actual controllers [4][20]. - The power struggle began in 2007 due to differences in management philosophy between the founder and the technical leader Xu Ping, leading to Xu's gradual exit from management and eventual divestment of his shares [12][13]. Group 4: Shareholding Structure - The shareholding structure has evolved significantly, with Xu Ping's shares being diluted over time, culminating in his complete exit from direct shareholding by 2022 [24][25]. - The current controlling shareholders, the Ke father-son duo, hold a combined voting power of 27.13%, although this is expected to dilute to around 20% post-IPO [27][20].