Core Viewpoint - Yitang Semiconductor Technology Co., Ltd. has successfully passed the IPO review, focusing on the research, production, and sales of wafer processing equipment for integrated circuit manufacturing, providing solutions globally [1][2]. Group 1: Market Position - In the field of rapid thermal processing equipment, Yitang held a 11.5% market share in 2020, ranking second globally, while the leader had a market share of 69.72% [1]. - Yitang ranked tenth in the dry etching equipment market with a 0.1% market share, while the top three companies dominated 90.24% of the market [1]. - The company achieved the highest market share in dry stripping equipment and second in rapid thermal processing equipment globally in 2020 [1]. Group 2: Financial Performance - The acquisition of MTI in 2016 has raised concerns about Yitang's independent technological capabilities, as MTI has contributed over 80% of Yitang's net profit from 2018 to the first half of 2021 [2][3]. - The net profits from MTI for the years 2018-2020 were 67.63 million, 63.77 million, and 66.24 million, respectively, indicating that without MTI, Yitang would have reported losses during these years [2]. Group 3: Technological Independence - Yitang's reliance on foreign acquisitions for core technology raises questions about its ability to maintain independent technological advancements, which is crucial for sustaining market share and performance growth [3]. - As of June 30, 2021, the goodwill on Yitang's balance sheet was valued at 886.68 million, accounting for 20.63% of the net assets, highlighting potential risks related to goodwill impairment [3].