Core Viewpoint - Xiamen Youxun Chip Co., Ltd. has received acceptance for its IPO on the Sci-Tech Innovation Board, with CITIC Securities as the sponsor and the company focusing on the research, design, and sales of optical communication front-end transceiver chips [2]. Company Overview - Youxun Chip is recognized as a "national manufacturing single champion enterprise" in the optical communication sector in China [2]. - The company was founded by Ke Binglan, who has a diverse background in law and management before entering the chip industry [2][3]. Historical Development - In 2008, the company adjusted its strategy and developed the first PON driver chip in the industry [3]. - In 2010, it launched the UX3328 chip, the first in China to support "fiber to the home," which was the most integrated product globally at that time [3]. - By 2016, the company began mass production of 10G optical transceiver chipsets, and post-2019, it accelerated penetration into the high-end market [3]. Ownership Structure - The company was without a practical controller for a long time until November 2022, when it confirmed that Ke Binglan and his son, Ke Tenglong, are the actual controllers [3]. - Ke Binglan holds 10.92% of the company's shares directly and controls an additional 4.59% through Kexun Development, totaling 15.51% of voting rights [3]. - Ke Tenglong controls 11.63% of voting rights through three employee stock ownership platforms, bringing the total voting rights controlled by the Ke family to 27.13% [3]. Control Risks - The relatively low shareholding percentage of the actual controllers raises concerns about the stability of the company's control [5]. - Post-IPO, the voting rights of Ke Binglan and Ke Tenglong are expected to dilute from 27.13% to 20.35%, which may lead to risks of control being acquired by third parties [5].