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, 2025, after a previous postponement in September 2025 [2] Company Overview - Youxun Chip is recognized as a "national manufacturing single champion enterprise" in the optical communication sector, focusing on the research, design, and sales of optical communication front-end transceiver chips [2] IPO Details - The IPO application was accepted on June 26, 2025, and has undergone two rounds of inquiries [2] - The initial review in September 2025 resulted in a "postponed review" decision [2] - The planned fundraising amount has been reduced from 889 million yuan to 809 million yuan following the cancellation of a project aimed at supplementing working capital, which was originally set to raise 80 million yuan [5][6] Financial Performance - As of June 30, 2025, total assets amounted to 8.449 billion yuan, with equity attributable to shareholders at 7.815 billion yuan [6] - The company reported revenues of 339 million yuan in 2022, 313 million yuan in 2023, 411 million yuan in 2024, and 238 million yuan in the first half of 2025 [6] - Net profits for the same periods were 81.4 million yuan, 72.1 million yuan, 77.9 million yuan, and 46.9 million yuan respectively [6] Shareholding Structure - The shareholding of Youxun Chip is relatively dispersed, with no single shareholder holding more than 30% of voting rights, indicating the absence of a controlling shareholder [7] - The actual controllers, Ke Binglan and Ke Tenglong, collectively hold 27.13% of the voting rights, having taken control in November 2022 after a decade without a controlling shareholder [7]

Core Viewpoint - The Shanghai Stock Exchange will hold a listing review meeting on October 15, 2025, to discuss the initial public offering (IPO) of Xiamen Youxun Chip Co., Ltd. [1] Company Summary - Youxun Chip plans to raise 809.065 million yuan for the development and industrialization of next-generation access network and high-speed data center chips, automotive chips, and 800G and above optical communication chips and silicon photonic components [1] - The company's shareholding structure is relatively dispersed, with no single shareholder holding more than 30% of voting rights, indicating no controlling shareholder [1] - The actual controllers of Youxun Chip are Ke Binglan and Ke Tenglong, who collectively control 27.13% of the voting rights [1] Industry Summary - The IPO is part of a broader trend in the semiconductor industry, focusing on advanced technologies such as high-speed data processing and optical communication [1] - The involvement of major financial institutions like CITIC Securities as the sponsor indicates strong market interest and confidence in the company's growth potential [1]

Core Viewpoint - The Shanghai Stock Exchange's listing review committee has postponed the initial public offering (IPO) review of Xiamen Youxun Chip Co., Ltd. (referred to as "Youxun") during its 37th meeting of 2025 [1] Company Overview - Youxun focuses on the research, design, and sales of optical communication front-end transceiver chips [2] - The company's shareholding is relatively dispersed, with no single shareholder holding more than 30% of voting rights, indicating the absence of a controlling shareholder [2] - The actual controllers of the company are Ke Binglan and Ke Tenglong, who collectively control 27.13% of the voting rights [2] IPO Details - Youxun plans to publicly issue up to 20 million shares on the Shanghai Stock Exchange's Sci-Tech Innovation Board, accounting for no less than 25% of the total share capital post-issuance [2] - The company aims to raise approximately 809.065 million yuan for projects related to next-generation access networks, automotive chips, and 800G and above optical communication chips [2][3] Fund Allocation - The total investment for the projects is as follows: - Next-generation access network and high-speed data center chip development: 467.8065 million yuan [3] - Automotive chip research and development: 169.0847 million yuan [3] - 800G and above optical communication chips and silicon photonic components: 172.1738 million yuan [3] - The total amount to be raised is 809.065 million yuan [3] Key Questions from the Listing Committee - The committee raised concerns regarding the sustainability of the company's operating performance, potential risks of declining gross margins, and the stability of the actual controller's control over the company [4][5]

Core Viewpoint - The Shanghai Stock Exchange will hold a listing review meeting on September 19, 2025, to evaluate Xiamen Youxun Chip Co., Ltd.'s application for fundraising of 809.065 million yuan for various chip development projects [1][2]. Group 1: Fundraising Details - Youxun Chip plans to raise a total of 809.065 million yuan for three main projects: 1. Development and industrialization of next-generation access network and high-speed data center chips, with an investment of 467.8065 million yuan [2]. 2. Research and industrialization of vehicle-mounted chips, with an investment of 169.0847 million yuan [2]. 3. Research and development of 800G and above optical communication chips and silicon photonic components, with an investment of 172.1738 million yuan [2]. - The total investment for these projects sums up to 809.065 million yuan [2]. Group 2: Underwriting Information - The lead underwriter for Youxun Chip's fundraising is CITIC Securities Co., Ltd., with representatives Dai Wushi and Ma Rui overseeing the process [2].