Chip Testing Firm Leadyo Passes IPO Screening, to Go Public on Star Market
...and is almost certainly going to be trading on the Star Market.
The local capital market watchdog has greenlighted semiconductor testing company Leadyo's Star Market IPO.
The company's main business involves wafer and chip tests, occupying approximately 0.95%–1.26% market share of the Chinese IC testing industry in 2019.
According to its newest prospectus, from 2017 to 2019, the revenues were CNY 129.32 million, CNY 138.38 million and CNY 232.01 million. Among them, 87.61%, 77.04% and 76.39% came from the top 5 customers.
Some potential risks of Leadyo:
► The traction with the largest customer MicroBT, accounting for 28.75% of revenues in 2019, is uncertain. MicroBT's actual controller was arrested, and the iteration of its products will make transaction amounts fluctuate.
► Risk of concentration of company sales area. The proportions of the current main business income from South China were 92.63%, 84.67% and 83.38%.