Qiang Yi Co., Ltd.'s sci-tech innovation board IPO was approved by the listing committee, indicating a significant dependency on major clients.

On November 12th, Strong One Semiconductor (Suzhou) Co., Ltd. (referred to as Strong One) passed the listing committee meeting of the Sci-Tech Innovation Board of the Shanghai Stock Exchange. China Securities Co., Ltd. is its sponsor institution, and the company plans to raise 1.5 billion yuan. The prospectus shows that Strong One is a company focusing on serving the semiconductor design and manufacturing industry, focusing on the research, design, production, and sales of probe cards for wafer testing. The company has professional design capabilities for probe cards and their core components, possesses independent MEMS probe manufacturing technology, and can mass produce and sell MEMS probe cards. Probe cards are "consumable" hardware used in the wafer testing stage of semiconductor production processes and are essential supporting components of the semiconductor industry. As an important node between wafer manufacturing and chip packaging, wafer testing enables defect detection and functional testing of chips in the semiconductor product construction process, directly impacting chip yield and manufacturing costs. It is an indispensable part of chip design and manufacturing and plays a vital role in the semiconductor industry chain. Amidst the continuous innovation in artificial intelligence and digital technology, the performance of probe cards ensures the reliability of semiconductor products that play a decisive role in fields such as communications, computers, consumer electronics, automotive electronics, and industrial sectors. The company's probe card products include a comprehensive range of 2D/2.5D MEMS probe cards, vertical probe cards, cantilever probe cards, thin film probe cards, etc. During the reporting period, in terms of business type classification, probe card sales accounted for nearly 97% of the company's main business revenue. The probe card industry has long been dominated by overseas manufacturers, with significant potential for domestic substitution. According to public information collected and compiled as well as data from Yole, in 2023 and 2024, the company ranks ninth and sixth, respectively, in the global semiconductor probe card industry. It is leading domestic manufacturer in the probe card market domestically and competes directly with leading overseas probe card manufacturers in its business activities. The prospectus highlights risks, stating that during the reporting period, the sales to the top five customers accounted for 62.28%, 75.91%, 81.31%, and 82.84% of the revenue, indicating a high level of concentration. Additionally, due to the fact that some of the company's customers, such as packaging testing manufacturers or wafer foundries, provide wafer testing services to Company B and purchase probe cards and related products from the company, the company is significantly dependent on Company B. After deducting issuance expenses, the company will invest the raised funds in the following projects: Financially, Strong One achieved revenue of approximately 254 million yuan, 354 million yuan, 641 million yuan, and 374 million yuan in 2022, 2023, 2024, and the first six months of 2025 respectively. During the same period, the net profits were 15.62 million yuan, 18.65 million yuan, 2.33 billion yuan, and 1.38 billion yuan respectively.