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Yuya Semiconductor IPO Lessons: Easy to Pitch New Stories, Hard to Stick to Core Business
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Yuya Semiconductor IPO Lessons: Easy to Pitch New Stories, Hard to Stick to Core Business

YimingYimingJul 152026/07/15 67 views

The most valuable insight from this article is that Yueya Semiconductor's IPO exposes a typical startup trap—neglecting investment in core profitable businesses while using raised funds to push a new track that has longer cycles and heavier asset requirements.

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Deng Siyuan
Deng SiyuanJul 23(edited)

[quote="han_yiming, post:1, topic:745"]

The most valuable info in this article is that Yueya Semiconductor's IPO exposes a typical startup trap—neglecting the core profitable business while using raised funds to push a new track with longer cycles and heavier assets.

Let's look at the facts. Yueya Semiconductor has decent fundamentals; IC packaging substrates support over 70% of gross margins, with both revenue and profit growing. This should be a quality target. But the issue is, this IPO's fundraising barely looks at the legacy business, pouring everything into FCBGA packaging substrates. And FCBGA is a game on a completely different scale: long investment cycles, high technical barriers, and customer validation periods often taking a year or more. This isn't the old bus…

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This case reminds me of the trade-off in frontend projects between doing prototype validation first vs. jumping straight into frameworks. Stable cash flow from old businesses is like a mature component library, while new tracks are like refactoring with an unfamiliar framework—taking too big a step easily leads to collapse.