Youbang Technology is scheduled to face listing review on August 21, 2026. Founded in 2003, the company focuses on the niche segment of electronic assembly materials. Its product portfolio spans four categories: electronic adhesives, electronic soldering materials (including solder paste, solder bars, and solder wire), wet chemicals, and supporting dispensing automation equipment. From 2023 to 2025, the company recorded operating revenues of RMB 899 million, RMB 1.025 billion, and RMB 1.136 billion respectively, reflecting a compound annual growth rate of approximately 12.5%. Net profits attributable to parent company shareholders stood at RMB 89.94 million, RMB 93.62 million, and RMB 108 million over the same period.

The prospectus reveals an exceptionally sensitive detail: Youbang Technology's former director and deputy general manager, Liu Yanghui, is the brother of Liu Yangwei, the current chairman of Hon Hai Precision Industry (2317.TW), the parent company of the Foxconn Group. This familial connection places every transaction between Youbang and Foxconn squarely in the spotlight of market scrutiny. Liu Yanghui's interests in Youbang span three dimensions.

First, at the equity level. Liu Yanghui directly holds 3.19 million shares of Youbang, representing a 3.99% stake, ranking him as the company's fifth-largest shareholder. What draws even greater attention is that the debt Liu incurred from borrowing money to acquire shares in Youbang was ultimately waived by an investment firm led by a former BYD executive. The practice of borrowing to buy shares and then having the debt forgiven by a third party—essentially acquiring shares at zero cost—is rarely seen in a normal IPO process.

Second, in terms of employment and consulting fees. Liu Yanghui served as general manager of Yunuo Industrial (Youbang's predecessor) from January 2015 to January 2016, and subsequently held roles including supervisor, chairman assistant, director, and deputy general manager from January 2016 to October 2022. After reaching retirement age in October 2022, the company rehired him as a strategic development consultant, paying him consulting fees. Even more striking are the consulting fees paid to Liu Yanghui's spouse, Zhou Caijie. From 2020 through the first half of 2023, Zhou received a total of RMB 1.7 million over three and a half years under the stated purpose of assisting with "client development and technical support."

Third, there is the coincidence of performance growth. In response to regulatory inquiries, Youbang claimed that its collaboration with Foxconn began in 2008, predating Liu Yanghui's tenure, and that sales revenue fluctuations are unrelated to his presence. However, the inquiry response documents show that sales from Youbang's predecessor to Foxconn amounted to RMB 14.49 million in 2013 and RMB 35.78 million in 2014. After Liu Yanghui joined in January 2015, sales to Foxconn climbed steadily, reaching RMB 309 million by 2023—a tenfold expansion. The company's growth cycle aligns almost perfectly with Liu Yanghui's employment period.

The relationship between Youbang and Foxconn extends well beyond the Liu Yanghui connection. At the operational level, Foxconn has long been Youbang's largest client. During the reporting period (2023–2025), sales to Foxconn were approximately RMB 309 million, RMB 323 million, and RMB 299 million, accounting for 34.87%, 31.78%, and 26.55% of main business revenue respectively. Looking further back, these ratios were 12.97%, 13.77%, and 22.88% from 2020 to 2022, demonstrating a clear and escalating trend of dependency. At the equity level, Foxconn's subsidiary Jinjihu Investment holds 3.44% of Youbang's shares, making it the company's eighth-largest shareholder. This dual identity as both client and shareholder weaves an intricate web of interconnected interests.

More alarming is the fact that when Youbang first filed for listing on the ChiNext board in 2023, it failed to disclose that Jinjihu Investment's actual controller is Foxconn. This omission triggered regulatory inquiries and forced the company to voluntarily withdraw its application. If related-party transactions and client concentration represent the "qualitative" issues in Youbang's IPO, then the aggressiveness of its capacity expansion plans constitutes a fatal flaw on the "quantitative" front. Current capacity utilization is severely insufficient. In 2025, the company's overall capacity utilization stood at approximately 69%. By product segment: electronic adhesives achieved 88.75% utilization, which is acceptable, but wet chemicals utilization was only 52.25%—nearly half of the capacity sitting idle. More concerning, wet chemical sales volume declined from 12,947.56 tons in 2023 to 8,919.05 tons in 2025, with capacity utilization also experiencing significant volatility.

Against this backdrop, the company plans to raise RMB 519 million for capacity expansion, projecting an additional 51,110 tons of new capacity by 2031—equivalent to an expansion of roughly 1.75 times its current scale. With wet chemical sales declining and capacity utilization at just 52%, how can this massive new capacity possibly be absorbed? This has become the market's most central concern. Analysts point directly to the core contradiction: "The company hasn't even effectively digested its existing capacity yet. If it further expands capacity through this fundraising project, how will the new capacity ever be absorbed?"