On the eve of the IPO, a buyback and betting agreement was signed, and the shareholders of Taosheng Technology cashed out.

**Rui Finance Yan Minghui ** Recently, Shanghai Taosheng Electronic Technology Co., Ltd. (hereinafter referred to as: Taosheng Technology) has had its STAR Market IPO accepted for review. The sponsor is Huatai United Securities, and the sponsor representatives are Sun Tianchi and Zhang Pengfei. The accounting firm is Rongcheng Certified Public Accountants.

Taosheng Technology was founded in 2007. With registered capital of 32.80 million yuan, it is mainly engaged in the research and development, design, production, and sales of semiconductor test interfaces.

The company’s actual controller, chairman, general manager, and chief operating officer, Yin Lanyong, collectively controls 44.83% of the company’s shares. He directly holds 28.40% of the shares and, through Suzhou Houji, controls 14.42% of the shares; and through Haori Crystal Breeding, controls 2.01% of the shares.

Since 1994, he has been engaged in the semiconductor industry. With his own 30 years of experience in semiconductor industry R&D and management, Yin Lanyong has helped drive the development of Taosheng Technology. At the same time, he actively promotes capital operations, injecting key funding support for the company’s sustained development.

From March to June 2023, Taosheng Technology launched Pre-IPO preparations. External shareholders injected additional capital at an average price of 40.00 yuan per share. Based on this, the post-money valuation was calculated at 1.224 billion yuan.

In 2025, Taosheng Technology began its Series C financing. The capital increase price rose to 70 yuan per unit of registered capital, and the valuation correspondingly climbed to 2.296 billion yuan. In this round of financing, A-round shareholder Yida No. 2 made a follow-on investment of 25.20 million yuan. Anhui Zhongan, the mixed-ownership reform fund, the Jiangsu equipment fund, and Kunshan Yucheng subsequently joined as shareholders, while Suzhou Houji and Huafeng Measurement & Control cashed out again.

Suzhou Houji became a shareholder of Taosheng Technology through a capital increase in October 2014. At that time, its shareholding ratio was 21.43%, and it was regarded as one of Taosheng Technology’s founding shareholders. According to the prospectus statistics, since November 2022, Suzhou Houji has cashed out Taosheng Technology twice, with a total of 37.337 million yuan received. It currently holds 14.42% of Taosheng Technology’s shares, second only to Yin Lanyong.

Huafeng Measurement & Control is an external shareholder. It entered Taosheng Technology in December 2021. During the reporting period, it reduced its holdings three times, cashing out a total of 56.863 million yuan. It currently holds 2.19% of Taosheng Technology’s shares, less than 5%.

It is worth noting that on March 18, 2025, some shareholders of Taosheng Technology signed the “Shareholders’ Agreement.” Taosheng Technology is required to complete a qualified IPO by December 31, 2028, or else a share buyback will be triggered. The share buyback parties are Yin Lanyong, Gao Kai, Suzhou Houji, and Haori Crystal Breeding.