{
 "title": "Two Chinese Chip Giants Face IPO Review on the Same Day | Robotics & Semiconductors Brief",
 "description": "Yuanwang Keji and Yueshine Semiconductor Face IPO Review on the Same Day | Robotics & Semiconductor Brief\n\nToday's key takeaway: Yuanwang Keji—founded in 2018 by ex-AMD engineers Zhao Lidong and Zhang Yaling, with Tencent accounting for 84% of sales\n\nMain segments covered in this episode:\n- China's five-pronged tech sovereignty push\n- Yuanwang Keji and Yueshine Semiconductor face IPO review on the same day\n- MoonShot AI's Kimi K2.7-Code benchmark inflation controversy\n- LinkBot's robot hand startup pushing for an 80-billion-yuan valuation IPO\n- Huawei's Kunlun 950 enters mass production, begins sourcing away from NVIDIA\n\nPlease leave a comment with topics from today's news you'd like us to dig deeper into.\nIf you see a Hype button in the last 7 days, please hit it so more new viewers can find us.\n\nThis broadcast is brought to you by lawyer Kyungjin Kim.\n\n#AI #ArtificialIntelligence #KyungjinKim",
 "link": "https://kimkj.com/%EC%98%A4%EB%8A%98%EC%9E%90-%EB%89%B4%EC%8A%A4-%EC%98%81%EC%83%81/?mod=document&uid=5932",
 "segments": [
  {
   "id": "S001",
   "slide": 1,
   "speaker": "Host",
   "text": "This broadcast is brought to you by lawyer Kyungjin Kim."
  },
  {
   "id": "S002",
   "slide": 1,
   "speaker": "Guest",
   "text": "So where should we start with today's China tech news?"
  },
  {
   "id": "S003",
   "slide": 1,
   "speaker": "Host",
   "text": "Today at the Shanghai Stock Exchange's 37th listing review committee meeting, two Chinese semiconductor companies are on the agenda for the same day. One's Yuanwang Keji, an AI chip design company, and the other's Yueshine Semiconductor, a 12-inch wafer fab. What's striking is they're putting both the chip designer and the chip maker up for review on the same day—capital pushing the entire semiconductor supply chain forward at once."
  },
  {
   "id": "S004",
   "slide": 1,
   "speaker": "Guest",
   "text": "Beyond semiconductors, what else is happening today?"
  },
  {
   "id": "S005",
   "slide": 1,
   "speaker": "Host",
   "text": "Huawei's Kunlun 950 entered mass production in April, and ByteDance just ordered 5.6 billion dollars' worth. Beijing's robot hand company LinkBot is raising funds at a 6 billion dollar valuation. And next week at MWC Shanghai, we're getting the first-ever humanoid robot soccer challenge. Let's walk through the models, robots, chips, telecom, and policy moves."
  },
  {
   "id": "S006",
   "slide": 2,
   "speaker": "Guest",
   "text": "So what kind of company is Yuanwang Keji?"
  },
  {
   "id": "S007",
   "slide": 2,
   "speaker": "Host",
   "text": "Two ex-AMD engineers founded it in 2018 as an AI chip design company. With this IPO, they're raising about 6 billion yuan—roughly a trillion won—for next-generation chip R&D and production ramp-up. The thing is, Tencent accounts for 84% of their revenue. So if the listing clears, Tencent Cloud's demand flows straight into the capital markets."
  },
  {
   "id": "S008",
   "slide": 2,
   "speaker": "Guest",
   "text": "But they're running big losses, right?"
  },
  {
   "id": "S009",
   "slide": 2,
   "speaker": "Host",
   "text": "From 2022 through Q3 2025, they've accumulated about 4.4 billion yuan in operating losses. Still, on the same day, Guangdong's first 12-inch fab—Yueshine Semiconductor—is also going up for review. For Korean equipment and materials companies, it's opportunity as Chinese customers grow. But if US export controls choke off equipment supplies, that opportunity flips straight into risk."
  },
  {
   "id": "S010",
   "slide": 3,
   "speaker": "Host",
   "text": "This broadcast is brought to you by lawyer Kyungjin Kim."
  },
  {
   "id": "S011",
   "slide": 3,
   "speaker": "Guest",
   "text": "So what model are we talking about now?"
  },
  {
   "id": "S012",
   "slide": 3,
   "speaker": "Host",
   "text": "MoonShot AI released their coding model, Kimi K2.7-Code, on June 12th. They claim it's 21.8% better than the previous version in their own tests, and cuts the tokens used for reasoning by 30%. To be clear, tokens are text chunks the model processes as it generates answers. Fewer tokens mean faster responses and lower costs."
  },
  {
   "id": "S013",
   "slide": 3,
   "speaker": "Guest",
   "text": "So you're saying those numbers aren't believable?"
  },
  {
   "id": "S014",
   "slide": 3,
   "speaker": "Host",
   "text": "VentureBeat reported on June 14th that independent developers couldn't reproduce the same results. The company says they scored 78.2% on SWE-bench, but there's still no independent verification from outside. When you're claiming to be open-source but others can't reproduce your numbers, developers will leave you first. When picking a model, skip the company press release and go with third-party benchmarks."
  },
  {
   "id": "S015",
   "slide": 4,
   "speaker": "Guest",
   "text": "Why is a robot hand maker worth 8 trillion won?"
  },
  {
   "id": "S016",
   "slide": 4,
   "speaker": "Host",
   "text": "In humanoid robots, the hand is the single highest-tech component—the more finger joints, the harder they are to control. LinkBot claims 80% of the global high-dexterity robot hand market, and they're planning to double monthly production to 10,000 units. When one company controls a bottleneck like that, supply chain power concentrates."
  },
  {
   "id": "S017",
   "slide": 4,
   "speaker": "Guest",
   "text": "What's the vibe like with other robot companies?"
  },
  {
   "id": "S018",
   "slide": 4,
   "speaker": "Host",
   "text": "Unitree, Engine AI, BYD-backed Fascinya, and even Dreame—the vacuum maker—are all preparing IPOs at the same time. That's a signal capital sees Chinese robotics as growth stage. Next week on the 24th at MWC Shanghai, the first-ever humanoid robot soccer penalty challenge kicks off, and on the 25th in Hangzhou, a General AI summit follows. Korean robotics companies haven't entered mass production yet, so this is a moment when supply chain dependence on China could deepen."
  },
  {
   "id": "S019",
   "slide": 5,
   "speaker": "Guest",
   "text": "Is the Kunlun chip really selling that well?"
  },
  {
   "id": "S020",
   "slide": 5,
   "speaker": "Host",
   "text": "It costs 70,000 yuan—about 12 million won—not even a third of NVIDIA's H200. ByteDance ordered 5.6 billion dollars of it in a single order, and Alibaba and Tencent are both placing large orders too. When China's three biggest companies are simultaneously buying the same chip, that's not an announcement about leaving NVIDIA—it means they've actually reached procurement stage."
  },
  {
   "id": "S021",
   "slide": 5,
   "speaker": "Guest",
   "text": "Where are we on performance and market momentum?"
  },
  {
   "id": "S022",
   "slide": 5,
   "speaker": "Host",
   "text": "Accelerator cards using this chip deliver 2.87x the compute of NVIDIA's H200, and it's the only Chinese chip supporting FP4, a low-precision inference method. In Q1 this year, Chinese AI chips crossed 50% market share for the first time—52.3%—while NVIDIA dropped from 95% in 2019 to 42.7%. Korean memory exports to China are booming right now, but if Huawei develops its own HBM, even memory could flip to Chinese alternatives."
  },
  {
   "id": "S023",
   "slide": 6,
   "speaker": "Host",
   "text": "This broadcast is brought to you by lawyer Kyungjin Kim."
  },
  {
   "id": "S024",
   "slide": 6,
   "speaker": "Guest",
   "text": "What do you mean telecom carriers are selling AI tokens?"
  },
  {
   "id": "S025",
   "slide": 6,
   "speaker": "Host",
   "text": "China Telecom's selling 10-million-token bundles for 9.9 yuan a month—about 1,800 won—lets you use both their own TeleChat model and DeepSeek. China Mobile partnered with Tencent in Shanghai and opened a workspace with 400,000 tokens for 1 yuan. Telecom revenue is shifting from voice to data, and now it's moving to AI tokens."
  },
  {
   "id": "S026",
   "slide": 6,
   "speaker": "Guest",
   "text": "How far along is 6G?"
  },
  {
   "id": "S027",
   "slide": 6,
   "speaker": "Host",
   "text": "Securities Daily reported on June 12th that 6G commercialization is crystallizing along three fronts—policy, technology, and business. China's Ministry of Industry and Information Technology released an AI + Information & Communications three-year plan on June 10th targeting 75% one-millisecond latency coverage for computing power by 2028. At MWC Shanghai next week, both trends converge."
  },
  {
   "id": "S028",
   "slide": 7,
   "speaker": "Guest",
   "text": "868 registrations—is that fast?"
  },
  {
   "id": "S029",
   "slide": 7,
   "speaker": "Host",
   "text": "It went from 748 at end of last year to 868 in four months—120 new registrations. Just in March and April, 72 services and 49 AI apps completed registration. Services with features that sway public opinion or gather crowds have to pass security assessment and algorithm registration. Registration isn't becoming a barrier to entry anymore—it's becoming the mechanism to steer the market right."
  },
  {
   "id": "S030",
   "slide": 7,
   "speaker": "Guest",
   "text": "How does that differ from Korea's approach?"
  },
  {
   "id": "S031",
   "slide": 7,
   "speaker": "Host",
   "text": "Korea's AI Basic Law, which went into effect in January, regulates only high-risk AI in advance. That's a different starting point from China's universal registration system for all services. Whether Korea will adopt universal registration like China could become a flashpoint in future implementation rule talks."
  },
  {
   "id": "S032",
   "slide": 8,
   "speaker": "Guest",
   "text": "What's the status of US export controls?"
  },
  {
   "id": "S033",
   "slide": 8,
   "speaker": "Host",
   "text": "US think tank CNAS criticized US controls on AI chips to China as strategically incoherent. If you read H200 export rules strictly, they're a de facto total ban; read them loosely, they're nearly unlimited permission. After the Commerce Department formalized flexible review policies in January, the ambiguity actually grew worse. NVIDIA completely excluded about 50 billion dollars in China data center revenue from its fiscal 2027 outlook."
  },
  {
   "id": "S034",
   "slide": 8,
   "speaker": "Guest",
   "text": "What does all this mean for Korea?"
  },
  {
   "id": "S035",
   "slide": 8,
   "speaker": "Host",
   "text": "Over the past two weeks, Unitree, Zhipuai, Minimax, Engine AI, and LinkBot all went public in quick succession. Most are loss-making, yet capital is backing them anyway. During the early-2000s US dot-com boom, money also flooded into unprofitable companies, and after the bubble burst, the few survivors came to dominate. When Chinese companies raise trillions of won through IPOs, the pace of closing the tech gap speeds up."
  },
  {
   "id": "S036",
   "slide": 8,
   "speaker": "Guest",
   "text": "What should people in the industry watch for tomorrow morning?"
  },
  {
   "id": "S037",
   "slide": 8,
   "speaker": "Host",
   "text": "The window for Korean memory profits only stays open until China finishes its self-sufficiency transition—and that window might be 2-3 years, not 5. If you're in semiconductors or equipment, pull out your customer list tomorrow and check your China revenue share first. Then ask: if that share suddenly drops, can we survive? Check your backup customers and inventory levels together."
  },
  {
   "id": "S038",
   "slide": 8,
   "speaker": "Host",
   "text": "This broadcast is brought to you by lawyer Kyungjin Kim."
  }
 ]
}