Optical module supplier races for IPO, 60% of revenue comes from Zhongji Xuchuang, facing patent litigation from global giants - 36Kr

Liqi Intelligent is heading for ChiNext IPO review, but its plan to raise funds for working capital has drawn scrutiny.

The company remains heavily reliant on a single major customer, while its 2025 growth, cash flow, and gross margin have weakened.

Disputes over equity transfer pricing, related-party transactions, and seeking extra funding after cumulative dividends are adding governance concerns.

MRSI and ASMPT have filed patent infringement lawsuits over the company’s core die-bonding equipment, threatening key sales and profits.