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Liyang Chip (利扬芯片)利扬芯片

688135Reviewed 2026-08-30

Liyang Chip operates an independent (third-party) semiconductor testing business, providing outsourced IC test services to fabless design houses and IDMs rather than manufacturing its own chips. Revenue is earned from test service fees as customers outsource wafer probing and finished-product testing instead of maintaining in-house test floors.

Scale

~$86Mrevenue FY2025 · CNY 0.6B
~$1.2Bmarket cap · 2026-10-04

Gap vs frontier

Close behindsector position

Sector-level position; no priceable accelerator silicon to compare chip-by-chip.

Liyang Chip (利扬芯片): close behind tier in Assembly & test (OSAT), ~$86M FY2025 revenue.

The chip stackEach layer depends on the layers below it
1 · ChipsWhat the stack produces
2 · Design toolsSoftware and IP to design them
3 · ManufacturingPlants that turn designs into silicon
Assembly & test · Close behind
4 · EquipmentMachines inside the plants
5 · MaterialsWhat the plants consume

Company at a glance

Scale

Revenue up 23% since FY2023

Growth prospects

Revenue trajectory FY2023–2025

China competition

Competes with JCET, Tongfu Microelectronics, Huatian, SJ Semiconductor in Assembly & test — peers listed at sector level.

Close behind

Global comparables

Global reference set: ASE, Amkor, JCET.

Technical gap

Sector rated close behind vs the frontier.

Obstacles

Sector bottleneck applies

High-end package complexity, global customer mix, test equipment access, and advanced substrate supply.
All sourced facts (1)
  • Listing status: Shanghai Stock Exchange STAR Market (Ke Chuang Ban) · 688135 · A-share

Why it matters

Liyang Chip (brand Leadyo) is a listed independent IC testing specialist on the Shanghai STAR Market, supplying third-party test capacity to China's fabless ecosystem. Its structural edge is domestic OSAT/test outsourcing capacity at a moment when test capacity and equipment are a bottleneck for Chinese chipmakers seeking alternatives to foreign test houses. The test that matters is whether it scales from mainstream test work into higher-complexity advanced SoC, memory, and high-pin-count testing at volume and lands named anchor fabless customers to absorb that capacity.

Where it sits in the stack

Manufacturing

Assembly & test (OSAT)

Close behind

High-end package complexity, global customer mix, test equipment access, and advanced substrate supply.

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Key semiconductor products

  • independent IC testing services

Financials

688135.SS · Shanghai Stock Exchange STAR Market 688135.SS · via Yahoo Finance ↗

Financial trajectory via annual filings via Yahoo Finance

RMB billions
RMB 0.5BRMB 0.02B
2023
RMB 0.49BRMB -0.06B
2024
RMB 0.62BRMB -0.01B
2025

Market data refreshed daily; annual figures from exchange filings. Figures in the reporting currency shown on the chart.

Competitive position

  • China position: Substitute.
  • Positioned as domestic third-party test capacity.
  • Test capacity and ATE availability are the likely bottleneck; details not disclosed in signals.

Milestones and signals

  • 2026-10-04—Market cap: RMB 8.5B
  • FY2025—Revenue: RMB 618M
  • FY2025—Net Profit: RMB -9.2M
  • Listing—Shanghai Stock Exchange STAR Market (Ke Chuang Ban) · 688135 · A-share

What to watch

  • New product releases with disclosed specifications.
  • Customer qualification, design-win, or volume-use signals.
  • Revenue, capacity, shipment, market-share, or valuation updates.
  • Export-control, supply-chain, or tooling constraints.

Questions

Last reviewed 2026-07-11

Answered questions

What is the measurable gap versus global reference companies?

Positioned as domestic third-party test capacity.

Open questions

  • Which products are qualified beyond pilots in OSAT?
  • Which customers, fabs, or end markets show real adoption rather than policy interest?