#NAURA control change

KINGSEMI: A Scarce Domestic Track Asset, Priced Well Ahead of the Evidence

KINGSEMI is a specialized Chinese semiconductor-equipment maker in front-end coat/develop tracks and single-wafer wet tools, now controlled by NAURA. 2025 revenue grew 11% to CNY 1.95 billion, but attributable profit fell 65% to CNY 71.7 million, and a one-month 79% surge lifted the market cap to CNY 88.5 billion, about 45 times sales. Rating Avoid: a genuinely scarce front-end track franchise, but at CNY 439 the price already assumes a mature cleaning-and-platform business the operating evidence does not yet support.