"We have studied the development paths of 17 top unlisted technology enterprises worldwide and found that they all share one common characteristic: they refuse to be hijacked by the short-term profit demands of the capital market."
She brought up a comparative chart of capital structures. "Semiconductor research and development requires continuous investment. Take EUV lithography machines as an example; it takes at least several years of cultivation from project initiation to mass production. During this period, any capital intervention can derail the technical route."
At this, her tone abruptly turned firm: "Therefore, today, as the absolute helmsman of Yaoguang Group, I announce—Yaoguang Group will never go public."
Chapter 213