# NAURA

The Friction in the Coating: Superpure’s IPO Exposes the Vulnerabilities of China’s Domestic Tooling Supply Chain

Chengdu Superpure’s successful IPO registration reveals the complexities of China’s semiconductor supply chain, where niche specialists face intense pressure from vertical integration by larger domestic clients and competitive technology shifts. While the company claims advanced-node capabilities, its financial health remains tethered to mature processes and a precarious reliance on a few major customers.