Looking at A-shares liquidity, whether it's Puran or Zhaoyi, these A-share original manufacturers/Taiwanese original manufacturers are much cheaper than A-share module makers/Taiwanese module makers. Phison Electronics, one of the top three global third-party module makers, has revenue seven times that of PuMicro-UW (SZ301666), with a market cap of just about 200 billion. Compare it to something like ADATA, which is only a few hundred billion, and you'll see how cheap A-share original manufacturers are.