<p>➀ Chip start-ups in China have been facing a series of deep reflections over the past six years.</p><p>➁ The opportunities in the chip industry are cyclical and have an element of chance.</p><p>➂ The Chinese chip market may not be able to accommodate many domestic chip companies, and the industry is heading towards polarization.</p><p>➃ The two possible outcomes for domestic chip start-ups are listing or acquisition.</p><p>➄ The era of 'survival of the fittest' has passed in the Chinese chip industry, and only the 'winner takes all'.</p>