Chinese semiconductor thread II

[tokenanalyst]

Gallium core semiconductor gallium oxide thick film epitaxial material completes device-level verification​

Hangzhou Gallium Semiconductor's self-developed homogeneous thick-film epitaxial gallium oxide (β-Ga₂O₃) wafers have successfully completed device-level verification for Schottky barrier diodes at Xi'an University of Electronic Science and Technology. By fabricating terminal-structure-free SBDs, the company demonstrated that its materials possess critical properties such as uniform layer thickness, high crystal quality, controlled carrier concentration, and low interface defect density, all of which passed rigorous reliability testing. This achievement marks a significant milestone in transitioning gallium oxide from laboratory samples to mass-producible components, validating the material's suitability for next-generation power electronics while highlighting its potential to replace outdated discrete current sources with high-precision circuit solutions.

In the broader industry context, this joint university-industry project addresses one of the most critical bottlenecks facing domestic gallium oxide adoption: the consistency and yield of homogeneous epitaxial substrates required for high-voltage applications like new energy vehicle on-board modules and photovoltaic inverters. With this verification in hand, Gallium Core Semiconductor can now iteratively optimize doping precision and surface flatness to advance its product matrix from raw wafers to finished devices including edge-terminal-protected SBDs and MOSFETs. This step solidifies the company's capabilities for domestic substitution in advanced semiconductor materials, paving the way for scalable production of fourth-generation ultra-wide bandgap technologies essential for future high-power transmission and charging infrastructure.

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[tokenanalyst]

The main structure of the first phase of the AMEC South China Headquarters Base project, with a total investment of 3 billion yuan, has​

Recently, the main structure of the first phase of the South China headquarters R&D and production base of AMEC, located in Zengcheng Economic and Technological Development Zone, Guangzhou, was successfully capped, marking the official start of a new stage in the construction of the project, including electromechanical installation and cleanroom engineering.

It is understood that the overall planned area of AMEC's South China headquarters R&D and production base is approximately 130 acres, with a total planned investment of 3 billion yuan. The first phase of the project, which has now been topped out, covers approximately 50 acres and represents an investment of approximately 1 billion yuan, integrating R&D, testing, and assembly functions. After the base goes into operation, it will focus on the R&D and manufacturing of micro-processing equipment such as plasma etching and PECVD for large flat panel displays, and will continue to expand into emerging semiconductor equipment sectors such as smart glass and board-level packaging.

According to the plan, the first phase of the project is expected to be completed by the end of 2026 and officially put into operation in 2027. After the project is completed and reaches full production capacity, the annual output value is expected to be no less than 1 billion yuan.​

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[tphuang]

Since I am coming back after quite some time, tp can you say who are the DUV manufacturers apart from Yuliangsheng and SMEE. And what is the current rate of production per year.

Yuliangsheng? What's their background?

I'm surprised, I've only heard about SMEE and their SSA800 SSA900 but somehow this company is producing first

I wouldn't be surprised if SMEE is Yuliangsheng and part of the same SMIC-Huawei Consortium.

just putting it out there that I take the information articles with a grain of salt.

We know SMEE have been delivering since 2025. So, I'm not sure the relationship between SMEE and Yuliangsheng. I'm assuming they are competitors, but share a lot of the same supply chain.

 

[tokenanalyst]

Yasheng Semiconductor completes tens of millions of yuan in Series B++ financing​

According to the Science and Technology Innovation Board Daily on July 24, Zhejiang Yasheng Semiconductor Equipment Co., Ltd. completed a B++ round of financing worth tens of millions of yuan. This round was jointly invested by TEDA Science and Technology Investment, Honghui Fund and Hanli Capital. All three institutions are existing shareholders of the company in previous financing stages and have continued to increase their investment.

Founded in 2014, the company is a national high-tech enterprise. Its core focus is on the self-developed and mass-produced auxiliary equipment for Sub-FAB (Sub-FAB) fabs in three major semiconductor sectors: integrated circuits, new displays, and photovoltaics. Its main products include semiconductor process exhaust gas treatment equipment (scrubbers), dry vacuum pumps, process heating belts, and CMS (Central Monitoring System), providing complete integrated solutions to downstream wafer fabs, panel manufacturers, and photovoltaic cell factories. As one of the few domestic manufacturers with the capability to independently deliver complete Sub-FAB equipment, its exhaust gas treatment equipment has been adopted in batches by leading companies such as Changxin Memory, Huahong Semiconductor, BOE, and LONGi Green Energy, with the penetration rate of domestic substitution continuously increasing.

According to the fundraising plan, the funds raised in this round will be used in three main areas: first, to expand the production capacity of the Jiashan production base and improve the ability to deliver equipment on a large scale; second, to accelerate the deployment and mass production of equipment for the photovoltaic and new display non-semiconductor business lines; and third, to increase the in-depth iteration of vacuum pump hardware performance and CMS central integrated control system algorithms to enhance product stability and intelligent management capabilities.

In terms of financing pace, YAS Semiconductor has been quite active in the capital market. It completed a RMB 50 million Series A financing in 2024, a Series B financing of over RMB 100 million in October 2025, and received additional investment in Series B++ less than a year later. The pace of its funding is highly consistent with the large-scale expansion cycle of domestic wafer fabs and the new energy industry chain.

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[tokenanalyst]

This is a job posting of the company. High precision could mean motion, that could mean bonding equipment, but they are hiring a lot optical engineers who are not needed on that area. So yes they are a lithography company. They could be a lithography subsystem manufacturer or a spinoff of SMEE.

Shanghai Yuliangsheng Technology Co., Ltd.

Shanghai Yuliangsheng Technology Co., Ltd. , located in Pudong, Shanghai, is a new high-tech enterprise focusing on the research and development of advanced equipment for the semiconductor industry . The company is dedicated to the research and development of high-precision semiconductor equipment, bringing together a large number of industry experts and R&D personnel. It possesses advanced equipment and R&D infrastructure, adopts a modern R&D management system, and boasts an open and progressive culture and a dynamic team. With the rapid rise of China's high-end manufacturing industry and the company's rapid development, we welcome you to join Yuliangsheng, work with leading technology experts, and grow alongside outstanding talent to achieve your goals and illuminate the future!

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Motion engineers.

 

[Michael90]

CXMT is like so undervalued. lol. They are going to be making $20B+ per quarter at probably 80% margin. Even using 10:1 PE ratio, it should be at least $750B. The Chinese investor community is beyond stupid.

Yes agree . Well the Chinese capital markets and investor community in stock market is very limited . If they had listed in the US for example , I’m sure CXMT would have been at least double her current valuation, and even that is on the lower end estimate . Anyway, as I said before , you can’t be doing well in every sector. So there are sectors any country is not as strong in. So I don’t think it’s a big deal as much. They are doing very well in other sectors .

 

[henrik]

Yes agree . Well the Chinese capital markets and investor community in stock market is very limited . If they had listed in the US for example , I’m sure CXMT would have been at least double her current valuation, and even that is on the lower end estimate . Anyway, as I said before , you can’t be doing well in every sector. So there are sectors any country is not as strong in. So I don’t think it’s a big deal as much. They are doing very well in other sectors .

How come the stocks of micron and skhynix are valued so low in the US, with pe of around 6?

 

[tphuang]

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成都中科四点零/RF-Cube is a 2018 founded RF test instrument maker, has already shipped 1000+ RF test systems. Penetrated mass production lines of top domestic RF chip designers. First domestic vendor with fully self-owned RF tester IP deployed at scale.

RF instruments are the largest single segment of China's 400B RMB electronic measurement market which was traditionally dominated by Keysight. Now, domestic players have been climbing with Ceyear, Rigol, Siglent and now RF Cube.

 

[gotodistance]

CXMT is like so undervalued. lol. They are going to be making $20B+ per quarter at probably 80% margin. Even using 10:1 PE ratio, it should be at least $750B. The Chinese investor community is beyond stupid.

This is an EPS bubble. It is the result of Korean semiconductor companies intentionally driving up DRAM prices while cutting production. Now that the number of DRAM companies has solidified into four, if a "DRAM chicken game" begins, the key will be how these four memory companies survive amidst a potential DRAM price crash and deficit performance. The memory industry is a cyclical industry.

 

[latenlazy]

This is an EPS bubble. It is the result of Korean semiconductor companies intentionally driving up DRAM prices while cutting production. Now that the number of DRAM companies has solidified into four, if a "DRAM chicken game" begins, the key will be how these four memory companies survive amidst a potential DRAM price crash and deficit performance. The memory industry is a cyclical industry.

Yes. Smart investing needs to hedge for the risk of down cycle, especially if there’s in fact a bubble that will lead to some intermittent demand destruction.