Driven by the wave of domestic semiconductor substitution Guanshi Technology disclosed its plan to issue shares to specific investors in 2025. The company plans to issue no more than 22.0405 million shares to no more than 35 qualified investors through a "competitive bidding + cash" method, raising no more than 700 million yuan.
The raised funds will mainly be used for the "Photomask Manufacturing Project" in Ningbo Qianwan New Area, of which 530 million yuan will be invested in 28nm and below process mask production lines, and 170 million yuan will be used to supplement working capital and alleviate operating capital pressure.
Reticle plates, a key material for semiconductors and new display devices, serve as pattern transfer masters, transferring circuit patterns onto substrates or wafers through exposure for mass production. The global semiconductor mask market is projected to reach US$8.94 billion in 2025, with the domestic market estimated at approximately RMB 18.7 billion. This market is expected to continue to grow. However, my country lags behind in the mask market overall, with the global third-party semiconductor mask market dominated by international giants such as Phoenix (US), Toppan Printing (Japan), and Dai Nippon Printing (Japan). my country's photomask industry developed late, relying on imports for key raw materials and equipment. The mid- to high-end market is still dominated by foreign manufacturers, resulting in a low domestic content rate of approximately 10% overall and only 3% for high-end photomasks. This leaves significant room for domestic substitution. For this reason, mask plates have been designated as a key support sector, enjoying preferential tax policies. Currently, domestic substitution of semiconductor photomasks has entered a comprehensive phase.
The plan states that this private placement has three main objectives. First, it aims to improve equipment support capabilities and enhance the competitiveness of existing businesses. The company has already launched new 55nm products and successfully completed the 40nm production line. The raised funds will increase investment in backup equipment and testing equipment for key process links. Second, it aims to introduce mid- to high-end process equipment to promote iterative upgrades of mask plates. The 28nm mask production line is a key bridge and core battlefield. The raised funds will help the company achieve high-end breakthroughs and large-scale development. Third, it aims to strengthen the company's capital strength and enhance its risk resilience. As the business scale expands, the company's notes and accounts receivable and short-term loans will increase. Once the raised funds are in place, net assets will increase, the debt-to-asset ratio will decrease, and financial expenses will be saved.
The project implementation is feasible. The company has relevant management experience and good cooperation with many leading display panel manufacturers. It can apply its existing business experience to the field of semiconductor masks. The project team has rich operational experience. It is led by a senior expert and a team of about 40 people with practical experience in all aspects. The company planned the project in 2021 and established a subsidiary to implement it in 2023. It has completed many important node goals ahead of schedule and built a complete manufacturing system. The project has been partially completed and put into production, the basic construction of the factory building has been completed, and the main production equipment has been installed and debugged. As of the end of August 2025, the cumulative revenue has reached approximately RMB 10.1873 million. Revenue is expected to increase after the product verification cycle is completed.