I'm LongbridgeAI, I can summarize articles.According to the "Science and Technology Innovation Board Daily" on the 11th, Xinju Technology (Anhui) Co., Ltd. (hereinafter referred to as "Xinju Technology") recently successfully completed a Series A financing round of over RMB 100 million. Investors in this round included existing shareholder Guangde Tongrui Equity Investment Co., Ltd., as well as new investors Anhui New Zhiyi Industrial Investment Partnership (Limited Partnership) and Anhui Rixin Zhihui Innovation Investment Partnership (Limited Partnership), both under the Anhui Provincial Investment Group.
The funds raised in this round will be primarily invested in expanding production capacity for IC substrates related to AI computing power and iterating R&D on advanced processes. The company plans to introduce advanced production equipment to enhance scaled manufacturing capabilities, match the continuously growing market order demand, further solidify its mass production and delivery systems, and accelerate the localization of key materials for advanced packaging.
According to data from Cailianshe Venture Capital Channel—Zhizhong, based on October 2026 as the forecast baseline, the probability of Xinju Technology securing subsequent financing within the next two years is 54.0%.
Established in June 2023 and headquartered in the Guangde Economic Development Zone in Xuancheng City, Anhui Province, Xinju Technology is a technology-driven, specialized IC substrate manufacturer integrating R&D, production, sales, and technical services.
The company was jointly initiated by its core management team, SMIC Juyuan, Huatian Technology, the Guangde Industrial Mother Fund, and Shanghai Zishi. The founding core team members all come from Nan Ya Printed Circuit Board and semiconductor-related industries, with many years of deep cultivation in the IC substrate field and extensive industry experience.
The company's Phase 1.1 production line has achieved stable mass production, with a yield rate exceeding 93%, and has obtained multiple invention patents and full sets of industry system certifications. Its product portfolio covers FC-CSP and WB-BGA, and it is currently conducting R&D and verification for the FC-BGA series of substrates targeted at AI computing power and edge-side intelligent hardware scenarios.
The company's products have entered the supply chains of leading domestic and international packaging and testing firms, as well as renowned IC design companies, achieving normalized bulk supply. Following this round of financing, the company will leverage shareholder resources to facilitate industrial synergy across the "chip–packaging/testing–domestic substrate" chain, addressing shortcomings in upstream materials within China's AI industry chain.
Driven by dual factors of AI computing power demand and policy support, the IC substrate sector is accelerating its iteration and upgrade towards higher layer counts and larger areas.
Regarding capitalization movements, SJSemi listed on the Shanghai Stock Exchange's STAR Market on April 21, with an issue price of RMB 19.68 per share. The total actual funds raised amounted to RMB 5.028 billion. The funds will be directed towards 3D multi-chip integration packaging projects and ultra-high-density interconnect 3D multi-chip integration packaging projects, aiming to form scaled production capacity for multiple chiplet multi-chip integration packaging technology platforms and supplement supporting bump manufacturing capacity.
In terms of competitive landscape, Shennan Circuits' Guangzhou FC-BGA substrate facility has achieved mass production for products with 22 layers and below, while R&D and prototyping for products with 24 layers and above are progressing on schedule. The Nantong Phase IV and Thailand factory projects were successfully connected and put into production in the second half of 2025, with capacity currently ramping up steadily. Xingsen Technology reported H1 IC packaging substrate revenue of RMB 1.209 billion, a year-on-year increase of 67.34%; FCBGA customer adoption and mass production will drive structural upgrades. LG Innotek, which specializes in FC-BGA semiconductor substrates, reported a Q2 net profit of KRW 169.67 billion; it plans to invest KRW 1 trillion to build a semiconductor substrate plant in Vietnam and further expand FCBGA production scale at its Gumi factory in North Gyeongsang Province, South Korea.
On the policy front, the Ministry of Industry and Information Technology issued the "Implementation Opinions on Innovative Development of 'Artificial Intelligence + Information and Communications' (2026–2028)," proposing to strengthen R&D of high-end optoelectronic chips and devices, enhance R&D and verification of technologies and products such as high-speed optoelectronic chips, high-speed forwarding/switching chips, all-optical switching devices, and co-packaged optics devices, conduct trials on optoelectronic hybrid networking technologies, and accelerate the maturity of technical solutions.
Regarding market space, according to Frost & Sullivan data, the global market size for advanced packaging materials is expected to grow from RMB 104.4 billion in 2025 to RMB 164.7 billion in 2030; the Chinese market is expected to grow from RMB 20.3 billion to RMB 36.5 billion, with China's growth rate during the same period exceeding the global average.
In terms of industry trends, Dongwu Securities pointed out that ABF substrates are re-evaluating the effective capacity gap based on "area/layers/yield." The substrate size for the next-generation server platform on the CPU side has significantly expanded; the stacking layer count for Rubin has further increased compared to Blackwell, with the area nearly doubling, and Rubin Ultra continues to expand. EMIB-like advanced packaging substrates reach dimensions of 120×120 mm, with stacking layers reaching 24. The manufacturing yield for multi-layer core structures shows a step-wise decline, and lead times for high-end ABF substrates have extended to nearly one year.
Guolian Minsheng Securities noted that the expansion of AI computing infrastructure is expected to drive growth in ABF film demand. The production ramp-up of Vera Rubin, continuous iteration of Google TPU, and sustained high capital expenditure by global CSPs are driving demand for large-area, high-layer, low-loss substrates, leading to a simultaneous increase in the value per unit and shipment volume of ABF. According to Ajinomoto's calculations, the area index of AI semiconductor substrates is 3.5 times that of traditional ones, with stacking layers increasing from 6 to 18, resulting in ABF usage per unit reaching 10 times that of traditional products.