Qinghe Jingyuan Completes Pre-IPO Round of Financing, Jointly Backed by Weihao Chuangxin and Multiple Industrial Shareholders

Recently, Qinghe Jingyuan Semiconductor Technology (Group) Co., Ltd. (hereinafter referred to as "Qinghe Jingyuan"), a leading enterprise in the field of semiconductor bonding integration, announced the completion of its Pre-IPO round of financing. This round of financing was jointly invested by Weihao Chuangxin and fellow industry players Shanghai Xiangju Investment, Xiamen Jingyao, Xinlian Integration, Sichuan Development Science and Technology Innovation Fund and other core semiconductor industry parties, as well as numerous existing shareholders including AMEC, Jucheng Capital, Cowin Capital, Inno Fund, Xindongneng, Zhengwei Capital, Yunhui Capital, Tsingke Fund of Funds, CCB Investment, Tianchuang Capital, Tsingke Industrial Investment, and Wofu Capital, with the post-investment valuation entering the unicorn ranks.

The successful completion of this round of financing means that Qinghe Jingyuan's high-end bonding technology and equipment capabilities are being seen and recognized by an increasing number of industry forces. Industry leaders continue to join, carrying out joint verification and continuous iteration around key processes such as advanced packaging and heterogeneous integration, having run through the entire chain from R&D to mass production delivery. The continued follow-on investment by numerous existing shareholders demonstrates a high degree of recognition of and trust in the company's governance, standardization, and certainty of growth.

Looking back at the investment history, funds managed by Weihao Chuangxin have been deeply positioned since Qinghe Jingyuan's Series A stage in 2022, with cumulative investment exceeding 100 million yuan; in this Pre-IPO round of financing, Weihao Chuangxin joined hands with its fellow industry player Shanghai Xiangju Investment to continue increasing their stake, and after this round of capital increase they collectively hold more than 5% of Qinghe Jingyuan's shares, continuing to accompany the enterprise as it advances toward the capital market.

Driven by "Equipment + Full-Line," defining a new landscape for heterogeneous integration from stand-alone machines to system-level delivery

Qinghe Jingyuan Semiconductor Technology (Group) Co., Ltd. (iSABers) was founded in July 2020 and is a globally leading provider of platform-based technology and solutions for semiconductor heterogeneous integration. With a dual-wheel drive of "equipment manufacturing + full-line services," the company provides global semiconductor industry customers with a complete set of atomic-level heterogeneous integration solutions.

The company has built a platform-based technology system and a complete product matrix, independently mastering seven core technologies covering equipment R&D and full-line process services, including surface activation, ultra-high vacuum, sub-micron precision alignment, single-wafer spin-coating and cleaning, temperature and pressure control, thin-film bonding transfer and performance optimization, and physical property regulation of bonding interfaces. Relying on six fully self-developed core modules, it has formed three major product series: wafer bonding equipment, chip bonding equipment, and ultra-atomic beam equipment. With supporting full-line service solutions, it has achieved an upgrade from stand-alone performance delivery to system-level delivery capability, creating a full-chain product system covering everything from R&D verification to mass production implementation.

The company's technologies and products are widely used in cutting-edge fields such as HBM high-bandwidth memory, 2.5D/3D advanced packaging, sensing, optical communications, and wafer-level material heterogeneous integration, specifically tackling core industry pain points such as heterogeneous material bonding yield, interface stress, and high-density metal interconnection. Upholding the philosophy of "Integrated Innovation, Breaking Boundaries," Qinghe Jingyuan is committed to becoming a global leader in the field of semiconductor heterogeneous integration and to helping China's advanced semiconductor industry chain achieve independent upgrading.

Orders and production capacity both expanding, Qinghe Jingyuan ushers in historic development opportunities

Currently, with the vigorous rise of the AI industry, the global advanced packaging, Chiplet, optoelectronics, and third-generation semiconductor industries are ushering in structural opportunities. Heterogeneous integration technology has become the core path to breaking through the ceiling of chip performance. Industry leaders' capital expenditure plans of nearly one trillion, with the entire industry chain simultaneously advancing advanced manufacturing capacity construction, are driving the high-end bonding equipment market into a historic opportunity period of rapid demand expansion.

Relying on a solid platform-based technology foundation, Qinghe Jingyuan has keenly captured the industry development window, with its business fully entering a stage of high-speed explosive growth, accelerating the introduction of leading enterprises and global market layout, and building momentum for sustained growth. In 2026, the company's revenue is expected to achieve several-fold growth compared with 2025. In high-end equipment: the company's core equipment continues to win verification and batch orders from leading customers at home and abroad, the world's first C2W&W2W dual-mode hybrid bonding equipment has been successfully applied, and ultra-high vacuum room-temperature bonding equipment continues to lead the domestic market; in full-line services: full-line solutions such as SiC composite substrates, POI RF substrates, and diamond heat dissipation substrates have passed verification by multiple customers and officially entered the stage of large-scale delivery. In terms of production capacity assurance: with the completion and commissioning of the Phase II equipment production line, the company's annual production capacity has jumped to 200 sets, greatly enhancing delivery capability and providing solid assurance for undertaking downstream demand.

Advancing together toward a new future of global semiconductor high-end heterogeneous integration

Weihao Chuangxin's view: Bonding equipment is the core process equipment for the semiconductor heterogeneous integration and advanced packaging industries, and also a key link in achieving independent controllability of domestic semiconductor equipment, with the industry in an upward cycle of rapid demand release. With continuous technological iteration, a well-developed product matrix, and industrial-end implementation verification, Qinghe Jingyuan has already built differentiated competitive barriers. Standing at the key juncture of Pre-IPO, we look forward to Qinghe Jingyuan continuing to deepen its research on underlying bonding equipment technologies, further polishing equipment performance, enhancing mass production delivery capability, deepening collaboration with the domestic upstream and downstream industry chain, and accelerating the large-scale introduction of its equipment in key fields such as storage, logic computing, optical communications, and advanced packaging. Weihao Chuangxin will continue to leverage the collaborative value of its industrial investment platform to empower the enterprise in areas such as industry chain resource matching, downstream scenario implementation, and co-building of the industrial ecosystem, jointly promoting higher-quality industrialization breakthroughs in the domestic bonding equipment industry.