Integrate core assets, Jingce Electronics accelerates semiconductor measurement and inspection track layout
Against the backdrop of accelerating semiconductor equipment localization in China, Jingce Electronics (300567.SZ) recently disclosed a major asset restructuring plan, which has injected a shot in the arm for the market. The proposed transaction will acquire the remaining 41.17% equity of its controlled subsidiary Shanghai Jingce through issuing shares, convertible bonds, and cash payment, achieving wholly-owned control. This move is not only another strategic integration of core front-end measurement and inspection assets following the transfer of Phase I Big Fund's equity in 2025, but also signals the intention to optimize governance, improve decision-making efficiency, strengthen technology synergy and customer resource reuse, and ultimately consolidate and expand its competitive advantage in semiconductor measurement and inspection.
Governance Structure Upgrade: From 'Controlled Empowerment' to 'Wholly-Owned Coordination'
As Jingce Electronics' core front-end semiconductor asset, Shanghai Jingce focuses on film thickness measurement, OCD optical critical dimension measurement, and electron beam inspection, which are indispensable in the full semiconductor manufacturing process. Previously, Shanghai Jingce had a diversified equity structure including specialized industrial capital such as Phase II Big Fund. After the acquisition, the company will fully achieve wholly-owned control of this core asset, completing the governance upgrade from 'controlled empowerment' to 'wholly-owned coordination.' This simplifies governance, eliminates profit dilution from minority interests, and enables overall coordination of capital, technology, and customer resources, significantly improving decision-making and implementation efficiency in the semiconductor business.
Technology Barrier Breakthrough: Seizing the 'Uncharted Territory' of Advanced Process
Compared to traditional display inspection, semiconductor measurement and inspection equipment has extremely high technical barriers. Shanghai Jingce is one of the few domestic enterprises achieving commercial deployment of such high-end equipment. As the localization rate of mature process equipment steadily rises, measurement and inspection equipment for advanced processes below 28nm remains heavily dependent on overseas supply, leaving vast room for domestic substitution. By deeply integrating Jingce Electronics' precision optical inspection and automation measurement control platform with Shanghai Jingce's semiconductor precision inspection processes, the company can achieve cross-domain technology reuse and precision upgrades, effectively reduce R&D friction, accelerate iterative deployment of high-end equipment such as electron beam inspection and advanced packaging inspection, and continuously narrow the technology gap with leading international manufacturers.
Customer Synergy Amplification: Seizing the Golden Window for Domestic Substitution
From an operational perspective, Jingce Electronics has strategically optimized its business structure, with the semiconductor business becoming the core growth engine. Recently, Shanghai Jingce has won large orders and applied products in advanced process lines in batches, validating market acceptance. After wholly-owned control, the company will maximize channel and customer synergy value. Leveraging the listed company's brand, capital, and channel advantages, Shanghai Jingce can accelerate its entry into the supply chains of top domestic wafer fabs and advanced process lines, achieving large-scale product introduction.
Looking ahead to 2026, AI computing power and HBM memory capacity expansion drive sustained high global semiconductor equipment demand. Overseas equipment manufacturers are constrained by core component shortages, extending delivery cycles, providing an excellent opportunity for domestic wafer fabs to increase local procurement. According to institutional forecasts, China's two major memory leaders, CXMT and YMTC, may procure equipment worth 55 to 63 billion RMB annually. During this window, domestic equipment companies with strong delivery capabilities and mature mass production will continue benefiting from order transfers. Jingce Electronics is undoubtedly riding the crest of this wave.
Conclusion
This wholly-owned control of Shanghai Jingce is a key step in Jingce Electronics' core asset integration. It fundamentally streamlines the long-term business structure, injects momentum into advanced process breakthroughs and deep customer penetration, and further solidifies its leading position in semiconductor measurement and inspection in China. As the autonomous localization of semiconductor equipment deepens, Jingce Electronics' long-term value is expected to be fully released.
