On October 19, Shenzhen MicroView Advanced Packaging Technology Co., Ltd. completed the tutoring filing registration with the Shenzhen Securities Regulatory Bureau, with Huatai Lianhe Zhengquan acting as the tutoring sponsor.
Founded in December 2019, the company is not yet seven years old. This pace is considered fast in the semiconductor equipment industry.
| 500%
Lei Weizhuang, the founder and chairman of MicroView, has been engaged in high-precision packaging for over 20 years. Recently, on CCTV Finance, he provided two figures: in the first half of this year, the company's memory chip packaging equipment saw a year-on-year increase of over 500%, and optical transmission chip packaging equipment grew by more than 300%.
Let us break it down. "A year-on-year increase of over 500%" does not mean "revenue increased fivefold"; the base figure is unknown to the public. It only indicates one thing: the direction of orders has changed, and changed drastically.
The changes are in two areas.
One is memory. The memory price increase this year started with chips, followed by modules, and finally reached packaging. Equipment manufacturers are at the very end of the entire chain. The extent to which chip manufacturers raise prices determines when equipment manufacturers' orders follow, often with a lag of half a year to a year. MicroView has an MV-M50 machine capable of 16-layer stacking, targeting high-density memory applications such as HBM.
The other is optical. Once the production of 800G and 1.6T optical modules expands, the requirements for the two processes of coupling and die bonding change. Previously, it was "as long as it can be made," but now precision directly determines the yield rate. MicroView's coupling machines can perform dual-lens coupling, dual-FA coupling, CPO lens, and FAU coupling. The company states that among the world's top ten optical device and optical module manufacturers, it already serves seven or eight, with overseas orders accounting for over 20%.
These two forces converged in the same period, resulting in those two percentages.
Therefore, this is more like "catching a cycle that perfectly aligns with its proficient processes." This is entirely different from "achieving a technological breakthrough and thus being repriced."
Capacity is the other half. In May this year, MicroView's manufacturing headquarters expanded to over 20,000 square meters, with an annual production capacity of over 3,000 units. Standard models can be delivered within one to three months, and the second round of capacity expansion is already underway.
There is an easily overlooked point here: producing 3,000 units a year and delivering within one to three months means materials must be prepared in advance and inventory must be held by the company itself. This is completely different from the agile approach of "starting production only after receiving an order." The pressure of capital and materials falls entirely on the company.
The company dared to do this because it predicted the cycle in 2025 and took early action to expand capacity. This judgment now appears to be correct.
| One Round of Financing Per Year
In August 2021, Zhongxin Juyuan led a Pre-A round of tens of millions of CNY; in April 2022, Jishi Ziben led an A round of tens of millions of CNY; in October 2023, Haitong Kaiyuan led an A+ round of nearly CNY 100 million, with Fenxiang Touzi following; in January 2024, Qianhai Zhongchuan led an A++ round, with Puhua Ziben following; in August 2025, a B round of over CNY 100 million was completed, with Qianhai Jinkong, Mingshi Ziben, and Lihe Kechuang joining, and Haitong Kaiyuan and Fenxiang Touzi continuing to follow.
One round per year, the pace is quite steady.
Looking at the shareholder list, Haitong Kaiyuan holds 10.4011%, making it the largest external shareholder; Zhongxin Juyuan holds 4.8454%. The rest are Fenxiang Touzi with 3.7914%, Qianhai Zhongchuan with 3.5871%, Puhua Ziben with 2.6903%, Qianhai Jinkong with 2.2021%, Mingshi Ziben with 1.6516%, and Lihe Kechuang with 1.6515%.
It can be seen that industrial capital arrived early. Behind Zhongxin Juyuan is SMIC, and its investments often focus on "whether it can enter the production line." Furthermore, there is only a little over a year between the B round and the initiation of tutoring. Patience in the primary market for semiconductor equipment is shortening; those that can be pushed to list are being pushed as early as possible.
In terms of equity, the company has no controlling shareholder. The actual controllers are three individuals: Lei Weizhuang, Liu Jianxi, and Liao Xionghui, who collectively control 65.72% of the voting rights as of the end of June this year. Their direct shareholdings are 24.28%, 10.58%, and 3.74%, respectively, in addition to indirect shareholdings.
| Several Points of Attention
First is the revenue structure. Serving seven or eight of the world's top ten optical module manufacturers is quite impressive among domestic equipment companies. However, there is still a distance between "entering the customer's production line" and "becoming the customer's main supplier." The impact of these two things on bargaining power is completely different: the former is a backup option, while the latter is the pricing party. Whether the revenue concentration is high and whether the top five customers can be retained are parts that must be laid out in the listing materials. It is also the watershed for judging whether it is "riding a wave of market trends with one or two major customers" or "truly entering the main supplier list."
Second is the position in the cycle. Equipment is a typical cyclical product, which is undisputed in the industry. After a round of capacity expansion by customers, there will inevitably be a quiet period for orders. Whether the 500% growth rate this year will continue to rise or fall back next year mainly depends on how long this round of memory price increases can last. This variable is not in the hands of the company, nor can it be changed by its efforts. Therefore, when looking at such companies, the competition is not about who runs faster this year, but about who still has new things to sell and new customers to enter during the quiet period of orders.
Third is the step of precision. Die bonders, TCB, and coupling machines have vastly different thresholds between different precision levels, and one cannot step up in a single bound. The 1.5-micron high-precision die bonder and the 16-layer stacking memory-specific model are what MicroView can currently offer, and they indeed hit the pain point of "precision determines yield rate." But moving further up, hybrid bonding and sub-micron alignment still have very low localization rates. This path cannot be completed by one company in a year or two; it requires customers willing to test along and also requires time. Conversely, whoever steps up first will not be replaced in the next cycle.
| Shenzhen, Equipment is the Weakest Link
As of the end of 2025, there are a total of 778 IC companies in Shenzhen, with 44 listed. Among these 44, chip design companies account for the majority—Huiding Technology, NSING Technologies, Xinhai Technology, Zhongke Lanxun, Yingjixin, and Tiandeyu are all well-known names in their respective tracks. In contrast, there are far fewer equipment companies. In 2025, the revenue of Shenzhen's equipment and components industry was CNY 17.95 billion. Although it doubled compared to 2020, its proportion in the city's IC industry is still far lower than that of the design industry.
This structure is actually not hard to understand. Design companies are asset-light and yield quick results, while equipment companies have to polish machine by machine, and customer verification often takes a year or two, which is slow. But for an industrial chain to truly stand firm, design alone is not enough; there must be manufacturing at the front end, packaging at the back end, and someone in the middle to build the machines. Shenzhen is strong in design and applications, but the equipment and advanced packaging link has always been the weak spot.
If MicroView can complete the process, it will fill in the weakest corner of this map.
Looking further ahead, after the dividend of process nodes peaks, advanced packaging has become the main path to continue improving performance. Terms like CoWoS, HBM, and CPO have been mentioned so many times in the past two years that they are almost becoming catchphrases. But on the shop floor, it simply means a machine needs to attach one chip to another, with errors controlled at the micron or even sub-micron level, while ensuring stability for thousands of times a day and millions of times a year. Such equipment has long been produced by overseas manufacturers such as ASM, BESI, and K&S. Whether domestic equipment can move from "sample verification" to "batch procurement" is the last unsolved problem in this chain.
Editor: Shishuoxinyu Xiaomingba
Disclaimer: The information in this article is sourced from public information on the CSRC tutoring filing, the company's official website, and public reports. It is for industry exchange and information reference only and does not constitute investment advice or performance forecasts. The company is currently in the tutoring filing stage and has not yet disclosed audited financial data. Specific operational data shall be subject to future official disclosure documents. The views in the article are the author's personal judgments, and risks are at your own discretion.