Kingsemi

Kingsemi Co., Ltd., also known by the Chinese name Xinyuan Microelectronics, is a Chinese semiconductor equipment manufacturer whose products support several important stages of integrated-circuit fabrication. Its principal areas include photolithography process coating and developing equipment, wafer-cleaning systems, and equipment associated with advanced packaging and other semiconductor manufacturing processes. The company is distinct from semiconductor chip designers and foundries: its role is to supply the specialized machinery used by those manufacturers. The business originated in 2002 as Shenyang Xinyuan Advanced Semiconductor Technology. Its formation was associated with Zong Runfu, a Harbin Institute of Technology graduate who had worked at the Shenyang Institute of Automation and eventually led its Science and Technology Department. While working in research, Zong became concerned that projects often moved slowly and that scientific results were not being converted efficiently into standardized industrial products. He advocated moving research outcomes into enterprise settings so they could be developed into commercial products. Kingsemi was established against that background, although its early years were difficult because the company had to build its technologies, products, and commercial capabilities from the ground up while managing pressure from both institutional and external stakeholders. The company later adopted the Kingsemi name as part of its development as a semiconductor-equipment brand. Its strategic importance is connected to the localization of semiconductor manufacturing equipment in China, where domestic chip producers and packaging companies have sought alternatives to imported tools. Coating and developing equipment is particularly important because these systems are used in lithography-related processes, while cleaning tools help remove contaminants and residues during wafer processing. Kingsemi has also pursued equipment for advanced packaging and wafer bonding, broadening its potential role beyond a single process category. On 16 December 2019, Kingsemi completed an initial public offering and became listed on the Shanghai Stock Exchange STAR Market. The company identified research and development funding as a principal reason for seeking public capital. The listing gave it a larger financial base for technology development, manufacturing capacity, and market expansion, while also placing its performance under the disclosure and governance requirements applicable to a publicly traded Chinese technology company. At a 2024 product presentation, Kingsemi highlighted its domestic capabilities in spin-coater developing equipment and presented a prototype chemical-cleaning machine designed for process requirements at 28 nanometers and above. It also demonstrated a wafer-bonding machine. The company said it had received orders worth approximately CNY 2.2 billion during 2023, reflecting demand related to advanced packaging and foundry-process equipment; this figure is a company-reported order value rather than a general measure of revenue or profit. Kingsemi’s international operating environment became more difficult in December 2024, when the United States Department of Commerce added it to the Entity List as part of a new round of export controls. Such a designation can restrict the supply of specified U.S.-origin goods, software, or technology and may affect a company’s access to international semiconductor-equipment inputs and customers, depending on the applicable licensing rules. In March 2025, Naura Technology announced an agreement to acquire a 9.49% stake in Kingsemi for CNY 1.69 billion. The proposed transaction would make Naura the company’s largest shareholder and represents a significant development in the structure of China’s semiconductor-equipment industry. Kingsemi therefore occupies a position at the intersection of domestic equipment substitution, public-market financing, ad…

Kingsemi began in 2002 under the name Shenyang Xinyuan Advanced Semiconductor Technology. Its founding context was linked to Zong Runfu, a Harbin Institute of Technology graduate and former leader in the Science and Technology Department of the Shenyang Institute of Automation. Zong believed that research organizations needed stronger mechanisms for transferring laboratory results into standardized commercial products. Establishing an enterprise offered a route for turning semiconductor-related research into equipment that could be manufactured and sold. The company’s early development was challenging. It had to create its technologies, engineering capabilities, production processes, and customer relationships largely from the beginning. It also faced pressure from the research institution associated with its origins and from other external stakeholders. Over time, the enterprise developed into a supplier of semiconductor fabrication equipment and adopted the Kingsemi brand. Its product scope has centered on tools used in wafer manufacturing, particularly equipment for coating and developing processes associated with photolithography and tools for wafer cleaning. These categories are strategically important because semiconductor production depends on tightly controlled surface preparation, chemical processing, contamination removal, and pattern-transfer steps. Kingsemi has also pursued equipment for advanced packaging, foundry processes, and wafer bonding, indicating an effort to broaden its process coverage. On 16 December 2019, Kingsemi entered the public market through an initial public offering on the Shanghai Stock Exchange STAR Market. The stated purpose of the offering was to obtain capital for research and development. Public-market access supported the company’s effort to improve domestic semiconductor-equipment capabilities and compete in a sector where Chinese manufacturers have sought to reduce dependence on overseas suppliers. In 2024, Kingsemi used a product presentation to showcase its technology portfolio. It stated that it was the only domestic company able to produce spin-coater developing equipment and showed a prototype chemical-cleaning machine intended to cover process requirements at 28 nanometers and above. It also presented a wafer-bonding machine. The company reported receiving CNY 2.2 billion in orders during 2023, attributing demand to advanced packaging and foundry-related equipment requirements. The company’s circumstances changed significantly in late 2024 when the United States Department of Commerce added it to the Entity List. The designation forms part of broader U.S. controls affecting advanced semiconductor technology and can limit access to specified goods, software, and technology subject to U.S. export regulations. In March 2025, Naura Technology announced a planned purchase of a 9.49% stake in Kingsemi for CNY 1.69 billion. If completed as announced, the investment would make Naura the largest shareholder. This development could increase strategic coordination within China’s semiconductor-equipment sector while also underscoring the importance of domestic supply chains and technology capabilities.

1. 2025Naura Technology announces strategic stake purchase

   Naura Technology announced on 10 March that it would acquire a 9.49% Kingsemi stake for CNY 1.69 billion, potentially becoming the largest shareholder.

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2. 2024Product portfolio expanded in public demonstration

   Kingsemi demonstrated coating and developing equipment, a prototype chemical-cleaning machine aimed at 28-nanometer-and-above processes, and a wafer-bonding machine.

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3. 2024Added to the U.S. Entity List

   The United States Department of Commerce included Kingsemi in a new round of Entity List export controls in December.

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4. 2023Reported CNY 2.2 billion in orders

   The company reported receiving orders worth approximately CNY 2.2 billion during the year, associated with demand for advanced packaging and foundry-process equipment.

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5. 2019Initial public offering on the STAR Market

   Kingsemi became listed on the Shanghai Stock Exchange STAR Market on 16 December 2019, with research and development investment identified as a key use of the raised capital.

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6. 2002Company established

   Shenyang Xinyuan Advanced Semiconductor Technology was established under the leadership of Zong Runfu to commercialize semiconductor-related research and develop equipment products.

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A Chinese semiconductor-equipment supplier focused on domestically developed process tools for wafer fabrication, cleaning, lithography-related coating and developing, advanced packaging, and wafer bonding.

• Coating and developing equipmentLithography process equipment

  Kingsemi manufactures equipment for coating and developing steps associated with photolithography. These systems apply and process photoresist-related materials during wafer fabrication, where uniform coating, controlled chemical development, and precise process conditions are essential to pattern formation.

• Wafer-cleaning equipmentWafer-processing equipment

  The company’s cleaning tools are intended to remove chemical residues, particles, and other contaminants from wafers during semiconductor manufacturing. Kingsemi has highlighted a chemical-cleaning prototype designed to address process requirements at 28 nanometers and above.

• Wafer-bonding equipmentAdvanced packaging equipment2024

  Kingsemi has demonstrated wafer-bonding equipment for joining wafer or substrate surfaces in semiconductor manufacturing and packaging workflows. The product reflects the company’s effort to extend beyond conventional wafer-processing tools into advanced packaging-related applications.

• 2025Naura Technology investment in KingsemiM&A

  China’s semiconductor-equipment sector has been consolidating capabilities and strengthening domestic supply chains amid international technology restrictions.

  What changed. Naura Technology announced an agreement to acquire a 9.49% stake in Kingsemi for CNY 1.69 billion.

  Aftermath. The announced transaction would make Naura the largest shareholder in Kingsemi. The supplied material does not establish whether completion had occurred.

  Announced purchase price for a 9.49% stake. CNY 1.69 billion (Announced 10 March 2025)

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• 2024Demonstration of cleaning and wafer-bonding equipmentProduct launch

  Demand for domestic semiconductor tools increased in connection with advanced packaging, foundry processes, and broader efforts to localize equipment supply.

  What changed. Kingsemi presented a chemical-cleaning machine prototype aimed at 28-nanometer-and-above requirements and demonstrated a wafer-bonding machine.

  Aftermath. The presentation broadened public visibility of Kingsemi’s product roadmap and its attempt to serve additional semiconductor-process categories.

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• 2019Use public-market capital to fund research and developmentStrategy

  Kingsemi sought an initial public offering as it expanded its semiconductor-equipment business and needed additional resources for technology development.

  What changed. The company listed on the Shanghai Stock Exchange STAR Market on 16 December 2019.

  Aftermath. The offering provided a public financing platform for continued research and development, although no specific proceeds or subsequent financial results are supplied here.

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• 2025Naura Technology announces acquisition of a 9.49% Kingsemi stake

  On 10 March 2025, Naura Technology announced that it would acquire a 9.49% interest in Kingsemi for CNY 1.69 billion, a transaction that would make Naura the largest shareholder.

  M&A
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• 2024Kingsemi presents coating, cleaning, and wafer-bonding equipment

  At a product presentation, Kingsemi described its domestic spin-coater developing capability and demonstrated a prototype chemical-cleaning machine for processes at 28 nanometers and above, together with a wafer-bonding machine. It also reported CNY 2.2 billion in orders received during 2023.

  Product launchOther
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• 2024Kingsemi added to the United States Entity List

  In December 2024, the United States Department of Commerce added Kingsemi to a new round of export-control restrictions through the Entity List.

  Regulation
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• 2019Kingsemi completes Shanghai STAR Market initial public offering

  Kingsemi became a publicly listed company on the Shanghai Stock Exchange STAR Market on 16 December 2019. The company pursued the offering in order to raise capital for research and development.

  Other
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1. Kingsemi