China electronics materials supplier raises $70m

Other investors include a private equity joint venture set up by China Electronics Corporation and CICC Capital, as well as JIC Investment, Hefei Innovative Sci-tech Venture Capital, Shanghai-listed Wuchan Zhongda Group, and Shenzhen-based Longding Capital.

It follows a CNY 500m Series C round last year featuring CICC Capital, China Development Bank Manufacturing Transformation and Upgrade Fund, and Hubble Technology – the investment arm of China’s tech giant Huawei. This followed a round in 2018 backed by Zheshang Venture Capital and a 2014 investment from Hyleen Capital, according to AVCJ Research.

The Series D proceeds will be used to fund a capacity expansion, as well as R&D in photoresists and OLED [organic light-emitting diode] materials. There are also plans to diversify into other display screen technologies such as LED.

Founded in 2013, Fuyang Sineva manufactures various photoresist products for display, semiconductor, and specialty applications such as low-temperature use-cases. Photoresist is an important material in the electronics industry and seen as essential to the fabrication of semiconductors.

Revenue from the photoresist business exceeded CNY 400 million in 2022, ranking Fuyang Sineva first among mainland China operators in this space, according to a statement. The company has established partnerships with several 12-inch wafer fabricators.

Several of its speciality photoresists are said to have achieved technology breakthroughs and reached mass production. The OLED line is still considered to be in proof-of-concept stage although it is said to have made shipments to some customers.

Lighthouse Capital acted as the exclusive financial advisor of the round.

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• Topics
• Greater China
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• Industrials
• China
• manufacturing
• CICC
• semiconductor