01
Company Trend（May.27）
Samsung invests US$1.5bn in new chip testing facility in Vietnam
Samsung Electronics has recently announced an investment of US$1.5bn to establish its first semiconductor testing facility in Vietnam, located in Thai Nguyen Province in the northern part of the country. Construction officially commenced in April this year, with operations scheduled to begin in November 2027. The project received approval from the Vietnamese government as early as March. The new facility will focus on testing DRAM and NAND flash memory chips and is designed with substantial annual capacity, capable of testing 153.3 billion Gb of DRAM and 255.6 billion Gb of NAND products. The output will primarily serve end markets including smartphones, personal computers, and automotive electronics. As the rapid expansion of the AI industry continues to drive global demand for memory chips, while market supply remains tight, the new facility is expected to provide meaningful additional testing and packaging capacity for mature memory products. Samsung has also reserved room for future expansion and may invest an additional US$2.5bn to build a second facility of a similar scale, further strengthening its semiconductor footprint in Vietnam.
Comments:Samsung’s US$1.5bn investment in semiconductor testing and packaging operations in Vietnam signals an important step in the ongoing regional restructuring of the global semiconductor supply chain. Leveraging its geographic location, labor advantages, and supportive industrial policies, Vietnam has continued to attract the relocation of international semiconductor testing and packaging capacity. With companies such as Intel and Amkor Technology also expanding their presence in the country, Vietnam is rapidly emerging as a key semiconductor packaging and testing hub in Southeast Asia. By prioritizing testing operations for mature memory products, Samsung is strategically targeting current market supply gaps while balancing manufacturing costs and delivery efficiency, further strengthening its leadership position in the global memory industry. At the same time, Southeast Asia’s influence in the mid- and lower-end semiconductor packaging and testing segments continues to grow, reflecting an increasingly specialized division of labor across the global semiconductor value chain. Samsung’s investment also highlights a broader strategy among leading technology companies to diversify supply-chain risks. However, Vietnam still faces limitations in advanced technologies, core equipment, and high-end manufacturing capabilities. As a result, it is unlikely to challenge the high-end semiconductor market in the near term, and the trend toward a tiered global semiconductor industry structure is expected to persist for years to come.
02
Market Trend（May.27）
TSV technology: a cornerstone of advanced packaging, with AI-driven supply-demand imbalance and domestic breakthroughs unfolding in parallel
TSV (Through-Silicon Via) is a core technology for 2.5D and 3D advanced packaging. By etching micron-scale vertical vias through silicon wafers and filling them with conductive materials, TSV enables vertical interconnection between chip layers. Compared with traditional wire bonding, it significantly shortens transmission distances, increases bandwidth, and reduces power consumption. The global TSV market reached US$3.1bn in 2025, and is projected to grow at a compound annual growth rate (CAGR) of 22.5% between 2026 and 2035, driven primarily by surging AI compute demand and the widespread adoption of HBM. The market is currently characterized by supply-demand imbalance. Samsung, SK hynix, and Micron dominate TSV capacity for HBM production, with global monthly capacity standing at only 265,000 wafers in 2024. Meanwhile, the Chinese market is expanding rapidly. In 2025, the domestic TSV market reached RMB 10.81bn, up 23.4% YoY. OSAT companies such as JCET have achieved yields exceeding 96%, while domestic breakthroughs have been made in key areas including etching equipment developed by Advanced Micro-Fabrication Equipment Inc. (AMEC).
Comments:TSV technology is one of the most important pathways for extending chip performance scaling in the post-Moore era. Its high-bandwidth and low-latency characteristics align perfectly with the requirements of AI and high-performance computing, making it a standard enabling technology for both HBM and chiplet architectures. The current market remains highly concentrated, with South Korean companies dominating TSV capacity for HBM production. As a result, near-term supply constraints are unlikely to ease, and manufacturing capacity has become a critical bottleneck across the AI supply chain. Although China entered the TSV industry relatively late, it has made rapid progress in packaging and testing, semiconductor equipment, and materials. Supported by a strong domestic application market, the industry possesses significant catch-up potential. Over the longer term, TSV technology is expected to evolve toward finer dimensions and higher integration density, while developing complementary applications alongside TGV (Through-Glass Via) technology. To advance domestic substitution, China will need to continue overcoming challenges in high-end equipment, process yields, and manufacturing consistency, while strengthening collaboration across the entire supply chain. Only through such efforts can it secure a stronger position in the global competition for advanced packaging technologies.
03
Company Trend（May.27）
SK hynix joins the trillion-dollar club
On May 27, 2026, South Korean memory chip giant SK hynix saw its share price surge, pushing its market capitalization above US$1tn and officially securing a place in the global trillion-dollar club. It became the third Asian technology company to reach this milestone after Samsung and TSMC. The companys stock has risen more than 250% YTD and over 900% during the past year. The primary driver behind this breakthrough is the explosive demand for High Bandwidth Memory (HBM) fueled by the AI boom. SK hynix currently controls approximately 57% of global HBM production capacity and is deeply integrated into the supply chains of leading AI chip companies such as NVIDIA, with orders secured through 2030. In Q1 2026, the company reported operating profit up 405% YoY, while its operating margin reached 72%, a record high. Following Samsung and Micron in surpassing the US$1tn valuation threshold, the worlds three leading memory manufacturers have now all entered the trillion-dollar club, signaling the industrys transition into a new phase of AI-driven structural growth.
Comments:SK hynixs entry into the trillion-dollar club marks a landmark event in the restructuring of the global semiconductor landscape. It signals that the memory industry has moved beyond traditional cyclical fluctuations and entered a high-growth era driven by AI. The global memory market is now dominated by an oligopoly consisting of Samsung, SK hynix, and Micron, which together account for approximately 90% of the DRAM market. Their technological and capacity barriers continue to strengthen. Leveraging its dominant position in the HBM segment, SK hynix has successfully transformed its valuation profile from that of a cyclical semiconductor stock into a core AI growth company. From an industry perspective, this milestone highlights the strategic importance of advanced memory technologies, with HBM emerging as a critical enabler of AI compute competitiveness. At the same time, it serves as a warning for Chinas semiconductor industry. Significant gaps remain in domestic capabilities for high-end HBM technologies, and the technology gap is still substantial. Looking ahead, competition in the global memory industry will increasingly focus on AI-oriented product upgrades and strategic capacity positioning, while the industrys winner-takes-most dynamics are likely to become even more pronounced.
04
Company Trend（May.27）
ASE unveils first 310mm panel-level packaging automated production line, ushering advanced packaging into the panel manufacturing era
On May 27, 2026, ASE officially unveiled the industrys first 310mm × 310mm panel-level packaging (PLP) automated production line, with mass production scheduled to begin in H1 2027. The new line enables a seamless transition from wafer-level packaging to panel-level packaging and supports both the FOCoS and FOCoS-Bridge platforms. It delivers line/space capabilities of 2/2μm and 8/8μm, respectively. Compared with conventional round wafers, the rectangular panel provides a total area of 96,100mm², significantly increasing processing area per cycle, package output per substrate, and material utilization. As a critical enabler of heterogeneous integration in the AI and HPC era, panel-level packaging can support the requirements of chiplets, HBM, and high-I/O-density applications, paving the way for system-in-package (SiP) architectures containing trillions of transistors. This development marks the transition of advanced packaging from the “wafer era” to the “panel era,” with ASE taking an early lead in large-scale automated manufacturing.
Comments:The launch of ASEs 310mm panel-level packaging production line represents a milestone in the technological evolution of the global semiconductor packaging and testing industry, reshaping the cost and efficiency dynamics of advanced packaging. As AI and HPC applications accelerate the adoption of chiplet-based heterogeneous integration, traditional wafer-level packaging is increasingly constrained by package size, I/O density, and cost considerations. With its larger processing area, higher material utilization, and lower manufacturing costs, panel-level packaging is naturally suited to the requirements of next-generation AI compute chips. Leveraging more than a decade of technology development, ASE has become one of the first companies to establish a fully automated PLP mass-production workflow, further strengthening its position as the worlds leading OSAT provider. The move also creates differentiated competitive pressure on advanced packaging technologies such as TSMCs CoWoS and Intels EMIB. Panel-level packaging is expected to reshape the supply chains for packaging equipment, materials, and substrates, while creating new opportunities in emerging areas such as glass substrates. Chinese OSAT companies still face challenges in PLP automation and yield management. Accelerating technology development and production-line deployment will be critical to avoiding a widening gap in the next phase of competition in advanced packaging.
05
Company Trend（May.26）
Biwin Storage establishes RMB 500mn industry fund to strengthen “memory + advanced packaging” ecosystem
On May 26, 2026, Biwin Storage announced that its wholly owned subsidiary, Hainan Nanbaisuan, will invest RMB 100mn alongside Chengluo Investment, the Songshan Lake Fund of Funds (FoF), and other institutional investors to establish the Dongguan Luoyi Baichen No.1 Industry Fund, with a total fund size of up to RMB 500mn. Biwin Storage will hold a 20% stake in the fund. The fund will focus on the “memory + advanced packaging” theme, targeting investments in unlisted companies, private placements, and other strategic projects to strengthen collaboration across the semiconductor value chain. Biwin Storage is one of Chinas leading companies in memory products and advanced packaging technologies. Its subsidiary, Tailai Technology, possesses capabilities in System-in-Package (SiP) and wafer-level packaging and testing, serving applications such as AIoT devices and enterprise-grade SSDs. Through the establishment of this fund, Biwin aims to leverage the resources and expertise of professional investment institutions, integrate high-quality industry assets, strengthen key segments including HBM and optical interconnect technologies, and further enhance its integrated “memory + packaging” ecosystem. The fund will be governed by an Investment Committee, with He Han, Director and General Manager of Biwin Storage, serving as a committee member to ensure alignment with the companys long-term strategic objectives. This initiative marks Biwins transition from a pure manufacturing enterprise toward a broader ecosystem integrator, accelerating the coordinated development of Chinas domestic memory and advanced packaging industries.
06
Company Trend（May.26）
NSIG raises registered capital to RMB 3.31bn, strengthening silicon wafer localization and capacity expansion
On May 26, 2026, National Silicon Industry Group (NSIG), a leading domestic supplier of large-diameter semiconductor wafers, completed a business registration change, increasing its registered capital from RMB 2.747bn to RMB 3.305bn, or approximately RMB 3.31bn. As the only company in the Chinese Mainland to achieve large-scale mass production of 300mm silicon wafers and enter the supply chains of mainstream wafer fabs, NSIG has reached a combined monthly 300mm wafer capacity of 850,000 pieces at its Shanghai and Taiyuan bases, ranking first in China. The funds will be mainly used for capacity expansion of high-end 300mm silicon wafers, R&D of SOI wafers, and supply chain integration, with a long-term plan to raise total capacity to 1.2mn pieces per month and strengthen domestic supply capabilities.
The capital increase by NSIG is a key signal that localization of semiconductor materials in China is accelerating, reflecting long-term confidence from industrial capital in the large-diameter silicon wafer segment. Global demand for AI compute and memory is improving supply-demand conditions for 300mm silicon wafers, while overseas leaders have already taken the lead in raising prices. With a clear domestic capacity gap, NSIG’s expansion comes at a timely moment. The capital increase will help ease funding pressure under the heavy-asset model and support the company in narrowing the gap with international leaders such as Shin-Etsu and SUMCO in terms of yield and the share of high-end products. However, the company remains in a sustained loss-making stage, and capacity ramp-up and profitability recovery will still take time.
07
Company Trend（May.27）
Loongson plans RMB 2.3bn private placement to accelerate indigenous chip R&D based on Xnm process technology
On the evening of May 27, 2026, Loongson Technology, Chinas leading domestic CPU developer, disclosed its 2026 plan for a private placement of A-shares to specific investors. The company intends to raise up to RMB 2.3bn to support the R&D and commercialization of advanced-process semiconductor technologies. According to the proposal, RMB 971mn will be allocated to the R&D and commercialization of information-processing chips based on Xnm process technology; RMB 485mn will be invested in the development of key CPU technologies; RMB 360mn will be dedicated to general-purpose GPU technology development; and the remaining RMB 483mn will be used to supplement working capital. The projects will be built around the next-generation LA864 processor core, optimizing CPU, GPU, and bridge-chip architectures to deliver improvements in performance, power efficiency, and security at the Xnm process node. The resulting products will target desktop, server, and AIoT applications. The proposed offering will involve no more than 40.10 million shares, representing no more than 10% of the companys total share capital prior to issuance. The fundraising is expected to support further development of the indigenous LoongArch instruction-set ecosystem and accelerate the domestic substitution of core semiconductor technologies.
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