A leading semiconductor equipment manufacturer has announced a significant acquisition plan, with its shares set to resume trading next week.
Piotech Inc. (Shanghai: 688072) disclosed on the 10th that it intends to acquire 82.97% of the shares of Wuxi Shangji Semiconductor Technology Co., Ltd., along with 100% equity in Wuxi Kuanxing Enterprise Management Co., Ltd. and Shanghai Tainawei Enterprise Management Co., Ltd. The proposed transaction involves a combination of share issuance and cash payment, with plans to raise additional supporting funds. Upon completion, the company will directly and indirectly hold 100% of Wuxi Shangji.
As a result of this planned acquisition, trading in Piotech's shares was suspended starting June 29 of this year and is scheduled to recommence on July 13 (next Monday).
Target Company Details
The primary acquisition target, Wuxi Shangji, specializes in the research and development, production, and sales of semiconductor thin-film deposition and etching equipment. Its main products include PVD (Physical Vapor Deposition) and CVD (Chemical Vapor Deposition) process deposition equipment and etching systems. Currently, the company's product and revenue structure is predominantly centered on PVD equipment, where it holds a leading domestic position in niche segments such as power semiconductors, MEMS, and RF chips. In the etching sector, its focus is on dry etching equipment, primarily used in MEMS applications, with expansion underway into power devices, RF devices, and advanced packaging. Its CVD equipment, suitable for RF, power devices, and advanced packaging, is currently in the product development and customer introduction phase.
The other two entities, Shanghai Tainawei and Wuxi Kuanxing, are holding platforms for Wuxi Shangji, holding its shares without engaging in other business activities. Piotech's acquisition of these two companies is aimed at indirectly obtaining the Wuxi Shangji shares they hold.
Strategic Rationale
Piotech stated that this transaction represents industrial consolidation among core domestic Chinese semiconductor equipment manufacturers, aligning with national strategies for integrated circuit industry development and capital market policies on mergers and acquisitions. Piotech has deep expertise in the thin-film deposition equipment sector over many years, having established core product categories including PECVD, ALD, and Gap-Fill CVD. Wuxi Shangji has long focused on innovation in PVD equipment R&D, possessing mature mass-production models and core process technologies. Through this deal, Piotech aims to rapidly complete its PVD product line and achieve comprehensive coverage of mainstream thin-film deposition processes. Furthermore, the target company's PVD and etching equipment can also be applied to key process steps in 3D integration, such as RDL, TSV, and TGV. Post-transaction, the listed company is expected to form a complete 3D integration equipment product line covering deposition, etching, bonding, and inspection.
The company noted in its announcement that the audit and valuation work for the transaction is still ongoing, with the asset valuation and final pricing yet to be determined. It is preliminarily estimated that this transaction does not meet the criteria for a major asset restructuring as defined by relevant regulations.
Financial Performance
In 2025, Piotech reported operating revenue of 65.19 billion yuan, representing year-on-year growth of 58.87%. Net profit attributable to shareholders reached 9.27 billion yuan, an increase of 34.67%. For the first quarter of 2026, the company achieved operating revenue of 11.12 billion yuan, up 56.97% year-on-year, and turned a net profit attributable to shareholders of 5.71 billion yuan, compared to a loss in the same period last year.
As of the last trading day before the suspension on June 27, 2026, Piotech's share price had surged approximately 451.18% over the preceding year, with a total market capitalization exceeding 240 billion yuan.
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