China Semicap: Local WFE Vendors Gear Up for Hybrid Bonding

With export controls blocking China’s access to EUV lithography, local chipmakers are increasingly relying on advanced packaging to sustain performance gains, and hybrid bonding (HB) is emerging as a key process across logic (LogicFolding), NAND (Xtacking), and DRAM (4F2). The report reviews recent moves by local WFE vendors. Piotech leads in HB through controlled subsidiary Tuojing Jianke: its Dione 300 W2W system is already deployed in 3D NAND and has won repeat orders from YMTC, HB revenue reached RMB136mn in 2025 (+42% YoY), and the Big Fund III invested up to RMB450mn for a 12.71% stake. AMEC plans to invest up to RMB35mn in iSABers, lifting its stake above 7% at a RMB7bn post-money valuation;