On February 21, 2025, the Shanghai Stock Exchange (SSE) announced the approval of a private placement of shares by Shenzhen Qingyi Photomask Limited (hereinafter referred to as “Qingyi Photomask“), which will raise $168 million (¥1.2 billion). The newly issued shares are set to be listed on the SSE Science and Technology Innovation Board (STAR Market).
Qingyi Photomask(Supermask) is primarily engaged in the research, design, production, and sales of photomasks. The company provides photomasks for flat panel displays, including a-Si, LTPS, AMOLED, and Micro LED applications. Additionally, Qingyi Photomask manufactures photomasks for semiconductor industries, covering IC Foundry, IC Bumping, and IC Substrate photomasks, serving applications in power semiconductors, third-generation semiconductors, and LEDs.
In August 2024, Qingyi Photomask’s application for the capital increase was accepted by the SSE. The funds raised will be used for two key projects: the construction of a high-precision photomask production facility and an advanced semiconductor photomask production base.
High-Precision Photomask Production Facility Project (Phase I)
The first phase of the high-precision photomask production facility will be implemented by Qingyi Photomask’s subsidiary, Foshan Qingyi Photomask. The project has an investment plan of $112 million (¥800 million), with $84 million (¥600 million) of the raised funds allocated to its construction. This facility will focus on the production of photomasks for displays including a-Si, LTPS, AMOLED, LTPO, and Micro LED, particularly for 8.6-generation and below displays.
In January 2025, the topping-out ceremony for the high-precision photomask production facility was held, marking a significant milestone in its construction.
Advanced Semiconductor Photomask Production Facility Project (Phase I)
The second project, the advanced semiconductor photomask production base, will be carried out by Foshan Qingyi Micro (a subsidiary of Qingyi Photomask). This project, with an investment of $85 million (¥605 million), will produce photomasks for semiconductor processes ranging from 250nm to 65nm. A significant portion of the raised funds—$84 million (¥600 million)—will be used for this purpose.
Capital Injection for Foshan Qingyi Photomask
In addition to the capital increase, Qingyi Photomask announced on December 17, 2024, that it will inject $56 million (¥400 million) of its own funds into Foshan Qingyi Photomask. This capital injection will help meet the production and operational needs of the subsidiary and enhance its competitiveness. Following this increase, Foshan Qingyi’s registered capital will rise to $84 million (¥600 million).
Client Partnerships and Market Presence
Qingyi Photomask has established strategic partnerships with major flat panel display manufacturers in China. Its clientele includes leading companies such as BOE, Visionox, HKC, TIANMA, TCL CSOT, TRULY, IVO, Innolux, and HannStar.
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