Piotech (SH:688072) Sou Hu Cai Jing·2025-09-15 06:31Core Viewpoint -拓荆 Technology announced a financing plan for its subsidiary,拓荆 Jian Ke, with a pre-investment valuation of 2.5 billion yuan, aiming to raise no more than 1.0395 billion yuan, attracting significant attention from the market due to the participation of Guotou Jixin [1][4] Group 1: Financing Details -拓荆 Technology plans to contribute up to 450 million yuan to the new registered capital of 19.216 million yuan for拓荆 Jian Ke, maintaining a 53.5719% stake post-financing [4] -Guotou Jixin intends to invest up to 450 million yuan, acquiring a 12.7137% stake in the company after the financing [4] -Other investors include Huahong Chuantou and Haining Rongchuang, planning to contribute 30 million yuan and 9.5 million yuan respectively [4] Group 2: Industry Context -3D integration technology is emerging as a new path for China's semiconductor industry, addressing the limitations of traditional 2D chip miniaturization [5][6] -3D-IC technology enhances system performance and reduces power consumption by vertically stacking multiple chips [5] -The demand for high-performance computing chips is surging due to the growth of the global AI server market, with advanced packaging equipment sales expected to grow over 20% by 2025 [6] Group 3: Strategic Shift -Guotou Jixin's investment in拓荆 Jian Ke marks a strategic shift in the National Integrated Circuit Industry Investment Fund's approach, focusing on critical areas with low domestic production rates [8][9] -The investment strategy has evolved from broad-based funding to targeted investments in sectors with high technical barriers and significant international competition [9] -Despite the support from Guotou Jixin,拓荆 Jian Ke faces competition from international giants like EV Group and Applied Materials in the semiconductor equipment market [10]