AMEC(SH:688012) Sou Hu Cai Jing·2026-01-11 05:08Core Viewpoint - The announcement by Zhongwei Company regarding Chairman Yin Zhiyao's plan to reduce his shareholding due to tax changes after restoring his Chinese nationality highlights a significant strategic shift in the semiconductor industry, reflecting the broader trend of high-end talent returning to China amid geopolitical changes [1][5]. Group 1: Company Background - Yin Zhiyao, known as the "father of China's etching machine," made a pivotal decision in 2004 to return to China after a successful career in the U.S. semiconductor industry, driven by a desire to contribute to the country's technological advancement [3]. - Zhongwei Company has become a leader in domestic semiconductor equipment, successfully developing its first plasma etching device three years after its establishment and advancing to produce equipment for 5nm production lines [3]. Group 2: Nationality Change and Strategic Implications - Yin Zhiyao's change of nationality from American to Chinese reflects a response to the geopolitical landscape, particularly the U.S. export controls on semiconductor technology to China, and signifies a commitment to deepening the company's integration into the Chinese semiconductor industry [5]. - The transition in nationality is accompanied by a gradual adjustment of the core technical team, with five American technical personnel leaving their positions between 2023 and 2024, indicating a shift towards a more localized operational strategy [5]. Group 3: Shareholding Reduction and Market Reaction - The planned reduction of 290,000 shares by Yin Zhiyao, amounting to approximately 9.764 million yuan, is primarily for tax compliance purposes, as different tax rules apply to foreign nationals and Chinese citizens [7]. - This reduction represents only 0.046% of his total shareholding, and the market has reacted rationally, with Zhongwei Company's stock increasing by 27% year-to-date, reflecting investor confidence in the company's fundamentals, which reported a revenue of 8.063 billion yuan for the first three quarters of 2025, a 46.4% year-on-year increase [7]. Group 4: Broader Industry Context - Yin Zhiyao's decision to return to China symbolizes the broader trend of high-end talent returning to support China's semiconductor self-sufficiency, emphasizing that core technologies must be developed through domestic efforts rather than reliance on external sources [9].