23 October 2025 | 5:19PM HKT Equity Research China Semis: HBM expert call on China development; Opportunities, Challenges, and Pricing trend The system level validation could be one of difficulties for China to develop advanced HBM (high bandwidth memory) as it takes time to test and improve the yield, quality and reliability of HBM products. The expert notes that even for global leading HBM players, it typically takes several months to validate the HBM with downstream GPU customers. The expert believes the ...