China (PRC) | Technology Equity Research China WFE: Likely More Stockpiling by Memory Fabs China's July WFE imports grew 14%, two consecutive months of double- digit growth, driven mainly by etching (162%), then ion implanting (44%) and deposition (25%). Litho imports fell 33%. The fatest-growing sources of imports remain Malaysia (10x YoY), Singapore (43% YoY) and Japan (30% YoY). YTD China's WFE imports grew only 1%, driven entirely by etching (55% YoY). We believe memory fabs stockpiling for fear of more ...