China's Piotech to acquire Wuxi Shangji in chip tool consolidation

Shanghai-listed semiconductor equipment maker Piotech (Tuojing Technology) announced on Saturday its plan to acquire a controlling stake in Wuxi Shangji Semiconductor, a move to expand beyond its core thin-film deposition equipment into wafer-bonding technologies. The acquisition, to be funded via share issuance and cash, is still in early stages with no final price set. Piotech's largest shareholder is China's state-backed National Integrated Circuit Industry Investment Fund (Big Fund), holding a 16.5% stake as of late March. Wuxi Shangji, founded in 2021, produces PVD, etching, and CVD equipment for power devices, advanced packaging, compound semiconductors, and integrated circuits. The consolidation aims to build national champions and defy US chip curbs.