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GEGV

Founded 2019Reviewed 2026-08-30

Beijing Jingyi Jingwei is a CMP equipment maker founded in 2019 out of the CMP division of CETC's 45th Research Institute, controlled by China Electronics Technology Group Corporation and backed by National IC Fund Phase II. It is the only Chinese supplier to achieve batch overseas sales of 8-inch CMP tools and also builds 12-inch and SiC-focused 6/8-inch-compatible tools. Its STAR Market IPO passed review in February 2024 but was withdrawn in July 2024 amid questions over heavy revenue dependence on SMIC.

Scale

—no public financials
privatenot exchange-listed

Gap vs frontier

Close behindsector position

Sector-level position; no priceable accelerator silicon to compare chip-by-chip.

The chip stackEach layer depends on the layers below it
1 · ChipsWhat the stack produces
2 · Design toolsSoftware and IP to design them
3 · ManufacturingPlants that turn designs into silicon
4 · EquipmentMachines inside the plants
CMP polishing tools · Close behind
5 · MaterialsWhat the plants consume

Company at a glance

Scale

Private, not exchange-listed

Growth prospects

Expanding customer base and product roadmap

via wap.eastmoney.com ↗Private (unlisted). STAR Market IPO filed June 2023 to raise RMB 1.6 billion, passed the listing committee on 2024-02-05, then withdrawn on 2024-07-0…via finance.sina.cn ↗Media coverage of the withdrawal cited heavy revenue dependence on SMIC (71.17% of 2020 revenue and more than half of H1 2023 revenue), shrinking ope…

China competition

Competes with Hwatsing, SIZONE, Anji Microelectronics, Dinglong Co. in CMP polishing tools — peers listed at sector level.

Close behind

Global comparables

Global reference set: Applied Materials, Ebara.

Applied Materials (Reflexion CMP, global leader)

Technical gap

Sector rated close behind vs the frontier.

Obstacles

Sector bottleneck applies

Advanced-node process coverage, endpoint detection, ultra-uniform polishing, cleaning, consumable consistency, and long fab qualification cycles.

Official filings: SSE/CITIC Securities sponsorship document for Jingyi Jingwei IPO (Jan 2024) ↗

All sourced facts (8)
  • Founded: 2019, spun out of the CMP business division of CETC's 45th Research Institute; headquartered in Beijing via file.finance.sina.com.cn ↗
  • Ownership: CETC 45th Research Institute is the largest direct shareholder at 33.84% with CETC as actual controller; employee platform Shuoke Jingwei holds 9.01%; National IC Fund (Big Fund) Phase II is a shareholder via file.finance.sina.com.cn ↗
  • Listing status: Private (unlisted). STAR Market IPO filed June 2023 to raise RMB 1.6 billion, passed the listing committee on 2024-02-05, then withdrawn on 2024-07-02 with the SSE terminating review via wap.eastmoney.com ↗
  • IPO withdrawal context: Media coverage of the withdrawal cited heavy revenue dependence on SMIC (71.17% of 2020 revenue and more than half of H1 2023 revenue), shrinking operating cash flow, and questions over technology provenance via finance.sina.cn ↗
  • Customer concentration: Top-five customers accounted for 100.00% (2020), 99.23% (2021) and 88.21% (2022) of sales per the IPO filings via file.finance.sina.com.cn ↗
  • 12-inch validation: 12-inch CMP tool completed copper-process validation at the 28nm node on an international mainstream IC production line, with 60,000 product wafers processed stably via bpu.edu.cn ↗
  • Overseas delivery: In December 2024 delivered an 8-inch SiC CMP tool to a customer in Taiwan, described as the only Chinese maker with batch overseas sales of 8-inch CMP equipment via hjssemi.com ↗
  • Litigation: Faced five pending patent lawsuits around its IPO window, mainly with CMP rival Hwatsing (Hangzhou Zhonggui/Hwatsing-related parties per media reports) via finance.sina.cn ↗

About

Designs, manufactures and sells CMP equipment (8-inch, 12-inch, 6/8-inch compatible) plus accessories and technical services to wafer fabs, with state-owner backing (CETC 45th Institute is the largest shareholder at 33.84% and Big Fund Phase II is an investor).

Founded 2019

Why it matters

CMP is one of the core front-end wafer-fab process steps long dominated by Applied Materials, Ebara and Accretech; Jingyi Jingwei is one of only a handful of domestic Chinese CMP tool suppliers alongside Hwatsing and Hangzhou Sizone, and the only one exporting 8-inch CMP tools in volume, including an 8-inch SiC CMP tool delivered to a Taiwan customer in December 2024.

Where it sits in the stack

Equipment

CMP polishing equipment

Close behind

Advanced-node process coverage, endpoint detection, ultra-uniform polishing, cleaning, consumable consistency, and long fab qualification cycles.

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Key semiconductor products

  • 8-inch CMP equipment·stable domestic volume shipments; only Chinese maker with batch overseas sales
  • 12-inch CMP equipment·28nm Cu-process validated on a mainstream production line
  • 6/8-inch compatible CMP equipment for third-generation semiconductors (SiC, GaN), including the 8-inch SiC CMP tool delivered to Taiwan
  • CMP accessories and technical services

Ecosystem

Global peer set

  • Applied Materials (Reflexion CMP, global leader)
  • Ebara (Japan, CMP leader for 300mm)
  • Accretech (TOKYO SEIMITSU, Japan)
  • Hwatsing 华海清科 (domestic CMP leader, 688120.SH)
  • Hangzhou Sizone/众硅 (domestic, being acquired by AMEC)

Competitive position

  • Second-tier domestic CMP equipment supplier behind Hwatsing, distinguished by export sales of 8-inch tools and a SiC CMP line for power semiconductors
  • 12-inch presence remains early-stage versus Hwatsing's mainstream position, a point the STAR listing committee raised at its February 2024 review
  • Competition intensified after December 2025 when AMEC moved to acquire CMP peer Hangzhou Sizone, folding a third domestic CMP toolmaker into a large listed equipment platform
  • Not assessable from available signals; no source text confirms tool category or capability level.
  • Global comparables: Applied Materials (Reflexion CMP, global leader)
  • Global comparables: Ebara (Japan, CMP leader for 300mm)
  • Global comparables: Accretech (TOKYO SEIMITSU, Japan)
  • Global comparables: Hwatsing 华海清科 (domestic CMP leader, 688120.SH)

Milestones and signals

  • 2019—GEGV was founded.
  • 2020—CMP Equipment Sales Revenue: RMB 98 million
  • 2023—Planned STAR Market IPO Raise (Withdrawn): RMB 1.6 billion
  • 2023—12-Inch Tool Wafers Processed At 28nm Cu Process: 60,000 wafers
  • Listing—Private (unlisted)

What to watch

  • Whether Jingyi Jingwei re-files for a STAR listing after the July 2024 withdrawal
  • Ramp of 12-inch CMP shipments beyond 28nm validation and progress at advanced nodes
  • Third-generation-semiconductor (SiC/GaN) CMP demand from power-device makers
  • Patent litigation outcomes with Hwatsing
  • AMEC-Sizone deal reshaping the domestic CMP competitive map

Questions

Last reviewed 2026-07-11

Answered questions

What is the measurable gap versus global reference companies?

Against Applied Materials (Reflexion CMP, global leader), Ebara (Japan, CMP leader for 300mm), Accretech (TOKYO SEIMITSU, Japan), and Hwatsing 华海清科 (domestic CMP leader, 688120.SH): Not assessable from available signals; no source text confirms tool category or capability level.

Open questions

  • Which products are qualified beyond pilots in equipment?
  • Which customers, fabs, or end markets show real adoption rather than policy interest?