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Payton Technology

payton.com.cnReviewed 2026-08-30

Identity confirmed: Payton Technology (Shenzhen) Co., Ltd. (沛顿科技（深圳）有限公司) is a memory packaging and test company, not a substrate maker. Founded in July 2004 as the wholly foreign-owned enterprise of US-based Kingston Technology, it was acquired 100% by Shenzhen Kaifa Technology (深科技, 000021.SZ) in 2015 for about US$110mm and is now described as the largest domestic-invested high-end memory packaging and test enterprise, with sites in Shenzhen, Dongguan and Hefei.

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
Assembly & test · Close behind
4 · EquipmentMachines inside the plants
5 · MaterialsWhat the plants consume

Company at a glance

Scale

Private, not exchange-listed

Growth prospects

Expanding customer base and product roadmap

via pitchhub.36kr.com ↗DDR5, LPDDR5 and SSD advanced packaging in volume, with stacking, PoPt, 3D TSV, hybrid bonding and wafer-level packaging capabilitiesvia m.jiemian.com ↗Parent Shenzhen Kaifa FY2025 revenue RMB 15.747bn (+6.21%), net profit RMB 1.136bn (+22.07%)

China competition

Competes with JCET, Tongfu Microelectronics, Huatian, SJ Semiconductor in Assembly & test — peers listed at sector level.

Close behind

Global comparables

Global reference set: ASE, Amkor, JCET.

PTI (力成) and ChipMOS (memory-focused OSATs)

Technical gap

Sector rated close behind vs the frontier.

Obstacles

Sector bottleneck applies

High-end package complexity, global customer mix, test equipment access, and advanced substrate supply.
All sourced facts (8)
  • Founding: Established July 2004 in Shenzhen as the China WFOE of US Kingston Technology, focused on DRAM and flash packaging and test via pitchhub.36kr.com ↗
  • Ownership: Acquired 100% by Shenzhen Kaifa Technology (深科技, 000021.SZ) for about US$110mm in 2015; now its semiconductor packaging and test platform via cs.com.cn ↗
  • Footprint: Sites in Shenzhen (HQ), Dongguan (packaging base set up 2018) and Hefei (Hefei Peiton Storage, accepted for production in December 2021) via pitchhub.36kr.com ↗
  • Capabilities: DDR5, LPDDR5 and SSD advanced packaging in volume, with stacking, PoPt, 3D TSV, hybrid bonding and wafer-level packaging capabilities via pitchhub.36kr.com ↗
  • Expansion round one: November 2025: parent approved Shenzhen Peiton RMB 260mm (test capacity) and Hefei Peiton Storage RMB 480mm (packaging capacity) expansions via stcn.com ↗
  • Expansion round two: May 2026: Shenzhen Peiton and Hefei Peiton Storage to invest RMB 1.47bn in high-end memory chip packaging/test capacity, adding over ten thousand wafers per month of packaging capacity via caiwennews.com ↗
  • CXMT ecosystem: Hefei Peiton operates adjacent to the ChangXin Memory fab cluster; media reporting in August 2026 says CXMT's self-developed HBM3 outsourced packaging is mainly directed to Peiton via caifuhao.eastmoney.com ↗
  • Parent scale: Parent Shenzhen Kaifa FY2025 revenue RMB 15.747bn (+6.21%), net profit RMB 1.136bn (+22.07%) via m.jiemian.com ↗

About

Contract packaging and test (OSAT) for DRAM (DDR4/DDR5, LPDDR4/LPDDR5) and NAND flash (SSD, eMCP), including stacking, PoPt, 3D TSV and wafer-level packaging processes, serving Kingston-heritage channels and domestic memory makers.

Why it matters

Payton is the packaging and test arm through which listed parent Shenzhen Kaifa participates in the domestic memory boom: its Hefei plant sits in the ChangXin Memory (CXMT) cluster, and parent-level capacity investment accelerated sharply in 2025-2026.

Where it sits in the stack

Manufacturing

Assembly & test (OSAT)

Close behind

High-end package complexity, global customer mix, test equipment access, and advanced substrate supply.

AI trainingAI inferenceRoboticsEV / auto

Key semiconductor products

  • DRAM packaging and test·DDR4/DDR5, LPDDR4/LPDDR5 modules and die stacking
  • NAND flash packaging and test·SSD, eMCP
  • Advanced packaging processeschip stacking, PoPt, 3D TSV, hybrid bonding, wafer-level packaging
  • Planar magnetic components

Ecosystem

Global peer set

  • PTI (力成) and ChipMOS (memory-focused OSATs)
  • Amkor and JCET (broad OSAT peers)
  • Kingston-affiliated packaging heritage from its founding shareholder

Affiliates

  • Payton Group

Competitive position

  • Described as the leading domestic-funded high-end memory packaging and test enterprise in China
  • Core packaging partner positioned around ChangXin Memory's Hefei cluster as CXMT capacity scales
  • Guosen Securities views the parent as a prospective core supplier for domestic memory chip packaging and test
  • Global comparables: PTI (力成) and ChipMOS (memory-focused OSATs)
  • Global comparables: Amkor and JCET (broad OSAT peers)
  • Global comparables: Kingston-affiliated packaging heritage from its founding shareholder

Milestones and signals

  • 2024 (H1)—Storage Semiconductor Segment Revenue (Kaifa Interim Report): CNY 17.76亿
  • 2025—Parent (Shenzhen Kaifa) Revenue: CNY 157.47亿 (+6.21%)
  • 2025—Parent (Shenzhen Kaifa) Net Profit: CNY 11.36亿 (+22.07%)
  • 2026—Capacity Expansion Investment: CNY 14.7亿

What to watch

  • Execution of the RMB 1.47bn 2026 expansion on top of the November 2025 first-round investments
  • DDR5/LPDDR5X supply tightness translating into utilization and orders
  • HBM-related packaging work for the domestic memory ecosystem reported by media in 2026

Questions

Last reviewed 2026-07-11

Answered questions

What is the measurable gap versus global reference companies?

Described as the leading domestic-funded high-end memory packaging and test enterprise in China.

Open questions

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