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SiCarrier新凯来

Founded 2021Shenzhensicarrier.comReviewed 2026-08-30

SiCarrier, founded August 2021 in Shenzhen under the Shenzhen municipal government's Major Industry Investment Group (SASAC-owned), is China's most aggressive state-backed entrant into fab equipment: it unveiled 31 mass-production tools across six categories (etch, diffusion, thin film, and physical/X-ray/optical metrology) at SEMICON China in March 2025, and by September 2025 held over RMB 10 billion in orders with a new funding round near close at a pre-money valuation of RMB 65 billion. The US Commerce Department added SiCarrier to the Entity List on 2024-12-05 as part of its crackdown on China's indigenous toolmaking.

Scale

—no public financials
privatenot exchange-listed

Gap vs frontier

Bottlenecksector 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
Lithography · BottleneckDeposition / etch · Substitute
5 · MaterialsWhat the plants consume

Company at a glance

Scale

Private, not exchange-listed

Growth prospects

Expanding customer base and product roadmap

via icsmart.cn ↗Reported in-hand orders above RMB 10 billion about three years after founding; management targets profitability in 2027, an IPO around 2027, and 2028…

China competition

Competes with SMEE in Lithography — peers listed at sector level.

Bottleneck

Global comparables

Global reference set: ASML, Nikon, Canon.

Applied Materials (end-to-end breadth benchmark)

Technical gap

Sector rated bottleneck vs the frontier.

Obstacles

US export-control exposure

via federalregister.gov ↗Shenzhen SiCarrier Technologies Co., Ltd. was among roughly 140 entities added to the US Commerce Department Entity List on 2024-12-05, part of the r…
All sourced facts (7)
  • Founded / ownership: Founded 2021-08 in Shenzhen; subsidiary of Shenzhen Major Industry Investment Group, wholly owned by the Shenzhen SASAC; core team with 20+ years of equipment development experience via finance.eastmoney.com ↗
  • Product launch: At SEMICON China 2025 (Shanghai, 2025-03-26/28) released 31 mass-production semiconductor tools across six categories — etch (Wuyi Mountain series), diffusion, thin film (CVD), physical, X-ray and optical metrology — named after Chinese mountain ranges via finance.eastmoney.com ↗
  • US export controls: Shenzhen SiCarrier Technologies Co., Ltd. was among roughly 140 entities added to the US Commerce Department Entity List on 2024-12-05, part of the rule targeting China's domestic semiconductor equipment industry via federalregister.gov ↗
  • May 2025 funding reports: Reuters (May 2025): Shenzhen was considering selling about 25% of a SiCarrier subsidiary in a raise of about US$2.8 billion at an RMB 80 billion (about US$11 billion) valuation; Huawei publicly stated it has no affiliation with SiCarrier via finance.sina.com.cn ↗
  • September 2025 round: CLS/Science & Technology Board Daily (Sep 2025): SiCarrier's newest round near completion at a pre-money valuation of RMB 65 billion, after a prior round with post-money valuation of RMB 50 billion via cls.cn ↗
  • Orders and targets: Reported in-hand orders above RMB 10 billion about three years after founding; management targets profitability in 2027, an IPO around 2027, and 2028 revenue of RMB 16.9 billion via icsmart.cn ↗
  • October 2025 expansion: At the October 2025 Shenzhen show SiCarrier exhibited 16 existing tools while subsidiary 启云方 launched two domestic EDA programs (about 30% performance uplift) and subsidiary 万里眼 released a new-generation super-resolution inspection tool; it also brought 31 tools to the Taiwan semiconductor show in October 2025 via nbd.com.cn ↗

About

Develops, manufactures and services semiconductor fabrication equipment and components end-to-end for chip plants and electronics manufacturing, capitalized by the Shenzhen state (via Shenzhen Major Industry Investment Group) and outside rounds, with management targeting profitability in 2027 and an IPO thereafter.

Shenzhen · Founded 2021

Why it matters

SiCarrier is the clearest state-directed attempt to replicate the breadth of Applied Materials or Tokyo Electron inside one Chinese company — spanning etch, deposition, diffusion and metrology plus EDA (subsidiary 启云方) and inspection (万里眼) — and its Entity List designation in December 2024 shows Washington views it as central to China's equipment self-sufficiency push.

Where it sits in the stack

Equipment

Lithography equipment

Bottleneck

EUV, immersion DUV, optics, light sources, stages, precision control, and supply-chain depth.

AI trainingAI inferenceRoboticsEV / auto
Equipment

Deposition / etch / metrology

Substitute

Advanced-node process coverage, metrology/inspection, reliability, customer qualification, and imported subsystem dependencies.

AI trainingAI inferenceRoboticsEV / auto

Key semiconductor products

  • Etch equipment·Wuyi Mountain 武夷山 series
  • Diffusion and thin-film deposition equipment·CVD class
  • Metrology and inspectionphysical, X-ray and optical metrology; super-resolution inspection via subsidiary 万里眼
  • EDA software via subsidiary 启云方·two tools announced October 2025·2025

Ecosystem

Global peer set

  • Applied Materials (end-to-end breadth benchmark)
  • Tokyo Electron
  • Lam Research (etch/deposition)
  • KLA (metrology/inspection overlap)
  • NAURA and AMEC (domestic listed peers)

Affiliates

  • Huawei (reported linkage)

Competitive position

  • Broadest product-line debut of any Chinese equipment entrant — 31 tools at once — aimed squarely at the end-to-end breadth of Applied Materials and Tokyo Electron
  • Entity-Listed since December 2024, so focused on the domestic market where Chinese fabs are mandated buyers of localized tools
  • Shenzhen's flagship in semiconductors, complementing Beijing (NAURA/Yikatong) and Shanghai (AMEC/Hwatsing) equipment clusters
  • Global comparables: Applied Materials (end-to-end breadth benchmark)
  • Global comparables: Tokyo Electron
  • Global comparables: Lam Research (etch/deposition)
  • Global comparables: KLA (metrology/inspection overlap)
  • Global comparables: NAURA and AMEC (domestic listed peers)

Milestones and signals

  • 2021—SiCarrier was founded.
  • 2025—Pre-Money Valuation Of Round Reported Near Close: RMB 65 billion (prior round post-money RMB 50 billion)
  • 2025—Reported Subsidiary Valuation (25% Stake Sale, US$2.8B Raise Under Consideration): USD RMB 80 billion (about US$11 billion)
  • 2025—Mass-Production Tools Launched At SEMICON China: 31 tools across 6 categories
  • 2028—Stated Revenue Target: RMB 16.9 billion

What to watch

  • Closing and final valuation of the RMB 65 billion pre-money round (reported near completion September 2025)
  • Conversion of the reported RMB 10 billion-plus order book into 2026-2027 revenue and the 2027 profitability target
  • IPO preparation around 2027 and the 2028 revenue target of RMB 16.9 billion
  • Entity List impact on components sourcing and any countermeasures

Questions

Last reviewed 2026-07-11

Answered questions

What is the measurable gap versus global reference companies?

Broadest product-line debut of any Chinese equipment entrant — 31 tools at once — aimed squarely at the end-to-end breadth of Applied Materials and Tokyo Electron.

Open questions

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