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Piotech Jianke is Piotech's dedicated 3D-integration / hybrid-bonding equipment subsidiary, spun up to commercialise the advanced packaging tools China's fabs need as they substitute domestic equipment for export-controlled Western/Japanese/Dutch tools (see trilateral-chip-equipment-perimeter). The 2025-09-12 board resolution approved bringing in external investors — led by Guotou Jixin, Big Fund III's dedicated equity vehicle — alongside several smaller state- and market-linked investors, raising CNY 450 million against a CNY 2.5 billion pre-money valuation (income-approach appraisal, ~44x book value). This is the first disclosed Big Fund III equity deployment traced in the register since the fund's 2024-05-24 establishment (RMB 344bn registered capital), and it lands specifically in equipment (not fabs), consistent with the theme's thesis that Phase III prioritises the equipment chokepoint over incremental fab capacity.
targets, not just holding capital — a leading indicator for the pace and sectoral tilt of the fund's broader RMB 344bn deployment.
crystallising a high implied valuation for its packaging-equipment unit — a template other Chinese equipment makers may use to raise state-linked growth capital without full fab-style nationalisation.
tooling, the segment most exposed to further tightening of the trilateral (US/Japan/Netherlands) equipment-export perimeter.
smaller vehicles) and whether any carry board/governance rights alongside Guotou Jixin.
a subsidiary rather than the parent-listco) becomes its standard template for equipment-sector deployment going forward.
hybrid-bonding tool lines or general working capital.