China's Top Three OSAT Giants Plan Over ¥15 Billion in Combined Capacity Expansion in H1

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JCET, TFME and Hua Tian announced a combined ¥15 billion+ in advanced-packaging capex in H1 2026, driven by AI chip demand and Beijing's self-sufficiency push — but the earliest capacity comes online in late 2028.

Where is the ¥15 billion going?

All three firms are betting on the same target: advanced packaging — the process of stacking and combining multiple chips into one module, a critical bottleneck for AI processors.

This means → China's OSAT sector is collectively shifting from low-margin "wrap-and-ship" assembly toward the higher-value packaging AI chips require.

Two forces are at work: surging demand for AI accelerators + Beijing's policy push for supply-chain self-sufficiency. One pulls, the other pushes.

What is each company putting in — and getting back?

JCET (长电科技): H1 revenue hit a record ¥19.5 billion; net profit rose 79.4% YoY to ¥845 million. In June it disclosed a ¥7.8 billion advanced-packaging base in Shanghai Lingang, with Phase 1 due in H2 2028.

TFME (通富微电): H1 net profit is expected to surge 337% YoY, partly driven by its strategic tie-up with AMD on next-gen processors. It completed a ¥4.2 billion share placement, earmarking ¥888 million for 849,600 wafers/year of new memory-chip capacity.

In plain terms = JCET leads on scale, TFME rides the AMD partnership to a profit spike, and Hua Tian is expanding in parallel. Each holds a different card.

The money is committed — where is the risk?

The biggest uncertainty is the time lag: JCET's Lingang base Phase 1 won't produce until H2 2028 at the earliest — at least two years from announcement to output.

This means → if AI chip demand cools or global advanced-packaging capacity ramps simultaneously, the ¥15 billion bet could face an overcapacity squeeze.

This reflects a deeper tension across the industry: AI demand is red-hot today, but expansion cycles are inherently lagging — the spending decision is made now; the verdict comes two years later.

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