SiCarrier known as China’s ASML seeks $2.8 billion in funding at an $11 billion valuation

Shenzhen-based SiCarrier, often dubbed the “Chinese version of ASML,” is lining up its first external fundraising and aims to collect roughly $2.8 billion at a valuation of about $11 billion. The planned round is part of a broader effort by China’s semiconductor ecosystem to cut its reliance on imported chip-making gear.

People familiar with the deal say the Shenzhen municipal government intends to sell around 25 percent of a SiCarrier subsidiary that does not hold lithography assets. The sale would price the unit near 80 billion yuan (roughly $11.1 billion) and could close within weeks, making it one of the country’s largest yuan-denominated raises this year. Proceeds are earmarked mainly for research and development, and several state-owned firms and domestic venture funds have signalled interest.

SiCarrier was founded in 2021 as a wholly-owned arm of the Shenzhen State-owned Assets Supervision and Administration Commission. The company targets “first-generation technology, materials, and equipment,” and its core team brings over two decades of electronic-equipment engineering experience. Public filings describe a product roadmap covering etching, diffusion, thin-film deposition, and metrology tools aimed at China’s leading fabs and research institutes.

The breadth of that roadmap became visible at SEMICON China in March, where SiCarrier unveiled 31 tools grouped into six categories and branded after famous Chinese mountains. The line-up spans epitaxial deposition (Emei Series), atomic-layer deposition (Ali Series), physical vapor deposition (Putuo Series), etching (Wuyi Series), chemical vapor deposition (Changbai Series), and several measurement platforms. Domestic analysts hailed the disclosure as a breakthrough for Chinese chip equipment suppliers.

Independent checks, however, suggest most of the announced machines remain in development and have not completed the lengthy validation that semiconductor customers require. Bernstein Research and industry insiders caution that building and qualifying complex wafer-fab tools normally takes years, raising questions about how quickly SiCarrier can turn its catalogue into revenue.

SiCarrier’s ambitions unfold against a backdrop of tightened U.S. export controls. The firm landed on an American entity list late last year because of perceived ties to Huawei, links both companies deny. These restrictions have slowed access to foreign technology and intensified Beijing’s push for self-reliance. Whether SiCarrier can scale fast enough to challenge established global suppliers remains uncertain, yet its upcoming capital infusion signals that China is prepared to invest heavily in closing that gap.