Innovative Semiconductor Substrate Technology Co., Ltd.

Innovative Semiconductor Substrate Technology Co., Ltd. (青禾晶元, or "Qinghe Jingyuan") is a semiconductor materials company focused on heterogeneous integration and advanced composite substrates. It is one of the few firms globally to master the full suite of advanced semiconductor materials and heterointegration technologies, aiming to solve yield, cost, and performance limitations in next-generation chips .

Yunqi Capital backed the company at the pre-A stage and has supported it since its earliest days . In December 2022, Qinghe Jingyuan launched China's first mass-production line for advanced composite substrates in Tianjin's Binhai High-Tech Zone, a milestone the zone's leadership described as "globally leading" and filling a domestic gap in the field . The company went on to raise over RMB 300 million in a subsequent round by mid-2024, with investors including Shenzhen Capital Group , and closed roughly RMB 500 million in strategic funding in early 2026, led by Advanced Micro-Fabrication Equipment (AMEC) and FT Capital with follow-on from BAIC Capital .