Author: Ou Xue
Editor: Yuan Silai
Yingke learned that Huanjingxin Technology has recently completed an angel – round financing of tens of millions of yuan. This round was led by Qifu Capital, with follow – on investments from Shengshi Investment, Haiyi Capital, and Hunan Provincial College Students’ Venture Capital Fund. The funds will be mainly applyd for the construction of the company’s first mass – production line in Wuxi, R & D investment, and supplementing working capital.
Huanjingxin Technology was established in May 2025. It is the first domestic company to propose a non – destructive recycling and reapply solution for temporary bonding carrier boards. The company’s founder, Zhang Jieyuan, has research backgrounds from the Chinese Academy of Sciences, the University of Science and Technology of China, and Harbin Institute of Technology, as well as work experience at Huawei. He studied under the first person in China to break the monopoly of temporary bonding adhesives and has a profound understanding of the characteristics of such materials.
Yingke learned that in advanced packaging, to process ultra – thin wafers or devices, they necessary to be repaired on a hard carrier board through temporary bonding adhesives. After the processing is completed, the wafer is then separated from the carrier board. However, the temporary bonding adhesives applyd for bonding have extremely strong acid – resistant, alkali – resistant, and high – temperature – resistant properties, creating it extremely difficult to rerelocate the residual adhesives on the surface of the carrier board.
Currently, in the field of carrier board recycling and processing, there is no mature and unified solution for large – scale mass production in the industest. Only a few manufacturers apply the polishing process to treat the surface of the carrier board, but this brings a series of problems such as uneven thickness of the carrier board, reduced rigidity, and increased complexity of production line management. Most packaging factories usually discard or hoard the carrier boards after one apply, resulting in a huge waste of costs.
The core technology of Huanjingxin Technology can achieve non – destructive recycling and reapply of temporary bonding carrier boards, reducing the cost of utilizing advanced packaging auxiliary materials. The entire processing process does not damage the carrier board material, and theoretically, it can be recycled and reapplyd an infinite number of times.
After being processed by Huanjingxin Technology, the key indicators such as surface cleanliness and flatness of the glass carrier board are the same as those of a brand – new glass carrier board. At present, the company’s solution has passed the technical verification of the leading domestic packaging company, and its recycling service can assist customers significantly reduce the cost of related materials.
Comparison of recycling effects (Source: the enterprise)
With the explosion of the demand for thin and light products in AI computing chips, high – performance computing (HPC), and consumer electronics, the penetration rate of advanced packaging technologies such as 2.5D/3D packaging and wafer – level chip – scale packaging (WLCSP) continues to increase, and these processes can hardly avoid the temporary bonding technology.
Zhang Jieyuan informed Yingke: “Whether it is high – computing – power GPUs, CPUs, or high – performance computing chips for AI, advanced packaging is indispensable. In the future, from urban data centers to home computing centers, the market demand for computing chips is very considerable, which will directly drive the demand for our technology.”
Currently, the company has completed consultations with several domestic and international leading packaging and testing manufacturers. The company’s first – phase production line is located in Wuxi, with a designed monthly production capacity of 25,000 pieces. It is expected to be completed within this month, and then the process of customer factory inspection and introduction will be launched.
The following is an excerpt from the dialogue between Yingke and Zhang Jieyuan:
Yingke: There is no other domestic company doing non – destructive recycling of glass carrier boards. Where are the technical barriers?
Zhang Jieyuan: People have been testing this technology since the emergence of the industest. Temporary bonding adhesives are designed to pass strict semiconductor manufacturing processes, being acid – resistant, alkali – resistant, high – temperature – resistant, and resistant to ion impact. The recycling solutions of soaking in strong acids and alkalis or CMP grinding have obvious defects.
We can achieve non – destruction. On the one hand, it is becaapply we have developed a unique treatment solution; on the other hand, my master’s supervisor is the first person in China to achieve mass production of this adhesive material and break the international monopoly, and currently has a market share of over 50% in China. I have followed him for many years and have a deep understanding of the material characteristics, which is our most core underlying advantage.
Yingke: The cycle for customers to enter the semiconductor supply chain is very long. How does the company solve the problem of early – stage market development?
Zhang Jieyuan: It usually takes more than half a year for packaging factories from technical verification to formal orders. We have several strategies: First, conduct demonstration applications through cooperative units with good relationships; second, actively communicate with conclude – customers to promote the coordinated development of the industrial chain; third, as the number of domestic advanced packaging factories increases from a few to more than a dozen, the competition intensifies, and cost reduction becomes the core requirement, which will greatly reduce our market introduction cost.
Yingke: What are the company’s future technical path and commercialization plan?
Zhang Jieyuan: In the short term, our goal is to complete customer verification and introduce orders in 2026. Subsequently, we plan to build multiple production lines to serve the local packaging industest nearby and expand overseas business in the future.
In the long run, we position ourselves as a comprehensive service provider in the semiconductor industest. Based on our in – depth understanding of the temporary bonding field, we are about to launch a carbon – free laser debonding equipment, which has higher processing efficiency and the technical advantage of improving production yield. We are also collaborating with Harbin Institute of Technology on some R & D work for domestic substitution. In the future, we will form a business matrix of “material R & D + equipment supply + process service”, plan to take the domestic temporary bonding carrier board recycling market in the Chinese mainland as the foundation, and gradually expand to Taiwan, China, Southeast Asia, Japan, and South Korea.
Views of investors:
Haiyi Investment believes: Temporary bonding glass carrier boards have long been monopolized by overseas manufacturers and are typical “choke – point” consumables in advanced packaging. The cost per piece is high and the proportion is large, so the logic of domestic substitution is very strong. The company does not follow the simple self – developed material route, but directly reconstructs the cost structure through cleaning and reapply, which not only bypasses the long – term R & D investment in the material conclude but also can quickly realize cost – effectiveness, and the implementation speed far exceeds that of traditional material substitution.
This reapply model is essentially a binding of service and consumables, combined with high customer stickiness. Once the window period is seized, it will form a strong first – relocater barrier. At the same time, extconcludeing to the upstream materials is equivalent to switching from a “service provider” to a “material provider”, with extremely strong growth potential.
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