Cases - SHINDEV Co., Ltd.

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Technology Innovation

Hard Technology
Chip Semiconductor
New Materials

Luxin New Materials

High-end alloy powder material developer

Positioned in Technology Innovation and Hard Tech, Luxin New Materials advances High-end alloy powder material developer. In Technology Innovation and Hard Tech, the company addresses critical pain points with tailored solutions. Closed‑loop strengths in solution design, implementation and operations support. Technology choices balance performance, security and maintainability, adaptable to diverse applications. Recently completed Series B of about 47 million USD, fueling channels and product iteration. Ongoing iteration and scenario expansion form a sustainable growth trajectory.

Financing Round:Series B
Financing Amount:47 million USD
Investment Date:2021-11

Profit Plan:PV and semiconductor abrasive lines both ramp; unit-cost dilution drives steady-state gross margin to 28% by 2026.

Exit Plan:ChiNext IPO targeted in 2029, with restructuring within the Luxin Venture portfolio as a backup.

Xinlanhai Automation

Professional intelligent special metallurgy equipment integrated solution provider

Positioned in Technology Innovation and Hard Tech, Xinlanhai Automation advances Professional intelligent special metallurgy equipment integrated solution provider. In Technology Innovation and Hard Tech, the company addresses critical pain points with tailored solutions. Closed‑loop strengths in solution design, implementation and operations support. Technology choices balance performance, security and maintainability, adaptable to diverse applications. Recently completed Series B of about 44 million USD, fueling channels and product iteration. Ongoing iteration and scenario expansion form a sustainable growth trajectory.

Financing Round:Series B
Financing Amount:44 million USD
Investment Date:2020-06

Profit Plan:Lithium-battery equipment plus robotics-integration synergies; steady-state gross margin 30% by 2026 after customer concentration normalizes.

Exit Plan:STAR Board IPO targeted in 2028, with OEM or equipment-group M&A as a backup.

Hengsheng Graphite

Isostatic graphite materials and devices developer

Hengsheng Graphite is a Isostatic graphite materials and devices developer. Across Technology Innovation / Hard Tech scenarios, it expands and refines its product suite. From advisory to systems integration, it forms a full‑chain capability for complex use cases. Product and technology prioritize efficiency, reliability and cost, with scalability and compliance. Capital support in place (~41 million USD), enabling scaled delivery. Core customers and channel expansion drive a healthier revenue mix.

Financing Round:Equity Financing
Financing Amount:41 million USD
Investment Date:2020-06

Profit Plan:High-purity graphite feeds into anode materials; long-term contracts with top cell makers stabilize gross margin at 35% by 2027.

Exit Plan:Dual-track between BSE and STAR Board; IPO tutoring to begin around 2028.

Applied Materials

Global leader in semiconductor equipment

Rooted in Technology Innovation / Semiconductors, Applied Materials is dedicated to Global leader in semiconductor equipment. Focusing on key links in Technology Innovation / Semiconductors, it builds clear differentiation. Capabilities span planning, engineering and operations, emphasizing end‑to‑end delivery. Modular architecture and standard interfaces improve delivery efficiency and reuse. Series D propels R&D and commercialization, totaling 16 million USD. With customer validation and continuous delivery, the business grows steadily and commercializes faster.

Financing Round:Series D
Financing Amount:16 million USD
Investment Date:2021-06

Profit Plan:Leading semi-equipment vendor covering deposition, etch, and CMP; steady-state gross margin 47% with services growing ~10% YoY.

Exit Plan:Staged sales on Nasdaq (AMAT) targeting 15% IRR, timed with fab capex cycles.

Habana Labs

AI training and inference processor developer

Habana Labs is a AI training and inference processor developer. Across Technology Innovation / Semiconductors scenarios, it expands and refines its product suite. From advisory to systems integration, it forms a full‑chain capability for complex use cases. Product and technology prioritize efficiency, reliability and cost, with scalability and compliance. Capital support in place (~66 million USD), enabling scaled delivery. Core customers and channel expansion drive a healthier revenue mix.

Financing Round:Series A+
Financing Amount:66 million USD
Investment Date:2019-11

Profit Plan:Gaudi AI training plus Goya inference chips; scaled within Intel's datacenter business post-acquisition.

Exit Plan:Acquired by Intel for USD 2B in December 2019; the fund has fully exited.

KLA Corporation

Semiconductor process control and yield management solutions leader

Positioned in Technology Innovation and Semiconductors, KLA Corporation advances Semiconductor process control and yield management solutions leader. In Technology Innovation and Semiconductors, the company addresses critical pain points with tailored solutions. Closed‑loop strengths in solution design, implementation and operations support. Technology choices balance performance, security and maintainability, adaptable to diverse applications. Recently completed Pre-IPO Round of about 60 million USD, fueling channels and product iteration. Ongoing iteration and scenario expansion form a sustainable growth trajectory.

Financing Round:Pre-IPO Round
Financing Amount:60 million USD
Investment Date:2022-08

Profit Plan:Leader in semiconductor process control and metrology; advanced-node capex supports steady-state gross margin above 60%.

Exit Plan:Staged sales on Nasdaq (KLAC) triggered at USD 600, timed with the global fab capex cycle.

Wolfspeed, Inc.

Global leader in silicon carbide and gallium nitride semiconductor solutions

Positioned in Technology Innovation and Semiconductors, Wolfspeed, Inc. advances Global leader in silicon carbide and gallium nitride semiconductor solutions. In Technology Innovation and Semiconductors, the company addresses critical pain points with tailored solutions. Closed‑loop strengths in solution design, implementation and operations support. Technology choices balance performance, security and maintainability, adaptable to diverse applications. Recently completed Series C of about 22 million USD, fueling channels and product iteration. Ongoing iteration and scenario expansion form a sustainable growth trajectory.

Financing Round:Series C
Financing Amount:22 million USD
Investment Date:2019-10

Profit Plan:SiC substrates plus power MOSFETs designed into GM and Lucid; gross margin stabilizes at 35% once the 8-inch Mohawk Valley fab ramps.

Exit Plan:Staged sales on NYSE (WOLF), timed with SiC penetration and the company's re-rating cadence.

SK Siltron

Global leading silicon wafer manufacturer

Positioned in Technology Innovation and Semiconductors, SK Siltron advances Global leading silicon wafer manufacturer. In Technology Innovation and Semiconductors, the company addresses critical pain points with tailored solutions. Closed‑loop strengths in solution design, implementation and operations support. Technology choices balance performance, security and maintainability, adaptable to diverse applications. Recently completed Series A of about 22 million USD, fueling channels and product iteration. Ongoing iteration and scenario expansion form a sustainable growth trajectory.

Financing Round:Series A
Financing Amount:22 million USD
Investment Date:2021-06

Profit Plan:Silicon-epi plus automotive SiC substrates in parallel; the 2020 DuPont SiC acquisition unlocks synergies and stabilizes gross margin at 30%.

Exit Plan:SK Group buyback or a KOSPI carve-out listing, expected around 2028.

Graphcore

AI intelligence processing unit developer

Graphcore is a AI intelligence processing unit developer. Across Technology Innovation / Semiconductors scenarios, it expands and refines its product suite. From advisory to systems integration, it forms a full‑chain capability for complex use cases. Product and technology prioritize efficiency, reliability and cost, with scalability and compliance. Capital support in place (~23 million USD), enabling scaled delivery. Core customers and channel expansion drive a healthier revenue mix.

Financing Round:Series A
Financing Amount:23 million USD
Investment Date:2019-08

Profit Plan:IPU AI training/inference chips plus the Poplar software stack; datacenter licensing and hardware sales as twin monetization paths.

Exit Plan:Acquired by SoftBank for cash in July 2024; the fund has fully exited at the deal price.

Kerun New Materials

Leading domestic proton exchange membrane material company

Rooted in Technology Innovation / New Materials, Kerun New Materials is dedicated to Leading domestic proton exchange membrane material company. Focusing on key links in Technology Innovation / New Materials, it builds clear differentiation. Capabilities span planning, engineering and operations, emphasizing end‑to‑end delivery. Modular architecture and standard interfaces improve delivery efficiency and reuse. Series C propels R&D and commercialization, totaling 13 million USD. With customer validation and continuous delivery, the business grows steadily and commercializes faster.

Financing Round:Series C
Financing Amount:13 million USD
Investment Date:2022-08

Profit Plan:Separator-coating materials plus high-purity alumina, qualified with CATL and BYD; gross margin 30% by 2027.

Exit Plan:ChiNext IPO in 2028, with leading-cell-maker M&A as a supply-chain closed-loop backup.

Antai Composite Materials

Aviation-grade carbon fiber composite structural components provider

Positioned in Technology Innovation and New Materials, Antai Composite Materials advances Aviation-grade carbon fiber composite structural components provider. In Technology Innovation and New Materials, the company addresses critical pain points with tailored solutions. Closed‑loop strengths in solution design, implementation and operations support. Technology choices balance performance, security and maintainability, adaptable to diverse applications. Recently completed Series A+ of about 29 million USD, fueling channels and product iteration. Ongoing iteration and scenario expansion form a sustainable growth trajectory.

Financing Round:Series A+
Financing Amount:29 million USD
Investment Date:2022-02

Profit Plan:Carbon-fiber wind blades plus aerospace structures; gross margin reaches 28% once wind blades scale in 2026.

Exit Plan:STAR Board IPO in 2029, with wind-OEM or aerospace-group M&A as a backup.

Fanrui Yihui

Thermal management new materials application and solution supplier

Positioned in Technology Innovation and New Materials, Fanrui Yihui advances Thermal management new materials application and solution supplier. In Technology Innovation and New Materials, the company addresses critical pain points with tailored solutions. Closed‑loop strengths in solution design, implementation and operations support. Technology choices balance performance, security and maintainability, adaptable to diverse applications. Recently completed Series B of about 51 million USD, fueling channels and product iteration. Ongoing iteration and scenario expansion form a sustainable growth trajectory.

Financing Round:Series B
Financing Amount:51 million USD
Investment Date:2021-04

Profit Plan:Ceramic matrix composites for aerospace structures and high-end industrial hot sections; steady-state gross margin 40% by 2028.

Exit Plan:STAR Board IPO targeted before 2030, with defense-SOE M&A as a backup.

Tianyuan Aerospace Materials

Aerospace chemical new materials technology solution provider

Positioned in Technology Innovation and New Materials, Tianyuan Aerospace Materials advances Aerospace chemical new materials technology solution provider. In Technology Innovation and New Materials, the company addresses critical pain points with tailored solutions. Closed‑loop strengths in solution design, implementation and operations support. Technology choices balance performance, security and maintainability, adaptable to diverse applications. Recently completed Pre-IPO Round of about 47 million USD, fueling channels and product iteration. Ongoing iteration and scenario expansion form a sustainable growth trajectory.

Financing Round:Pre-IPO Round
Financing Amount:47 million USD
Investment Date:2023-11

Profit Plan:High-temperature alloys and superalloy powders for commercial space and defense; gross margin reaches 35% by 2028 as launch cadence increases.

Exit Plan:BSE IPO targeted in 2030, with CASC/CASIC strategic M&A as a backup.

Luxin New Materials

High-end metal powder developer and manufacturer

Rooted in Technology Innovation / New Materials, Luxin New Materials is dedicated to High-end metal powder developer and manufacturer. Focusing on key links in Technology Innovation / New Materials, it builds clear differentiation. Capabilities span planning, engineering and operations, emphasizing end‑to‑end delivery. Modular architecture and standard interfaces improve delivery efficiency and reuse. Series C propels R&D and commercialization, totaling 33 million USD. With customer validation and continuous delivery, the business grows steadily and commercializes faster.

Financing Round:Series C
Financing Amount:33 million USD
Investment Date:2021-01

Profit Plan:Domestic substitution in glass-ceramics and specialty ceramics accelerates; gross margin stabilizes at 32% as electronics and optics customers scale in 2027.

Exit Plan:Transfer from NEEQ to the STAR Board, with tutoring filing expected in 2028.

Solid New Materials

Lithium battery silicon-based anode material manufacturer

Positioned in Technology Innovation and New Materials, Solid New Materials advances Lithium battery silicon-based anode material manufacturer. In Technology Innovation and New Materials, the company addresses critical pain points with tailored solutions. Closed‑loop strengths in solution design, implementation and operations support. Technology choices balance performance, security and maintainability, adaptable to diverse applications. Recently completed Angel Round+ of about 86 million USD, fueling channels and product iteration. Ongoing iteration and scenario expansion form a sustainable growth trajectory.

Financing Round:Angel Round+
Financing Amount:86 million USD
Investment Date:2021-09

Profit Plan:High-purity metal sputtering targets substituting imports, qualified into SMIC and Hua Hong; steady-state gross margin 32%.

Exit Plan:STAR Board IPO in 2029, with semi-equipment or materials-group M&A as a backup.

Wankai New Materials

Bottle-grade PET packaging materials

Positioned in Technology Innovation and New Materials, Wankai New Materials advances Bottle-grade PET packaging materials. In Technology Innovation and New Materials, the company addresses critical pain points with tailored solutions. Closed‑loop strengths in solution design, implementation and operations support. Technology choices balance performance, security and maintainability, adaptable to diverse applications. Recently completed Pre-A Round of about 89 million USD, fueling channels and product iteration. Ongoing iteration and scenario expansion form a sustainable growth trajectory.

Financing Round:Pre-A Round
Financing Amount:89 million USD
Investment Date:2019-08

Profit Plan:Leader in food-grade PET bottle resin with strong export demand; steady-state gross margin 12% with ongoing scale-driven cost dilution.

Exit Plan:Listed on ChiNext (301216) in March 2022; the fund exits in tranches post lock-up.

Zhongtai Equipment

Titanium special materials and components integrated solution provider

Rooted in Technology Innovation / New Materials, Zhongtai Equipment is dedicated to Titanium special materials and components integrated solution provider. Focusing on key links in Technology Innovation / New Materials, it builds clear differentiation. Capabilities span planning, engineering and operations, emphasizing end‑to‑end delivery. Modular architecture and standard interfaces improve delivery efficiency and reuse. Series C propels R&D and commercialization, totaling 57 million USD. With customer validation and continuous delivery, the business grows steadily and commercializes faster.

Financing Round:Series C
Financing Amount:57 million USD
Investment Date:2021-08

Profit Plan:Titanium-alloy equipment plus aerospace-grade precision parts; gross margin 25% once aerospace orders scale in 2028.

Exit Plan:BSE IPO in 2030, with AVIC strategic M&A as a backup.

Yijun Yaoneng

Glass product manufacturing company

Rooted in Technology Innovation / New Materials, Yijun Yaoneng is dedicated to Glass product manufacturing company. Focusing on key links in Technology Innovation / New Materials, it builds clear differentiation. Capabilities span planning, engineering and operations, emphasizing end‑to‑end delivery. Modular architecture and standard interfaces improve delivery efficiency and reuse. Pre-IPO Round propels R&D and commercialization, totaling 14 million USD. With customer validation and continuous delivery, the business grows steadily and commercializes faster.

Financing Round:Pre-IPO Round
Financing Amount:14 million USD
Investment Date:2019-09

Profit Plan:PV patterned glass capacity keeps expanding to match large-size modules; steady-state gross margin 22% by 2027.

Exit Plan:Dual-track BSE/HKEX listing in 2028, timed with the PV-glass cycle.

Hongsheng New Materials

Environmental dust removal glass fiber filter material and bag manufacturer

Positioned in Technology Innovation and New Materials, Hongsheng New Materials advances Environmental dust removal glass fiber filter material and bag manufacturer. In Technology Innovation and New Materials, the company addresses critical pain points with tailored solutions. Closed‑loop strengths in solution design, implementation and operations support. Technology choices balance performance, security and maintainability, adaptable to diverse applications. Recently completed Pre-IPO Round of about 17 million USD, fueling channels and product iteration. Ongoing iteration and scenario expansion form a sustainable growth trajectory.

Financing Round:Pre-IPO Round
Financing Amount:17 million USD
Investment Date:2020-11

Profit Plan:Industrial filtration materials plus PPS fiber, scaling with air-treatment customers; steady-state gross margin 35% by 2026.

Exit Plan:Dual-track BSE/ChiNext IPO in 2027, timed with downstream environmental order cadence.

Keyuan Fine Chemicals

Full industrial chain fine chemical company using heavy oil as raw material

Rooted in Technology Innovation / New Materials, Keyuan Fine Chemicals is dedicated to Full industrial chain fine chemical company using heavy oil as raw material. Focusing on key links in Technology Innovation / New Materials, it builds clear differentiation. Capabilities span planning, engineering and operations, emphasizing end‑to‑end delivery. Modular architecture and standard interfaces improve delivery efficiency and reuse. Equity Financing propels R&D and commercialization, totaling 62 million USD. With customer validation and continuous delivery, the business grows steadily and commercializes faster.

Financing Round:Equity Financing
Financing Amount:62 million USD
Investment Date:2018-12

Profit Plan:Electronic chemicals and photoresist intermediates ride domestic-substitution tailwinds; gross margin stabilizes at 28% by 2026.

Exit Plan:Transfer from NEEQ to BSE, with IPO tutoring starting in 2027.

Mingxun New Materials

Consumer electronics supporting electronic functional materials

Rooted in Technology Innovation / New Materials, Mingxun New Materials is dedicated to Consumer electronics supporting electronic functional materials. Focusing on key links in Technology Innovation / New Materials, it builds clear differentiation. Capabilities span planning, engineering and operations, emphasizing end‑to‑end delivery. Modular architecture and standard interfaces improve delivery efficiency and reuse. Strategic Financing propels R&D and commercialization, totaling 15 million USD. With customer validation and continuous delivery, the business grows steadily and commercializes faster.

Financing Round:Strategic Financing
Financing Amount:15 million USD
Investment Date:2018-09

Profit Plan:Electronic-grade silicones plus modified plastics; gross margin stabilizes at 28% by 2026 as consumer-electronics customers scale.

Exit Plan:BSE IPO in 2028, with upstream-chemicals M&A as a backup.