Beijing E-Town Valuation Multiples

Nvidia is a leading developer of graphics processing units. Traditionally, GPUs were used to enhance the experience on computing platforms, most notably in gaming applications on PCs. GPU use cases have since emerged as important semiconductors used in artificial intelligence to run large language models. Nvidia not only offers AI GPUs, but also a software platform, Cuda, used for AI model development and training. Nvidia is also expanding its data center networking solutions, helping to tie GPUs together to handle complex workloads.

Taiwan Semiconductor Manufacturing Co. is the world's largest dedicated chip foundry, with about 70% market share in 2025. TSMC was founded in 1987 as a joint venture of Philips, the government of Taiwan, and private investors. It went public in Taiwan in 1994 and as an ADR in the US in 1997. TSMC's scale and high-quality technology allow the firm to generate solid operating margins, even in the highly competitive foundry business. Furthermore, the shift to the fabless business model has created tailwinds for TSMC. The foundry leader has an illustrious base of customers, including Apple, AMD, and Nvidia, that look to apply its cutting-edge process technologies to their semiconductor designs. TSMC employs more than 83,000 people.

Broadcom is one of the largest semiconductor companies in the world and has also expanded into infrastructure software. Its semiconductors primarily serve computing, wired connectivity, and wireless connectivity. It has a significant position in custom AI chips to train and run inference for large language models. It is primarily a fabless designer but holds some manufacturing in-house. In software, it sells virtualization, infrastructure, and security software to large enterprises, financial institutions, and governments. Broadcom is the product of consolidation. Its businesses are an amalgamation of former companies like legacy Broadcom and Avago Technologies in chips, as well as VMware, Brocade, CA Technologies, and Symantec in software.

Samsung Electronics is a South Korean public technology manufacturer incorporated in 1969 and headquartered in Suwon. Its Device eXperience division sells smartphones, televisions, home appliances, computers and network products to consumers and enterprise customers. The Device Solutions division manufactures memory, logic and other semiconductor products, while Samsung Display produces display panels and Harman supplies automotive electronics and connected-audio systems. The company earns revenue from product sales, components, licensing and related services across a worldwide manufacturing and distribution network. Samsung Electronics listed in Korea in 1975 and operates through hundreds of subsidiaries and regional organisations. It also makes strategic and venture investments that support technologies relevant to semiconductors, devices, artificial intelligence, robotics and its broader product ecosystem.

Micron Technology is a semiconductor manufacturer headquartered in Boise, Idaho. The company designs, develops and manufactures memory and storage technologies used in electronic equipment. Its principal technologies include dynamic random-access memory, NAND flash and NOR memory, which support the storage and retrieval of digital information. Customers use its products in data centres, personal computers, smartphones, vehicles and other connected equipment. Micron earns revenue from sales of memory and storage products to equipment manufacturers and other business customers. Founded in 1978, it developed from a small semiconductor design company into an international manufacturer with fabrication, assembly, testing and research operations. Its manufacturing footprint spans the United States and multiple Asian locations, while design centres and customer laboratories support product development and applications. The company operates under the Micron Technology name and maintains its corporate base in Boise.

Advanced Micro Devices is a United States semiconductor company founded in 1969 and headquartered in Santa Clara, California. It designs central and graphics processors, data-center accelerators, adaptive computing products and related system-on-chip technology for computer makers, cloud operators, enterprises and embedded-system customers. Revenue comes from sales of chips and computing platforms, intellectual-property arrangements and long-term supply relationships. AMD historically manufactured many of its own processors but later separated fabrication into GlobalFoundries and became primarily a fabless designer. Its products compete in personal computers, gaming consoles, servers, artificial-intelligence infrastructure and industrial applications. Advanced Micro Devices serves B2B and B2C customers through activities spanning Semiconductors, AI Chips & Hardware and Artificial Intelligence.

SK hynix is a semiconductor memory manufacturer with around 60%-70% of its revenue from DRAM and 30%-35% of its revenue from NAND. The company is both the second-largest DRAM and NAND supplier globally with a 33% and 21% market share, respectively, as of 2024. SK Hynix increased its market position in NAND from fourth to second, after acquiring Intel's NAND business in 2021. SK Square, an investment management company spun off from SK Telecom, is SK Hynix's largest shareholder and currently holds 20% of the company's shares.

ASML is the leader in lithography systems for manufacturing semiconductors with 90% market share. Lithography is the process in which a light source is used to expose circuit patterns from a photo mask onto a semiconductor wafer. Lithography allows chipmakers to increase the number of transistors on the same area of silicon, with lithography historically representing a high portion of the cost of making cutting-edge chips. ASML outsources the manufacturing of most of its parts, acting like an assembler. ASML’s largest clients are TSMC, Samsung, and Intel.

Intel is a United States semiconductor and computing company founded in 1968 and headquartered in Santa Clara, California. It designs and sells processors, chipsets, accelerators, networking products and related software used in personal computers, data centers, edge devices and embedded systems. The company serves hardware manufacturers, cloud providers, enterprises and consumers through product sales, licensing and technical partnerships. Intel also develops software and research capabilities that improve how computing platforms process data and interact with users. It has used acquisitions to add engineering teams and technologies complementary to its core hardware and software platforms. Buying Spanish natural-language software company Indisys in 2013 supplied dialogue technology and specialist researchers for Intel's perceptual-computing work. The acquired capability supported efforts to make human-machine interaction more conversational across future devices and applications.

CXMT Corp is engaged in the research, design, production and sales of Dynamic Random Access Memory (DRAM) products. These DRAM products are widely used in mobile terminals, computers, servers, virtual reality, and the Internet of Things (IoT).

Lam Research is one of the largest semiconductor wafer fabrication equipment manufacturers in the world. It specializes in deposition and etch, which entail the buildup of layers on a semiconductor and the subsequent selective removal of patterns from each layer. Lam holds the top market share in etch and holds the clear second share in deposition. It is more exposed to memory chipmakers for DRAM and NAND chips. It counts as top customers the largest chipmakers in the world, including TSMC, Samsung, Intel, and Micron.

Applied Materials is the largest semiconductor wafer fabrication equipment manufacturer in the world. It has a broad portfolio spanning nearly every corner of the WFE ecosystem. Applied Materials holds leading market share in deposition, which entails the layering of new materials on semiconductor wafers. It is more exposed to general-purpose logic chips made at integrated device manufacturers and foundries. It counts the largest chipmakers in the world as customers, including TSMC, Intel, and Samsung.

Arm Holdings is the IP owner and developer of the ARM architecture, which is used in 99% of the world’s smartphone CPU cores, and it also has high market share in other battery-powered devices like wearables, tablets, or sensors. Arm licenses its architecture for a fee, offering different types of licenses depending on the flexibility the customer needs. Customers like Apple or Qualcomm buy architectural licenses, which allow them to modify the architecture and add or delete instructions to tailor the chips to their specific needs. Other clients directly buy off-the-shelf designs from Arm. Both off-the-shelf and architectural customers pay a royalty fee per chip shipped.

KLA is one of the largest semiconductor wafer fabrication equipment, or WFE, manufacturers in the world. It specializes in the market segment of semiconductor process control, wherein machines inspect semiconductor wafers during research and development and manufacturing for defects and verify precise measurements. In this section of the market, KLA holds a majority share. It also has a small exposure to the etch and deposition segments of the WFE market. It counts as top customers the largest chipmakers in the world, including TSMC and Samsung.

Dallas-based Texas Instruments generates over 95% of its revenue from semiconductors and the remainder from its well-known calculators. Texas Instruments is the world's largest maker of analog chips, which are used to process real-world signals such as sound and power. Texas Instruments also has a leading market share position in processors and microcontrollers used in a wide variety of electronics applications.

Founded in 1997, MediaTek is a fabless semiconductor designer focusing on solutions for smartphones, digital televisions, and connectivity products. The business is divided into three segments. The first is "mobile," which accounts for more than half of sales, where MediaTek is the second-largest third-party supplier of smartphone SoCs by revenue to the likes of Xiaomi and Vivo. The second is "smart edge," which accounts for just over 40% of sales, that covers most devices other than smartphones. The third is "power IC" that includes power management products for mobile devices, data centers, connectivity devices and more. Mediatek is headquartered in Hsinchu, Taiwan and employs about 22,400 people.

Marvell Technology is a fabless chip designer focused on wired networking, where it has the second-highest market share. Marvell serves the data center, carrier, enterprise, and consumer end markets with processors, optical and copper transceivers, switches, and storage controllers.

Analog Devices is a leading analog, mixed-signal, and digital-signal processing chipmaker. The firm has a significant market share lead in converter chips, which are used to translate analog signals to digital and vice versa. The company serves tens of thousands of customers; more than half of its chip sales are to industrial and automotive end markets. ADI's chips are also incorporated into wireless infrastructure equipment.

Qualcomm is a San Diego semiconductor, software and wireless-technology company founded in 1985. It designs modem, radio-frequency, connectivity, automotive and computing platforms used by device manufacturers and network operators worldwide. The company develops and licenses a large portfolio of patents essential to cellular standards and earns revenue through chip sales and technology licensing. Its Snapdragon platforms combine processors, connectivity, graphics and artificial-intelligence capabilities for smartphones, vehicles, personal computers and connected devices. Qualcomm also invests in and acquires technologies that extend its wireless intellectual-property base into adjacent markets. At the time of the HaloIPT transaction, its European Innovation Development group was pursuing wireless-power systems for electric vehicles. Qualcomm acquired substantially all HaloIPT technology and hired its team in November 2011 while establishing a continuing research relationship with Auckland UniServices. The company is publicly traded on Nasdaq and primarily serves manufacturers, carriers and enterprise customers.

Kioxia Holdings is a Japan-based semiconductor memory manufacturer focusing on NAND memory chips. The company is currently the third-largest NAND supplier globally, with a 14% market share as of 2024. The largest single shareholder of Kioxia is currently Toshiba, which had a 21.9% stake as of November 2025. Kioxia operates nine fabs across Japan: seven in Yokkaichi and two in Kitakami. They are mostly run via a joint venture with Sandisk, Flash Ventures. Flash Ventures is 51% owned by Kioxia. The company’s memory chips are used in various consumer electronics and enterprise infrastructure, such as PCs, smartphones, servers, and USB sticks. Of Kioxia’s revenue, 51% comes from the sales of NAND memory used in solid-state drives, which are used in PCs and servers.

Founded in 1954 and headquartered in Tokyo, Advantest specializes in semiconductor test systems and is a well-known leader in automated test equipment, or ATE. Advantest also has a high market share in test systems for nonmemory semiconductors, including application processors for mobile phones. The company is also involved in peripheral businesses, such as semiconductor device transport equipment. Following its acquisition of Verigy in July 2011, Advantest holds a market share of over 50% in the ATE market.

Tokyo Electron is a major supplier of semiconductor fabrication tools. It operates primarily in the etching, deposition, and cleaning segments, which involve adding and removing materials to and from semiconductor wafers. Customers include leading-edge logic, foundry, and memory chipmakers such as Samsung Electronics, Intel, TSMC, and SK Hynix.

Foxconn Industrial Internet Co Ltd is engaged in the design, research and development, manufacturing, and sales of various electronic equipment products. The company's main products include communications network equipment, cloud service equipment, precision tools, and industrial robots.

Sony Group Corporation is a Japanese entertainment and technology group with businesses serving consumers, creators and commercial equipment customers. Its Game & Network Services business operates the PlayStation ecosystem, combining consoles, games and network services. Music activities span recorded music and publishing, while Sony Pictures produces and distributes film and television content. Its electronics operations supply consumer products and professional production equipment, and its semiconductor business develops image sensors for applications including cameras, smartphones, vehicles and industrial systems. Revenue comes from equipment and component sales, entertainment content, licensing and digital services across these activities. The company traces its origins to Tokyo Tsushin Kogyo in 1946 and adopted the Sony Group Corporation name in 2021, reflecting the parent’s portfolio management and capital allocation role.

SK Square is engaged in investment and digital-service businesses. The company operates across five segments: Commerce, Holding, Mobility, Platform, and Other. The Commerce segment covers electronically processed commercial activities and e-commerce services driven by mobile demand and logistics innovation. The Mobility segment provides mobility-related data services, logistics BPO, and ICT solutions. The Platform segment covers map services, ICT and software development, and online music and digital-content distribution. The Other segment includes digital advertising media operations.

ASE Technology Holding Co Ltd is a semiconductor assembly and testing firm. The company operates in segments: Packaging, Testing, and Electronic Manufacturing Services. Of these, Packaging segment contribute the maximum revenue. The packaging segment involves packaging bare semiconductors into completed semiconductors with improved electrical and thermal characteristics. The Testing Segment includes front-end engineering testing, wafer probing, and final testing services. In the EMS segment, the company designs manufactures, and sells electronic components and telecommunication equipment motherboards. The company is based in Taiwan but garners over half its sales from firms in the United States.

Cambricon Technologies Corp Ltd is engaged in designing and selling artificial intelligence core chips in various cloud servers, edge computing equipment, terminal equipment, providing customers with rich chip products and system software solutions.

Semiconductor Manufacturing International Corporation is a semiconductor foundry providing wafer-fabrication and technology services to chip-design customers. It manufactures integrated circuits across multiple process nodes and earns revenue from contracted production, masks, testing, and related foundry services. The company serves customers and counterparties through the operating assets, products, or financial capabilities described in the cited transaction materials. Its economics are driven by services, while its competitive position depends on sector expertise, asset quality, customer relationships, and disciplined capital allocation. The company is classified in Semiconductors because those categories best represent its principal activity at the transaction date. This profile is intended to identify the legal or operating business involved in the deal, including a historical name where the company was later renamed, merged, privatized, or reorganized.

Infineon Technologies headquartered in Munich, was spun off from German industrial conglomerate Siemens in 2000 and today is one of Europe's largest chipmakers. The company is a leader in the automotive semiconductor market with prominent products used in active safety and powertrain content within vehicles. Infineon is also the market leader in power semiconductors used to deliver voltage within a wide variety of electrical systems. The company operates in four segments: automotive, or ATV, green industrial power, or GIP, power and sensor systems, or PSS, and connected secure systems, or CSS.

Hygon Information Technology Co Ltd is engaged in the research and development, design, and sales of high-end processors used in computing and storage devices such as servers and workstations. The company's products include Hygon central processing unit (CPU) and Hygon drive control unit (DCU).

Monolithic Power Systems is an analog and mixed-signal chipmaker specializing in power management solutions. Its mission is to reduce total energy consumption in end systems. It serves the computing, automotive, industrial, communications, and consumer end markets. MPS uses a fabless manufacturing model, partnering with third-party chip foundries to host its proprietary BCD process technology.

Teradyne provides testing equipment, including automated test equipment for semiconductors, system testing for hard disk drives, circuit boards, and electronics systems, and wireless testing for devices. The firm entered the industrial automation market in 2015 and sells collaborative and autonomous robots for factory applications. Teradyne serves numerous end markets and geographies, directly and indirectly, through its products, but its most significant exposure is to semiconductor testing. Teradyne serves vertically integrated, fabless, and foundry chipmakers with its equipment.

Unimicron Technology Corporation is engaged in the manufacturing, processing, and sales of printed circuit boards, electrical equipment, electronic products, and testing and burn-in systems for integrated circuit products. The company is based in Taiwan and earns its revenue in the Asia region, but also has operations in America and domestically within Taiwan. Its operating segments consist of the regions of Taiwan and Mainland China. It derives revenue from the transfer of goods and services.

NAURA Technology Group Co Ltd engages in the research, development, manufacture, sale, and service of electronic equipment and components in the People's Republic of China. The company offers semiconductor equipment, including etching equipment, PVD and CVD equipment, oxidation/diffusion equipment, cleaning equipment, novel display equipment, gas mass flow controllers, etc., and vacuum heat treatment equipment and technical solutions for the semiconductors, photovoltaic equipment, vacuum electronic devices, magnetic materials, aerospace, and smart power grid sectors.

Founded in 1980, United Microelectronics is the world's third-largest dedicated chip foundry, with 5% market share in 2024 after TSMC and SMIC. UMC’s headquarters are in Hsinchu, Taiwan, and it operates 12 fabs in Taiwan, Mainland China, Japan and Singapore, with additional sales offices in Europe, the US, and South Korea. UMC features a diverse customer base that includes Texas Instruments, MediaTek, Intel, Broadcom, Novatek, and Realtek, supplying a wide range of products applied in communications, display, memory, automotive and more. UMC employs about 19,000 people as of February 2025.

NXP Semiconductors is a Netherlands-based semiconductor company supplying chips and related technology for electronic systems. Its products include microcontrollers, processors, analog devices, connectivity components and secure identification technology. Automotive customers use its products in vehicle control, connectivity, infotainment and sensing applications. The company also supplies industrial and connected-device markets, mobile equipment and communications infrastructure. Its technology combines processing, mixed-signal electronics and security functions within embedded systems designed by equipment manufacturers. Revenue comes from the sale of semiconductor products to business customers, supported by software and development tools that help customers incorporate those chips into finished systems. NXP expanded its product range through the acquisition of Freescale Semiconductor in 2015. Its headquarters are in Eindhoven, and it operates as a publicly listed global supplier.

Astera Labs Inc designs and delivers semiconductor-based connectivity solutions for cloud and AI infrastructure. Its Intelligent Connectivity Platform integrates semiconductor technology, microcontrollers, sensors, and software to enhance performance, scalability, and data management. The company offers products such as integrated circuits (ICs), boards, and modules, catering to hyperscalers and system OEMs. The company's solutions focus on data, network, and memory management in AI-driven platforms. Geographically, the company operates in Singapore, China, Taiwan, and United States, of which maximum revenue is derived from United States.

Nanya Technology Corp is a manufacturer that specializes in DRAM(Dynamic Random Access Memory) chips. The products offered by the company include Standard DRAM, Low Power DRAM, MCP, and Module among others.

ASM International is a Dutch company that supplies deposition equipment for chip fabrication. It is the leader in atomic layer deposition, or ALD, a precise deposition technique that is required in the most advanced semiconductors. ASM’s main clients are logic foundries TSMC, Samsung, and Intel, as well as memory foundries SK Hynix and Micron Technology. Foundries and wafer fab equipment providers like ASM work closely, which gives the firm insight into the customer’s innovation and product road maps. Once a machine is established in a fab, it can generate service revenue for decades.

STMicroelectronics is a global semiconductor company designing and manufacturing chips for electronic products and systems. Its product range includes microcontrollers, analog devices, power semiconductors and sensors. Customers incorporate these components into vehicles, industrial equipment, consumer electronics, communications products and connected devices. The company combines research and product design with semiconductor manufacturing and testing operations, supplying both broadly used components and application-specific technologies. Its chips support functions such as processing, sensing, power control and connectivity in customers' finished products. Revenue is earned from semiconductor product sales to equipment manufacturers and other business customers, including sales through distribution channels. STMicroelectronics has operational headquarters in Switzerland and is incorporated in the Netherlands. The company was formed in 1987 from the combination of SGS Microelettronica and Thomson's semiconductor operations.

Advanced Micro-fabrication Equipment Inc is engaged in the development, production, and sales of equipment such as plasma etching equipment, deep silicon etching equipment, and metal organic chemical vapor deposition (MOCVD) equipment for microelectronic devices such as integrated circuits and LED chips.

Microchip Technology became an independent company in 1989 when it was spun off from General Instrument. More than half of revenue comes from MCUs, which are used in a wide array of electronic devices from remote controls to garage door openers to power windows in autos. The company's strength lies in lower-end 8-bit MCUs that are suitable for a wider range of less technologically advanced devices, but the firm has expanded its presence in higher-end MCUs and analog chips as well.

Disco Corp is a Japan-based company engaged in the manufacture and sale of precision processing equipment and related tools. The company operates as a single business segment focused on precision cutting, grinding, and polishing technologies used in semiconductor manufacturing and electronic component production. It provides equipment, consumables, and services that support high-precision wafer processing for the semiconductor and electronics industries.

Headquartered in Tokyo, Japan, Renesas Electronics Corp is an integrated device manufacturer, or IDM, selling semiconductors including microcontrollers, systems on chips, and other analog chips. The company was a combination of parts of the electronics businesses of Hitachi, Mitsubishi, NEC Electronics. Renesas’ manufacturing sites are located in Japan, China, and Malaysia. It employed 21,907 people as of June 30, 2025.

Credo Technology Group Holding Ltd delivers high-speed solutions to break bandwidth barriers on every wired connection in the data infrastructure market. It provides secure, high-speed connectivity solutions that deliver improved power and cost efficiency as data rates and corresponding bandwidth requirements increase exponentially throughout the data infrastructure market. It has a geographic presence in Hong Kong, the United States, Mainland China, Taiwan, and the Rest of the World.

Cerebras Systems Inc is an AI company. It designs the world's fastest AI infrastructure for training and inference. The company builds the world's largest semiconductor as well as the AI systems to power, cool, and feed the processors data. It develops software to link these systems together into industry-leading supercomputers that are simple to use even for the most complicated AI work, using familiar ML frameworks like PyTorch. Customers use its supercomputers to train industry-leading models. The company uses these supercomputers to run inference at speeds unobtainable from alternative commercial technologies. It delivers these AI capabilities to its customers on-premise and via the cloud. The company generates the majority of its revenue from the USA.

Hua Hong Semiconductor, or Hua Hong, is the second-largest Chinese foundry and the seventh-largest globally. Its current form is a result of an intragroup restructuring completed in 2013. Hua Hong is headquartered in Shanghai with another plant in Wuxi, China, and has sales offices in Japan, Taiwan, and the US. It employs more than 7,628 employees as of Dec. 31, 2025. Hua Hong’s products are used on smartphones, PCs, for the Internet of Things, data centers, and for automotive and industrial purposes, among others, but it focuses on more mature process technologies.

Shennan Circuits Co Ltd is engaged in research and development, production, and sales of printed circuit boards, packaging substrates, and electronic assembly products.