On April 14, Zhejiang Jingci Semiconductor Co., Ltd. officially entered judicial bankruptcy proceedings (Case No. 2026 Zhe 0481 Po Shen 28), per the Haining City People’s Court. The power semiconductor substrate firm has closed after just a few years of operation.

Founded in December 2020 with registered capital of 72.4358 million yuan, Jingci Semiconductor was a high-tech enterprise focused on copper‑clad ceramic substrates using DBC, DPC, and AMB technologies. Its products served key industries: IGBT, new energy vehicles, PV, wind power, aerospace, and solid-state relays.

Rapid Rise & Strong Support

The company expanded quickly:

• 2022: Haining plant commissioned, output value 10 million yuan
• 2023: Completed 100-million-yuan Series A funding, launched Phase 2 project; annual output reached 61 million yuan
• Backed by government industrial funds and venture capital, with total planned investment of 550 million yuan

It supplied top-tier clients including BYD, Yangjie Technology, CR Microelectronics, and military research institutes, enjoying strong customer and policy support.

Collapse Causes: Overexpansion & Poor Cash Flow

Despite strong market demand for ceramic substrates, the firm failed due to:

1. Overcapacity expansion far exceeding real market demand, causing inventory backlogs and slow cash recovery
2. Weak cash flow management — semiconductor materials require heavy upfront investment with long payback periods
3. Intense industry competition, price compression, and semiconductor cyclical downturn

These factors together led to unbearable debt and operational collapse.

Industry Reflection

Copper-clad ceramic substrates are critical packaging materials for IGBT and power semiconductors in the national substitution drive. However, the sector faces high technical barriers, heavy capital spending, and fierce competition.

Jingci’s failure highlights the risks of blind expansion among domestic semiconductor material startups.

ICgoodFind ：The semiconductor material industry features huge opportunities alongside high risks. Blind expansion without matching market demand and cash flow control will threaten survival, even amid strong local substitution trends.