In November 2017, Suzhou Hanhua Semiconductor Co., Ltd. was jointly established by JITRI and the Suzhou Industrial Park. In 2020, the company achieved a new breakthrough in the key technology of 4-inch GaN HEMT epi-wafers. The products are targeting domestic and overseas customers as well as research institutes. They are mainly used in high-end 5G communications, which has a market size of hundreds of billion CNY. At present, the company has achieved product penetration of most leading companies in mainland China and the Taiwan Province, and the products are currently being adopted by the system users. Through tape-out of these mainstream customers, Hanhua's GaN RF epitaxy has been recognized as having the highest quality in the whole industry, meeting or exceeding the leading standards set by Sumitomo and IQE. At present, the company has filed more than 60 patents, with 34 being approved, including 15 Chinese invention patents, 9 utility model patents, and 10 US patents. In January 2020, Hanhua was recognized as a national high-tech enterprise.
The company has now completed its Series-A financing, and its valuation exceeds 1 billion CNY. In 2021, the company will complete the second phase of expansion. By then, it will build the largest high-end epitaxial production base in China, with estimated revenue of 1.5 billion CNY within five years.