Usman Salis
⬤ NIO Capital has pushed deeper into China's semiconductor ecosystem through its Hefei NIO Industrial Fund, which recently became a shareholder in Heguang Photomask Anhui alongside the Qinwei Zibo Fund. The investment marks another step in NIO's broader strategy to build resilience across the tech supply chain that powers modern vehicles.
⬤ Corporate filings show Heguang Photomask's registered capital jumped from 1.75 billion yuan to 1.91 billion yuan—a 9.14% increase that came with management changes. Zhang Lixiang stepped aside as legal representative, with Fang Wei taking over as the company prepares for its next growth phase.
⬤ Heguang Photomask specializes in developing and manufacturing photomasks, essential tools in semiconductor lithography. The company is planning a massive 5.01 billion yuan production facility designed to localize high-end photomask manufacturing and cut China's dependence on imports for these critical components.
⬤ The investment highlights how automakers are moving upstream to protect their chip supply chains. As cars pack in more advanced semiconductors, controlling production of fundamental components like photomasks helps reduce vulnerability to supply disruptions and builds long-term industrial independence in a sector where geopolitical tensions continue to reshape global trade flows.
Usman Salis
