On 8 October 2023, Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. (JSG)(SZ：300316), a Chinese high-tech company specialising in the production of high-end semiconductor equipment and LED substrate materials, has established a holding company, Zhejiang Jingsheng Photonics Technology Co., Ltd, 80% of whose shares are owned by JSG and 20% by Hangzhou Honghao Enterprise Management Partnership.

The joint venture is mainly responsible for the photovoltaic cell equipment business, specifically tubular PECVD, LPCVD, boron expansion and annealing, single chamber multi-boat ALD and dry cleaning and other solar cell process equipment.

In the first half of 2023, JSG achieved operating revenue of 8.406 billion yuan and net profit of 2.206 billion yuan, both of which were up sharply year on year, according to the H1 2023 report. JSG’s performance has been growing rapidly since 2014, in line with the development of the PV industry. From 2014 to 2022, the company’s revenue growth reached 42.43 times, and its net profit growth reached a staggering 107.59 times. Specifically, JSG has earned a total of 7.7 billion yuan in three and a half years since 2020.

In addition, JSG hold a number of PV intelligent processing equipment and crystal growing equipment contract totaling 27.751 billion yuan, of which 3.324 billion yuan for semiconductor equipment contact, by the end of June 2023.