Wuxi, Jiangsu province. [Photo/IC]
Wuxi's integrated circuit (IC) industry maintained strong growth momentum despite the impact of the COVID-19 epidemic in the first three quarters of 2020, according to the local industry and information technology department.
The industry's sales revenue totaled 102.66 billion yuan ($15.89 billion) in the January-September period, up 31.2 percent year-on-year, according to data from the department.
In addition, the industry's total profits reached a record 10.95 billion yuan, a year-on-year increase of 84.1 percent.
The Wuxi-based China Resources Microelectronics Ltd debuted on Shanghai's STAR Market in February as the first red-chip company that made an IPO in the mainland bourses, followed by the stock issuance of SMIC, which also operates as a red-chip company.
From January to September, the company's total profits surged 113.63 percent year-on-year, reaching 758 million yuan.
"Consumption upgrades such as the frequency conversion of home appliances, the popularity of fast charging, the drive of the national new energy policy, and the increase in demand for online office electronic products have increased demand for semiconductor products in terminal applications," said a director at the company.
Heavy investment by leading enterprises such as Huahong Group and SK Hynix contributed greatly to the rapid growth of Wuxi's IC sector. SK Hynix System IC, a subsidiary of SK Hynix involved in the foundry industry, started operating its M8 project in the Wuxi National Hi-tech District in December.
Major IC industrial projects have helped form a complete industrial chain covering design, materials, manufacturing, packaging and testing, equipment, and support in Wuxi.
In April, a national innovation center for integrated circuit (IC) characteristic processing, packaging, and testing was built in the Wuxi National Hi-tech District.
Officials said that it was the first national innovation center in Jiangsu province to work in the new-generation information technology (IT) industries. So far, only four such centers have earned national approval.
Yicai reported in August that Wuxi has become the most competitive city for the development of the IC industry in East China's Jiangsu province.
