14 August 2025 | 10:01PM HKT China Semis Initiating SPE components, RTP, and OSAT: Buy Kematek, Neutral E-Town and JCET; Vanchip down to Sell The China Semis industry rides on China WFE expansion (with China semis capex to remain at high levels of US$40-44bn in 2025-30E, CHIPS ACT 2 report), technological advancements, a sizable home market, and diversifying supply chain demand. We initiate Kematek at Buy, a local leader in SPE ceramic components. Kematek is well-positioned to benefit from China's expanding ...