First Read: China Semiconductor and Hardware "H-share Corporate Day take..."

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First Read: China Semiconductor and Hardware "H-share Corporate Day take..."

Global Research

26 June 2026ab

First Read

EquitiesChina Semiconductor and Hardware

H-share Corporate Day takeaways China

Semiconductors

Jimmy Yu

We met five H-share China tech companies Analyst

Among the five H-share China tech companies, key findings/debates include: 1) China jimmy.yu@ubs.com

AI infra fabless companies continue to see robust AI demand in China; 2) China IC +86-21-3866 8880

designers are exploring innovative solutions (eg. scale-up, Si-Ph, etc.) to bridge the gap Edward Liu

in computing power, which is temporarily constrained by process nodes. Meanwhile, Analyst

they are seeing growing readiness in the local supply chain; 3) VGT sees no delay in edward.liu@ubs.com

orthogonal backplane being adopted in Rubin Ultra as both Q-glass and PTFE options +852-3712 3981

are still being considered; 4) potential global premium foldable smartphone model to Yongwei Lai

launch in H226; and 5) SiC sees strong demand growth with selective SiC substrate price Analyst

hikes. S1460524110001

yongwei.lai@ubs.com

+86-21-3866 8780

Hardware: consumer electronics supply chain and PCB

Lens: 1) 2027 sets up as a content change year for global leading CE customer with Xinlei Li

AnalystLens' 3D glass and Titanium mid-frame content value rising c.2-3x, respectively; 2) Lens

S1460522090008

expects to become the largest shareholder of Yuans Tech and for FY26 liquid cooling

xinlei.li@ubs.com

revenue to be c.Rmb several bn; 3) Lens enters optical communication vertical through +86-21-3866 8805

the acquisition of Shenzhen Sublime Photonics (supplier of hollow-core fiber cable).

Qing LuoVictory Giant: 1) VGT indicates stable raw material costs of AI PCB and smooth cost

Associate