Chinese fabs import record volumes of US chipmaking equipment via Singapore and Malaysia — homegrown tool makers booked record 2025 revenues as price competition squeezes margins

Chinese chipmaking equipment firms Naura, AMEC, ACM Research, and Piotech saw record revenues in 2025, driven by Beijing's push to reduce reliance on imported wafer fab equipment. Chinese fabs are importing US-branded tools via Singapore and Malaysia, reducing direct imports from the US. However, price competition among Chinese vendors is squeezing profit margins. The MATCH Act aims to restrict Southeast Asian routing to China, targeting key components and specific Chinese chipmakers. US lawmakers are working to limit exports of chipmaking tools to leading Chinese firms.