China’s semiconductor push is moving deeper into critical photoresist materials, spotlighting emerging domestic champions. According to ijiwei, Red Avenue New Material Group (RAChem) filed for listing on the Hong Kong Stock Exchange on February 13. As the report highlights, in the first nine months of 2025 the company ranked first among Chinese suppliers by sales revenue in both the semiconductor photoresist and TFT array photoresist markets.

The company is actively expanding in semiconductor photoresists, having acquired China’s display panel photoresist supplier Beijing Aashi Electronic Materials (BAE) and a controlling stake in semiconductor photoresist maker Kempur Microelectronics, the report notes. On the customer side, as the report highlights, its electronic materials business already serves several leading 8-inch and 12-inch wafer manufacturers in China.

Red Avenue and the Global Photoresist Power Structure

Notably, as highlighted by Finance WUJI, the company has carved out a strong position in the semiconductor photoresist sector: its KrF photoresist holds over 40% of the domestic market share in China, and it is among the very few Chinese companies capable of mass-producing ArF photoresist.

Red Avenue New Material’s presence in semiconductor photoresists is particularly significant as a Chinese supplier. As Finance WUJI notes, photoresists are broadly categorized into PCB, display panel, and semiconductor applications. In the semiconductor segment, China’s market share in higher-end products such as KrF and ArF remains below 1%, while more advanced EUV photoresists are still in the R&D stage.

Finance Wuji adds that five major suppliers—JSR Corporation, TOK, DuPont, Shin-Etsu Chemical, and Fujifilm—have long dominated about 85% of the global market, with the four Japanese players accounting for over 70%. In the EUV segment, only JSR Corporation, TOK, and Shin-Etsu Chemical currently have mass production capabilities.

Red Avenue Sees Strong Growth in DUV Photoresist

Red Avenue New Material’s semiconductor photoresist business has maintained strong growth momentum, posting year-on-year revenue increases of over 50% for two consecutive years, according to ijiwei. In the first half of 2025, the segment generated nearly RMB 200 million in revenue, up more than 50% year on year. By product, KrF photoresist for DUV applications recorded nearly 50% year-on-year growth.

In addition, ijiwei adds that the company’s CMP polishing pad business is progressing smoothly. Its project with an annual capacity of 250,000 advanced semiconductor polishing pads has completed production line construction and production validation.

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(Photo credit: Red Avenue New Material)