Hangzhou-based Sinchin New Materials has announced the completion of a pre-IPO funding round, raising nearly RMB 100 million (USD 14 million). The round was backed by Hangzhou Chengtou, Lenovo Capital, ZSCO, and a fund managed by Zhejiang Communications Investment Group. The company said it will use the proceeds primarily for R&D, capacity expansion, and market development.
Sinchin focuses on the R&D and production of nanoscale metal powder materials. Its core products include nickel powder for multilayer ceramic capacitors, or MLCCs, and ultrafine soft magnetic powder. MLCCs are widely used in consumer electronics, automotive systems, and industrial equipment to store and regulate electrical charge.
In 2024, Sinchin’s high-end nickel powder of 200 nanometers and below, designed for internal MLCC electrodes, was included in China’s first batch of domestically designated “new materials,” according to the company. It said the designation reflects progress in localizing high-end MLCC internal electrode materials, which have historically relied on imports. Its ultrafine soft magnetic alloy powder has been adopted by leading global inductor manufacturers, the company added.
Founder Xie Shangchuan described three areas of progress over the past year: sustained revenue growth, expansion of the customer base to include new clients in Japan and South Korea, and broader commercialization across multiple product lines.
On performance growth, Xie said demand linked to artificial intelligence has provided industry tailwinds. For early-stage companies, he argued, capturing that growth depends on sustained technological development and efficient product iteration.
“In the materials industry, without customer collaboration, even the strongest technical team cannot develop good materials. That is the decisive factor,” Xie said. “With customer support and trust, we can quickly match their requirements. That reflects our technical capabilities. The combination of these two elements is the most important reason we can iterate our products so quickly.”
On the customer side, Sinchin said its ultrafine soft magnetic powder has been adopted by leading chipmakers, although it did not disclose names. Its photovoltaic copper powder is involved in customers’ technical R&D processes and is gradually entering mass production. For MLCC nickel powder, the company said it has made progress in Japan and South Korea, where much of the global MLCC supply chain is concentrated. Over the next two years, it plans to prioritize market expansion for its 60–80-nanometer finished nickel powder.
Sinchin’s current product portfolio covers four main categories: MLCC nickel powder, ultrafine soft magnetic powder, photovoltaic copper powder, and, in the longer term, base metal catalysts for hydrogen production.
Looking ahead, Xie described all three existing product lines as foundational materials businesses that require balanced R&D investment and the ability to serve varied customer needs. He said photovoltaic copper powder could represent a cost-performance upgrade for the industry.
China accounts for a significant share of the global photovoltaic supply chain, and the overall market is larger than that of electronics components. As precious metal prices fluctuate, Xie argued that the economics of base metal substitution are becoming more compelling.
Replacing precious metals with base metals would represent a technological shift for the photovoltaic sector. Historically, photovoltaic manufacturers have been cautious about changing core materials because of performance and reliability concerns. However, as prices of nonferrous metals such as silver rise, cost considerations may accelerate technological iteration. Xie said performance improvements in photovoltaic copper powder are helping validate this alternative pathway.
“At present, several leading companies are advancing base metal substitution. Once that path is proven, the photovoltaic industry will return to an era where cost leadership dominates,” Xie said.
He expects large-scale commercialization of photovoltaic copper powder to begin in the second half of 2026. “As the industry evolves, photovoltaic copper powder or other foundational photovoltaic base metal materials could very well become one of our largest businesses,” he said.
On corporate development, Sinchin completed its shareholding reform in July 2025 and is targeting a public listing in 2028.
“I believe this will be a constructive transformation,” Xie said. “It will help us leverage the capital markets to expand more smoothly in the AI and green energy sectors. By maintaining a tech-centered foundation, we can ensure more standardized management and lower risks as we scale.”
Over the next two years, capacity expansion will be a key milestone. Sinchin expects annual production capacity to reach 4,000 tons in 2026 and 6,000 tons in 2027.
KrASIA features translated and adapted content that was originally published by 36Kr. This article was written by Zhang Bingbing for 36Kr.