July 8, 2025, Beijing E-Town Semiconductor Technology Co., Ltd. ("BEST", stock code: 688729) listed on the Shanghai Stock Exchange STAR Market, becoming the first IPO among West Fountain portfolio companies in 2025, and the eighth listed company since the fund’s establishment.

Founded in 2015, BEST is a globally operating semiconductor equipment company headquartered in China, with R&D and manufacturing bases in China, the U.S., and Germany. The company specializes in the development, production, and sales of wafer processing equipment for critical stages of integrated circuit (IC) manufacturing, providing global chipmakers with key solutions including dry strip systems, rapid thermal processing (RTP) equipment, and dry etching systems.

Through proprietary core technologies, BEST has established three globally competitive product lines: dry strip systems, RTP equipment, and dry etching systems. In 2023, the company ranked second worldwide in dry strip equipment with a 34.60% market share. It also held the second position in RTP equipment and is the only Chinese company capable of mass-producing single-wafer RTP systems. Additionally, BEST ranks among the top 10 globally in dry etching. As of February 11, 2025, the company holds 445 invention patents.

BEST serves all top 10 global chipmakers and major Chinese chipmakers. By the end of 2024, its products had been installed in over 4,800 systems worldwide, solidifying its leadership in key market segments.

In 2020, West Fountain and Shenzhen Capital Group Co. ("SCGC") took the investment in BEST, with participation from other prominent investors including IDG Capital and Sequoia China. During the IPO process, West Fountain leveraged its semiconductor expertise and resource integration capabilities to provide comprehensive support, facilitating a successful listing.

As an investor in BEST, West Fountain remains confident in company’s technological innovation and global expansion. This IPO not only represents a major corporate milestone and validates West Fountain’s investment strategy in semiconductor equipment, but also signifies a breakthrough in Chinese high-end semiconductor manufacturing capabilities.

West Fountain has a proven track record in hard-tech investments, successfully supporting the listings of semiconductor leaders such as Fudan Microelectronics, ASR Microelectronics, and Bestechnic. Its portfolio spans the IC value chain, from chip design to equipment manufacturing. Moving forward, West Fountain will continue to drive innovation in the semiconductor sector, empowering enterprises to overcome technical barriers and strengthen Chinese global competitiveness in the industry.