World No.2 in FC-BGA substrates
Shinko Electric Industries
World No.2 in FC-BGA package substrates (~18% share). A Fujitsu affiliate strong in CPU substrates for Intel and AMD; transitioning to high-layer AI substrates.
6967.T Updated Jul 12, 2026 4 AI consumers· 2 recurring
Per the valuechain.wiki graph, Shinko Electric Industries is directly linked to 3 companies (1 supply, 2 revenue relationships) and reaches 12 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · No.2 in FC-BGA package substrates (~18%, duopoly with Ibiden) · delisted Jun 2025 (JIC-consortium buyout, non-public)
- Segments · World No.2 in FC-BGA substrates
Revenue from
- Intel High confidence· Market share 18% · 2024 · global FC-BGA share
Provides FC-BGA package substrates to Intel.Confirms KO Digital Today Published Jun 1, 2025: Deepening reliance on Japanese suppliers in the HBM4 eraConfirms EN Japan Exchange Group Published May 20, 2025: Shinko Electric — decision on delisting from Tokyo Stock Exchange (Jun 6, 2025)Confirms EN DigiTimes Published Mar 21, 2025: Shinko Electric to delist in June; DNP and Mitsui Chemicals backend-materials partnership - AMD Medium confidence
Provides FC-BGA package substrates to AMD.Confirms EN Japan Exchange Group Published May 20, 2025: Shinko Electric — decision on delisting from Tokyo Stock Exchange (Jun 6, 2025)Confirms EN DigiTimes Published Mar 21, 2025: Shinko Electric to delist in June; DNP and Mitsui Chemicals backend-materials partnership
Pays to
- Resonac Medium confidence
Buys ABF film and substrate materials from Resonac. - copper foil & build-up materials (undisclosed) Low confidence
Materials and R&D (undisclosed).
Investors
- DNP · JIC (Dai Nippon Printing · Japan government fund) High confidence
A consortium led by JIC Capital (JICC-04) fully acquired Shinko via a tender offer (completed Mar 2025), delisting it on Jun 6, 2025 — with DNP and Mitsui Chemicals as backend-materials partners. Control moved from Fujitsu-affiliated to non-public under JIC.Confirms EN Japan Exchange Group Published May 20, 2025: Shinko Electric — decision on delisting from Tokyo Stock Exchange (Jun 6, 2025)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Dell Technologies | lead2 | +51.2 | -26.6 | +95.9 | +53 | +11.2 | +248.1 |
| Lenovo | lead2 | -4.6 | -20.9 | +36.2 | +18.2 | -0.6 | +175.7 |
| Hewlett Packard Enterprise | lead2 | +37.4 | +4.5 | +9.7 | +29.1 | +15.5 | +104 |
| Mercury Systems | lead2 | -37.5 | -18.7 | -18.3 | +14.8 | +73.8 | +47.9 |
| ASUSTeK Computer | lead2 | +35.5 | -12.9 | +72 | +41.1 | -14.1 | +46.7 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | +1.6 |
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Oracle | lead2 | +36.9 | -4.6 | +30.9 | +60 | +18.1 | -27.4 |
| Intel | lead1 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +197.7 |
| AMD | lead1 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Shinko Electric Industries | node | · | · | · | · | · | · |
| Resonac | benef1 | -2.6 | -4 | +37.5 | +30.3 | +137.9 | +80.4 |
Shinko's thesis is 'the No.2 supplier in the FC-BGA substrate bottleneck, now taken private.' It forms a duopoly with Ibiden (~18% share) in high-end CPU/server substrates with heavy Intel dependence, and the shift of AI/HPC chips to large-area, high-layer FC-BGA is the substrate demand. In June 2025 a JIC consortium (JICC-04, with DNP and Mitsui Chemicals) acquired and delisted it — a structural move to reshape the backend materials/substrate supply chain around Japan's sovereign fund and materials makers. What matters is the strength of AI-packaging demand and, under private ownership, the Intel CPU cycle and investment capacity. Being non-public, individual financials are not disclosed.
Analysis generated from returns as of 2026-07-12