After the price of a layer of "cloth" increased by 270%, investment institutions spent hundreds of millions of yuan to vote for glass substrates, and Xunlin Technology completed nearly 200 million yuan in Series B financing

[Introduction] Currently, the price of electronic grade fiberglass cloth has doubled from the low in 2025, FR-4 copper clad laminate has increased by more than 270%, the delivery time of some AI packaging carrier boards has been extended to more than 6 months, and the organic substrate supply crisis continues to deepen. Against this background, Xunlin Technology, a leading domestic glass substrate company, announced the completion of nearly 200 million yuan in Series B financing - this is the company's third round of financing completed within half a year. This round was invested by new shareholders such as Inno Fund, Qiancheng Capital, Haimuxing, Guangpu Shares, and Tongxin Capital, and old shareholders such as Jinyu Bogor, Haitong Kaiyuan, and North Coast Industrial Investment continued to increase their investment. The funds raised will be mainly invested in the expansion of glass substrate production capacity, the construction and commissioning of packaging production lines, the research and development of process accuracy upgrades, and the layout of cutting-edge applications in optical communications. Shareholder structure: market capital, industrial capital, and regional state-owned assets sit together, and old shareholders vote again This round of shareholder lineup presents a distinct "trifecta": market-oriented hard technology funds represented by Inno Fund, Qiancheng Capital, and Tongxin Capital, which have long been involved in semiconductors and advanced manufacturing; industries represented by Haimuxing and Optoelectronics Capital comes from the upstream and downstream industries of laser equipment and optical communications, which are strongly related to glass substrates; market-oriented funds, regional state-owned assets and brokerage capital represented by Jinyu Bogor, North Coast Industrial Investment, and Haitong Kaiyuan continue to increase their investment in this round. The continuous investment of multiple shareholders has provided solid support for the company's industrialization process and is also the most direct confirmation of its mass production progress. Industry background: The shortage of carrier boards and the price increase have combined, and glass substrates have ushered in a window of certainty. This round of financing is essentially a time window. Amid the surge in AI computing power, packaging carrier boards continue to be in short supply. ABF carrier boards are in short supply and delivery times are repeatedly extended. As chip packaging sizes continue to break through and optical module speeds continue to rise, organic substrates are approaching physical limits in terms of thermal expansion matching, high-frequency loss and wiring density. The choice of the giants has given the answer - Intel announced that glass core substrates (GCS) have entered large-scale mass production, TSMC's CoPoS trial production line will be launched within the year, and Samsung and SKC Absolics have accelerated sample delivery and mass production preparations. Glass substrates are moving from the giant's laboratories to the center of the industry. Alternative big logic: