Chinese fabs import record volumes of US chipmaking equipment via Singapore and Malaysia — homegrown tool makers booked record 2025 revenues as price competition squeezes margins

Chinese fabs are still getting U.S.-origin chip tools through Singapore and Malaysia, even as direct shipments to China drop to a multi-year low.

Domestic equipment makers such as Naura, AMEC, ACM Research, and Piotech posted record 2025 sales, but competition is squeezing margins.

U.S. lawmakers are pushing new restrictions, including the MATCH Act, to tighten enforcement against Southeast Asia routing.

The shift underscores how China continues to access advanced chipmaking equipment despite export controls, while local vendors scale up quickly.