mSAP (Modified Semi-Additive Process) is a PCB manufacturing process used to produce high-precision circuits. mSAP differs from traditional subtractive PCB processes.
It initially deposits a thin copper layer and subsequently forms circuits via photolithography and electroplating.
This process allows finer line widths and spacing, higher circuit density, and superior signal transmission performance.
In the past, mSAP was primarily used in high-end smartphone motherboards, carrier-like boards, and HDI applications.
The rapid development of AI servers, optical modules and high-performance computing devices has surged the demand for high-speed signal transmission.
This trend raises stringent requirements for PCBs in trace precision, impedance control and signal loss control.
As a result, mSAP is expanding from the consumer electronics sector into the AI infrastructure supply chain.
Currently, 800G optical modules still primarily rely on traditional HDI processes. The mass production of 1.6T and 3.2T optical modules is being gradually realized.
This trend further tightens the precision requirements for PCB traces. Accordingly, mSAP has become a core technical solution for high-end optical module PCBs.
AI Optical Interconnect Upgrades: mSAP PCBs Enter a Phase of Rapid Growth
Starting in 2026, AI data centers will enter a phase of rapid expansion, with GPU clusters continuing to grow in scale and the volume of data exchanged between servers increasing rapidly.
As a critical component of high-speed interconnects within AI clusters, optical modules are undergoing an upgrade from 800G to 1.6T and 3.2T.
A direct consequence of this increase in optical module speeds is that PCBs must support higher-frequency, higher-speed data transmission.
Taking 1.6T optical modules as an example, with single-channel speeds increasing to 224 Gbps PAM4, PCBs require designs with lower loss and higher circuit density.
Industry consensus indicates that the mSAP process will be fully adopted for 1.6T optical module PCBs.
The mSAP technology is gradually evolving from a high-end alternative into the standard process for high-speed optical module PCBs.
According to industry chain estimates, the market size for mSAP PCBs in optical modules is expected to reach 30–35 billion yuan by 2027.
By 2028, as demand for 3.2T optical modules and AI servers increases, the market size may further exceed 50 billion yuan.
Beyond optical modules, the scope of mSAP applications is expanding.
The continuous evolution of chiplet and advanced packaging technologies fuels the development of AI servers.
The boundary between PCBs and packaging substrates has become increasingly ambiguous.
This trend significantly boosts the market demand for high-precision circuits.
In the future, some high-end server motherboards and packaging interconnect solutions may adopt mSAP-like technologies.
In the storage sector, the increasing circuit density requirements of DDR5 and high-performance SoC modules will also drive mSAP adoption.
In the automotive electronics and 5G communications sectors, the growing demand for high-frequency, high-speed signals is also creating new application opportunities for mSAP.
Supply-Demand Gap Widens; mSAP PCBs Enter Price Hike Cycle
Currently, mSAP PCB production capacity is still in the expansion phase.
The mSAP process differs from standard PCB production.
It requires extra supporting equipment, including LDI exposure systems, precision electroplating devices, and ultra-fast laser drilling machines.
Furthermore, it raises stricter requirements for material systems, process control, and customer certification standards.
It typically takes 2–3 years to build a mature mSAP production line, and the delivery cycle for core equipment exceeds one year.
Given the rapid growth in demand for AI optical modules, the industry’s expansion pace struggles to fully keep up with downstream demand.
Currently, the main bottlenecks in the industry are concentrated in three areas:
First, the supply of high-end equipment is limited.
Domestic substitution for core equipment—such as LDI exposure systems and ultra-fast laser drilling equipment—is still in the early stages of development.
Second, there is a shortage of high-end materials.
mSAP places higher demands on carrier copper foil, specialized chemicals, and photosensitive dry films; some key materials still rely on overseas suppliers.
Third, customer certification cycles are lengthy. Optical module manufacturers have high requirements for PCB stability, and new suppliers require a lengthy validation period to enter the market.
The mSAP PCB industry will face sustained supply–demand tightness from 2026 to 2027.
Under such a market backdrop, enterprises with mature mass production capacity and stable customer resources are poised to capture greater order shares.
mSAP PCB Industry Chain: Equipment, Materials, and PCB Manufacturers Are the Key Beneficiaries
PCB Manufacturers: Capacity Expansion Enters a Critical Phase
Currently, China companies expanding their mSAP production capacity are primarily high-end PCB manufacturers.
Upstream Materials: Significant Room for Domestic Substitution in China
The mSAP process places significantly higher demands on materials, with carrier copper foil, specialized chemicals, and photosensitive dry film being the core components.
Carrier copper foil is a critical material in the mSAP process; currently, overseas companies still hold a large share of the high-end market.
Avary Holding
Avary is a leading global PCB enterprise with extensive technical expertise in HDI and substrate-like PCB (SLP) technologies.
The company is currently increasing investment in high-end HDI and mSAP capabilities, with a strategic focus on meeting PCB demand for AI servers and optical modules.
Shennan Circuits
Shennan Circuits holds a competitive edge in high-end PCBs and packaging substrates; its production bases in Wuxi and Nantong are actively expanding capacity for high-end HDI and mSAP. Its client base spans sectors such as optical modules and telecommunications equipment.
Kingboard (Jingwang Electronics)
In recent years, Kingboard has accelerated its strategic positioning in high-end PCBs; its Zhuhai facility has established mSAP production lines, and the company has successfully entered the PCB supply chain for 800G and 1.6T optical modules.
Shenghong Technology
Shenghong Technology is actively targeting the AI-related PCB market.
The company is expanding capacity for high-end PCBs and mSAP, focusing specifically on the AI server and optical module sectors.
Founder of Technology, Fastprint Circuit Tech, Hongban Technology
These companies are also advancing projects related to high-end PCBs, packaging substrates, and mSAP, and are poised to benefit from the ongoing upgrade of AI hardware.
| Company | Existing / Planned Capacity | Expansion Plans & Progress | Major Customers / Applications |
|---|---|---|---|
| Avary Holding (鹏鼎控股) | Approximately 8,000 m²/month currently | 1. In 2026, RMB 16.8 billion in capital expenditure will be invested, focusing on carrier boards, HDI, and other products.2. A new Phase III area in Shenzhen will be constructed, with an investment of RMB 10 billion to build a high-end SLP and FPC intelligent manufacturing base.3. Plans to add another 25,000 m²/month of mSAP capacity by 2027. | Apple; major optical module manufacturers such as Accelink |
| Shennan Circuits (深南电路) | Wuxi plant: approximately 3,000 m²/month; Nantong Phase I: 6,000 m²/month | 1. Nantong Plant No. 10 (high-end HDI) Phase I has entered production; Phase II is planned at 10,000 m²/month.2. The Wuxi W15 mSAP production line is still under construction and is expected to enter production in 2027. Future total capacity of Wuxi + Nantong is expected to reach 30,000 m²/month. | Kinwong Electronics, New Easton, Finisar |
| Kinwong Electronic (景旺电子) | Approximately 700–800 m²/month currently | 1. The Zhuhai Jinwan base has completed construction of three mSAP production lines and is now delivering 800G/1.6T optical module PCBs to leading global customers.2. Plans to build a new high-end HDI plant, adding 600,000–800,000 m²/year of capacity; some production lines can be converted to mSAP products.3. Expected to have 5 production lines in Q4, with another 10 lines to be added in 2027. | Kinwong Electronics? (Note: the source lists 中际旭创, 索尔思, 立讯, Coherent — see standardized names below.) |
| Shenghong Technology (胜宏科技) | Huizhou plant has been equipped with an mSAP workshop | Plans approximately 20,000 m²/month of mSAP capacity related to the CoWoS process. The Huizhou plant has been completed and is currently in the equipment installation stage. | 1.6T optical modules; Innolight (新易盛), Eoptolink (易飞) |
| Red Board Technology (红板科技) | Planned capacity of approximately 6,000K pcs/month (2027) | 1. The 1.2 million m²/year high-end HDI PCB project has begun phased production as of July 2026.2. Plans to invest no more than RMB 5 billion to build a high-end mSAP high-density precision PCB project. Construction period: 48 months; groundbreaking is expected in January 2027. | Major domestic optical module manufacturers |
| Founder Technology (方正科技) | Approximately 1,500–2,000 m²/month currently | 1. The new Zhuhai plant has been topped out, with planned high-end mSAP capacity of approximately 20,000 m²/month, mainly targeting CoWoS processes.2. Expected to be completed and enter trial production in November 2026. | 800G/1.6T optical modules; CoWoS |
| Xingsen Technology (兴森科技) | Total CSP substrate capacity of 50,000 m²/month | 1. 1.6T optical module products are currently in the volume ramp-up stage.2. Plans to raise no more than RMB 3.9 billion for a high-end mSAP substrate intelligent manufacturing project.3. Current monthly shipments are less than 10,000 units, with sample production still being the main focus. | New Easton (新易盛), Coherent |
Upstream materials: Significant room for China substitution.
| Process / Material | Core Logic | Representative Companies |
|---|---|---|
| Carrier Copper Foil | The lowest localization rate (<5%) but the highest value contribution, making it the “core” of the mSAP process. Japanese company Mitsui Kinzoku controls more than 90% of the market, with gross margins as high as 50–60%. Chinese suppliers are accelerating their breakthroughs, but short-term supply shortages will be difficult to alleviate. | Dofree Technology, Founder Technology, Tongguan Copper Foil, Baoding Technology |
| mSAP-Specific Chemicals | Used for fine-line filling electroplating and etching. Their value is approximately 2–2.5× that of conventional PCB chemicals, making them the “lifeline” for yield rates. Localization remains very low, with Japanese, American, and German companies dominating the market. Domestic substitution is an important direction. | Tianfu Technology, Guanghua Technology, San Fu New Materials |
| Photosensitive Dry Film | The price of mSAP-specific dry film is more than 2× that of conventional dry film, at approximately RMB 60–80/m². | Foster, Rongda Photosensitive |
| Copper Powder | Its value increases with the adoption of the mSAP process. Global leaders are concentrated in mainland China, and the product has considerable pricing flexibility. | Jiangnan New Materials, Guanghua Technology |
Equipment Segment: Highest Value During the Capacity Expansion Cycle
The construction of mSAP production lines requires a large number of high-precision devices, and equipment manufacturers benefit directly from PCB factories’ capacity expansions.
| Process / Equipment | Core Logic | Value Contribution | Representative Companies |
|---|---|---|---|
| LDI Exposure Machine | The mSAP process has extremely high requirements for line width/spacing and alignment accuracy. LDI (Laser Direct Imaging) is the core technology for achieving these upgrades. Equipment value doubles, making it the highest-value segment in the overall equipment investment, accounting for approximately 20% of total equipment investment. | Highest | ASMPT / Chipbond? (芯基微装) |
| Ultrafast Laser Drilling Machine | mSAP processes require smaller hole diameters (50–60 μm), making it difficult for conventional CO₂ lasers to meet the requirements. Ultrafast laser drilling machines have therefore become essential equipment. | Second highest | Dazhong CNC, InnoLas (大族数控、英诺激光) |
| Mobile VCP Plating Equipment | Used for pattern plating to achieve uniform copper-thickness control. Its value is approximately 3–5× that of conventional VCP equipment. | Second highest | Dongwei Technology, Asia Technology, Taijin New Energy |
| Drill Bit Consumables | Used for high-precision drilling. Products with high aspect ratios contribute the majority of the value, benefiting from the expansion of AI-related drilling applications and price increases. | — | Dingtai High-Tech, Zhongchuang High-Tech |
Future Industry Trends: mSAP Penetrating Core AI Hardware Segments
From an industry development perspective, mSAP is undergoing a shift from consumer electronics to AI infrastructure.
In the short term, the ramp-up of 1.6T optical modules will be a key driver of growth for mSAP PCBs.
From 2026 to 2027, PCB manufacturers’ capacity expansions, equipment purchases, and material upgrades will create investment opportunities across the supply chain.
In the medium to long term, as AI server power consumption increases, GPU clusters expand, and 3.2T optical modules and high-end packaging technologies advance, PCB trace precision will continue to improve.
mSAP may evolve toward trace widths in the 5–8 μm range, moving closer to the realm of ABF substrate technology.
In terms of investment logic across the supply chain, the equipment segment is expected to benefit first due to high technical barriers and a clear supply-demand dynamic;
The materials segment has significant growth potential driven by domestic substitution;
And PCB manufacturers need to focus on the pace of capacity ramp-up, customer certification status, and the proportion of high-end products.
The advancement of AI infrastructure is reshaping the competitive landscape of the PCB industry.
In the next few years, mSAP technology is expected to serve as a core development direction for the upgrading of high-end PCB manufacturing.
