By Kate Yuan

(JW Insights) Aug 1 -- Chinese ultra-high purity metal materials and sputtering targets supplier Konfoong Materials International (江丰电子KFMI) plans to establish a production base in South Korea with RMB350 million ($48.8 million), the company announced on July 31.

KFMI’s wholly-owned subsidiary in Hong Kong will be responsible for the investment and establishment of the production base.

Founded in 2005, KFMI is based in Ningbo of eastern China’s Zhejiang Province. The company focuses on ultra-high purity metal materials and sputtering targets for the manufacturing of large-scale integrated circuits. It went public on the Shenzhen Stock Exchange in 2017.

Its sales network covers Europe, North America, and Asia, and many well-known semiconductor, flat panel display, and solar cell manufacturing companies use its products.