Shanghai-based Advanced Micro-Fabrication Equipment (AMEC), a top chip-making equipment vendor, is accelerating its business expansion, by carrying out a new 1.5-billion-yuan ($231 million) investment project in the Lin-gang Special Area and an enhanced portfolio for booming Mini LED production.

AMEC's Lin-gang project will cover an area of 180,000 square meters and focus on integrated circuit research, testing, and industrialization. It will begin operating in 2022.

The project will help the company expand its production capacity to meet surging demand in the chip market, said Gerald Yin, chairman and chief executive officer of AMEC.

The company sells essential devices that enable chip makers like SMIC to manufacture chips used in smartphones, electronics, and cars.

AMEC recently launched Prismo UniMax, an advanced Metal Organic Chemical Vapor Deposition tool engineered for Mini LED production. The panels are used in LED-based televisions, tablets, laptops, monitors, smartphones, and automotive displays.

As a high-end and emerging-market segment, Mini LED TV sales are projected to hit 2.6 to 3 million units, with high future potential, according to research company TrendForce.