China is rerouting its chip equipment imports amid US export controls: China's semiconductor equipment imports from Singapore rose +17% YoY in 2025, to a record $5.7 billion. At the same time, imports from Malaysia surged over +100% YoY, to $3.4 billion, also an all-time high. Meanwhile, chip tool imports from the US plunged -34% YoY, to ~$2.0 billion, the lowest since 2017. The Netherlands and Japan remain China's largest sources of chip equipment by origin, at ~$9.9 billion and ~$8.5 billion, respectively. Over the 2020-2025 period, China's cumulative chip tool imports from Japan totaled over $42.0 billion, followed by the Netherlands at $35.0 billion. US semiconductor export controls are redefining the market.(The Kobeissi Letter)