The Xinchao Group, previously the Employee Stock Ownership Board of Jiangyin Changjiang Electronics Industry Co., Ltd., was founded on September 7, 2000, and named Jiangyin Xinchao Technology Co., Ltd. On July 28, 2003, the company was renamed Jiangsu Xinchao Technology Group Co., Ltd. and would focus primarily on integrated circuit packaging and testing, research, development, the production and sales of automatic equipment, and investment in semiconductor equipment, materials, design, and advanced packaging. The history of the company can be traced all the way back to 1972, when it was first founded by Mr. Wang Xinchao.

As the company began to develop transistors in the 1960s and 70s, the Jiangyin County Revolutionary Committee established the Jiangyin Transistor Factory (the county's largest collective) in 1972 to produce 3DG and 3DK series transistors and ZDJ-I automatic transmitters. In 1984, the Jiangyin Transistor Factory attracted the attention of the CPC Central Committee, the State Council, and the Central Military Commission for its contribution to the successful launch of the country's synchronous communication satellite.

As reform and opening up began, goods flooded in from overseas, affecting the Chinese semiconductor industry and the Jiangyin Transistor Factory with it. By the end of the 1980s, the factory's long-term reliance on a limited customer pool combined with operational difficulties brought it to the verge of bankruptcy.

Jiangyin Municipal Economic Commission appointed Wang Xinchao as the fourth Party Branch Secretary and Deputy Plant Manager on December 30, 1988. In the following year, the Transistor Factory turned losses into profits. At the end of 1990, Wang Xinchao was appointed as the fifth Plant Manager, officially taking the helm of the Jiangyin Transistor Factory.

In the 1990s, the company began to develop more rapidly. With the approval of the Jiangyin Municipal People's Government in 1992, Jiangyin Transistor Factory was renamed Jiangyin Changjiang Electronic Industry Company, shifting from a collectively-owned organization to an extra-budgetary national organization. The company launched a number of major projects in 1995, including the 28 I/O Processing of Materials supplied by Koninklijke Philips N.V., the Technical Renovation Project for a 150 million annual IC packaging capacity, marking the company's official entry into the integrated circuit packaging and testing industry. In spite of the 1998 Asian financial crisis, the company expanded production fourfold and managed to bring production costs down. The company capitalized on the advantages of scale, quality, cost, and efficiency to quickly become the largest discrete device packaging and testing company in China.

On October 9, 2000, Jiangyin Xinchao Technology Co., Ltd. acquired the shares owned by the Employee Stock Ownership Board of Jiangyin Changjiang Electronics Industry Co., Ltd. On December 18, Jiangyin Changjiang Electronics Industry Co., Ltd. completed its shareholding reform and was officially renamed JCET Group Co., Ltd. (JCET), with Jiangyin Xinchao Technology Co., Ltd. as the largest shareholder. On June 3, 2003, JCET (A-shares) was listed on the Shanghai Stock Exchange, making it China's first public semiconductor packaging and testing company, with the Xinchao Group exercising actual control over JCET Group.

Jiangyin Changdian Advanced Packaging, a joint venture with APS (Singapore), was established on October 30, 2003, to focus primarily on the development, manufacturing, and sale of semiconductor bumps and packaging. As the first company in China involved in advanced wafer-level packaging and bumping technologies, it is also the forerunner and champion of the semiconductor IC middle-end packaging concept. In 2009, the company acquired a 51% stake in APS (Singapore) to gain control of the joint venture. Its patent on copper pillar bumping was licensed to 11 companies worldwide, including Amkor, SPIL, and other leading global packaging and testing companies.

To speed up the organization and implementation of a National Science and Technology Major Project, the Ultra-Large Integrated Circuit Manufacturing Equipment and Processes, and explore new opportunities for innovation and guide industrial development, the China IC Packaging & Testing Industry Chain Technology Innovation Strategic Alliance was established in Beijing on December 30, 2009. It was the first such industrial technology innovation alliance established out of 16 National Science and Technology Major Projects, and Wang Xinchao, Chairman of Xinchao Group and JCET, was elected the Alliance's first chairman. Bringing together more than 20 manufacturing, development, research, and educational organizations in China’s integrated circuit packaging and testing industry chain, the Alliance focused on the innovative topics of the Ultra-Large Integrated Circuit Manufacturing Equipment and Processes project and contributed to advanced research in the field of integrated circuit packaging and testing. The establishment of the Alliance would make it possible for China's integrated circuit packaging and testing industry to agglomerate and integrate innovation resources, accelerate the development, application, and industrialization of core technologies and key products, facilitate industry-university-research collaboration, industrialization, and technological exchange within China and beyond, and improve the ability of China’s integrated circuit packaging and testing industry to innovate independently.

In 2010, in the search for a better development path for JCET, Wang Xinchao's management team decided to set up plants in areas where costs were relatively lower. JCET signed a letter of intent for investment cooperation with the Suqian Susu Industrial Park Management Committee on September 14, 2010, and an investment agreement with the Chuzhou Economic Development Zone Management Committee of Anhui Province on November 2, 2010.

JCET and SMIC created a strategic industry chain alliance on August 8, 2014, establishing SMIC-JCET Semiconductors (Jiangyin) for 12-inch bumping and auxiliary wafer chip testing.

The Xinchao Group, the largest shareholder and controller of JCET, joined hands with the China Integrated Circuit Industry Investment Fund and SMIC to enter into an agreement with Temasek Holdings in Singapore to complete the tender offer for STATS ChipPAC on August 5, 2015. Media referred to the move as a classic “snake swallowing elephant” acquisition. JCET ranked sixth and STATS ChipPAC 4th in global outsourced semiconductor packaging and testing at the time, and the gap between JCET and STATS ChipPAC revenues was also considerable. The acquisition was ingeniously designed with two levels to allow JCET to complete the acquisition at the price of USD 780 million with a self-owned capital of just USD 260 million while ensuring JCET maintained its controlling position over STATS ChipPAC. The strategic significance of the acquisition would have a far-reaching impact and bring JCET leapfrog development, and its global industry ranking rose from 6th to 4th (and then 3rd just a year later). More importantly, the acquisition brought JCET cutting-edge FCPOP, FOWLP, and chip-level SiP packaging technologies and crossed the supply chain threshold for top international customers. The parallel breakthroughs in technology and customer opened up valuable room for JCET’s growth.

JCET's operating income had risen to CNY 19.155 billion by December 31, 2016, 3rd among outsourced packaging and testing companies globally. On June 16, 2017, JCET implemented a major asset reorganization. STATS ChipPAC became a wholly-owned subsidiary of the company, with SMIC as the largest and Xinchao Group as the second largest shareholders. JCET looked to a private placement on April 2, 2018, as a result of which the China Integrated Circuit Industry Investment Fund became the company's largest shareholder.

Construction wrapped up on a new JCET plant (JSCK) built for a leading international consumer electronics company for chip-level system packaging (SiP) in Incheon, South Korea, on October 24, 2016. Chairman Wang Xinchao joined other company executives in extending their congratulations in person. Leaders from the China Integrated Circuit Industry Investment Fund and Sino IC Leasing were also invited to the celebration.

On January 23, 2017, the wire bonding and testing lines of STATS ChipPAC Semiconductor (Jiangyin) Co., Ltd. started volume production, marking a milestone achievement in the relocation of STATS ChipPAC's Shanghai plant to Jiangyin. All three major STATS ChipPAC Shanghai production lines, including the bumping and flip-chip lines already working, were successfully relocated to Jiangyin and engaged in mass production.

JCET signed a strategic cooperation memorandum with Analog Devices (ADI), a leading global analog chip company, in the United States on July 17, 2018, for the acquisition of ADI's Singapore plant and the provision of dedicated test lines for ADI, further consolidating the strategic partnership between the two parties.

JCET signed an agreement with a leading chip design company in China on October 22, 2018, to establish a joint high-density fan-out packaging technology R&D platform, marking JCET's arrival as a global leader of advanced packaging technology.

On May 17, 2019, the JCET Board of Directors changed the term of office, with Zhou Zixue assuming the role of Chairman and Wang Xinchao as Honorary Chairman.

The Jiangsu Xinchao Technology Group Co., Ltd. and GP Capital Asset Management co-founded Jinpu Xinchao Investment Management (Shanghai) on October 28, 2019, to invest in the integrated circuit industry chain. The new company successively issued three funds: the Nanjing Jinpu Xinchao Emerging Industry Fund, the Nanjing Jinpu Xinchao Venture Capital Fund, and the Nanjing Jinpu Xinchao Jixiang Venture Capital Fund, to a total value of CNY 2 billion.

Wang Xinchao assumed the position of Fifth Plant Manager to officially take the helm of the Jiangyin Transistor Factory in 1990, JCET went public on the A-share market, the Xinchao Group gained control over JCET on June 3, 2003, and JCET was handed back to the state in 2019. In this period of just 30 years, a county-owned collective enterprise on the verge of bankruptcy would grow into the world's third largest semiconductor packaging and testing vendor, a veritable global semiconductor packaging and testing industry miracle.