China’s STAR Market Embraces Unprofitable Tech With $14.6 Billion ESWIN Debut
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Shares of wafer producer Xi’an ESWIN Material Technology Co. Ltd. surged as much as 361% in their trading debut Tuesday, before closing up 198.7%, marking a blockbuster entry for the first unprofitable company to list on Shanghai’s STAR Market under newly implemented reforms.
ESWIN ended the day at 25.75 yuan per share, giving it a market capitalization of 104 billion yuan ($14.6 billion). The company raised 4.6 billion yuan in its initial public offering, the largest IPO on the STAR Market this year, and the second-largest among all listings across China’s A-share markets.
The strong debut reflects investor confidence in China's effort to promote “hard tech” firms — companies in strategic, innovation-heavy sectors like semiconductors — even before they turn a profit. It also marks a significant test for the eight-point reform plan introduced in June 2024 aimed at deepening the STAR Market’s appeal as a financing platform for emerging industries.
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- Xi’an ESWIN Material Technology surged 198.7% on its STAR Market debut, reaching a 104 billion yuan ($14.6 billion) valuation and raising 4.6 billion yuan in the largest STAR IPO of 2024.
- ESWIN, China’s largest and the world’s sixth-largest 12-inch silicon wafer producer, remains unprofitable but saw 2024 revenue nearly double to 2.1 billion yuan.
- Its listing marks the first under the STAR Market’s June 2024 reform allowing unprofitable firms, reflecting investor confidence in “hard tech.”
- Xi’an ESWIN Material Technology Co. Ltd.
- Xi’an ESWIN Material Technology Co. Ltd. is a wafer producer founded in 2016, specializing in 12-inch silicon wafers for semiconductors. It's China's largest producer and ranks sixth globally in wafer shipments and capacity. It recently debuted on Shanghai’s STAR Market, becoming the first unprofitable company to list under new reforms, raising 4.6 billion yuan.
- BOE Technology Group Co. Ltd.
- BOE Technology Group Co. Ltd. (京东方科技集团股份有限公司) is a display panel maker. Its founder, Wang Dongsheng, stepped down in 2019 to chair the parent company of Xi'an ESWIN Material Technology Co. Ltd.
- 2016：
- ESWIN was founded, focusing on development and sale of 12-inch silicon wafers.
- 2019：
- Wang Dongsheng stepped down from BOE Technology Group to chair ESWIN’s parent company.
- 2019：
- STAR Market launched in Shanghai.
- 2022：
- ESWIN reported revenue of 1.1 billion yuan and net loss of 416 million yuan.
- June 2024：
- Eight-point reform plan for the STAR Market was introduced.
- 2024：
- ESWIN reported revenue of 2.1 billion yuan and net loss of 763 million yuan.
- November 2024：
- ESWIN submitted its listing application, the first unprofitable firm’s application accepted under the new reforms.
- First half of 2025：
- ESWIN reported a loss of 340 million yuan on 1.3 billion yuan in revenue.
- Tuesday, October 29, 2025：
- ESWIN debuted on the STAR Market, shares surged as much as 361%, closing up 198.7%, raising 4.6 billion yuan in its IPO.
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