On October 28, Xi'an ESWIN Materials Technology Co., Ltd. ("Xi'an ESWIN"), China's leading 12-inch semiconductor silicon wafer manufacturer, officially debuted on the STAR Market. This marks the first unprofitable company accepted by the Shanghai Stock Exchange since the release of the CSRC's "STAR Market Eight Rules" and represents the largest IPO on the STAR Market this year.

Initially, Xi'an ESWIN aimed to raise 4.9 billion yuan in its IPO filing, which would have made it the largest IPO in Xi'an's history. By the market close, its shares surged 198.72% to 25.75 yuan, giving the company a total market capitalization of 103.973 billion yuan.

In 2019, 62-year-old Wang Dongsheng retired from BOE and joined ESWIN to pursue his unfinished ambitions in the integrated circuit industry. Within just a few years, ESWIN Materials, independently incubated by ESWIN, became China's largest 12-inch silicon wafer manufacturer. This rapid growth was supported by over 50 institutional investors, including IDG Capital, Bohua Capital, Zhongxing Capital, Silicon Paradise, Oriental Jiangxia, Hongzhao Fund, Hualiang Investment, Jifu Venture Capital, Core Kinetic Investment, and the National Integrated Circuit Industry Investment Fund.

The company completed four rounds of external financing, raising a cumulative total of 11.5 billion yuan. According to its prospectus, based on average monthly shipments and production capacity as of the end of 2024, Xi'an ESWIN ranks first in mainland China and sixth globally in 12-inch silicon wafer production, accounting for approximately 6% and 7% of global shipments and capacity, respectively. Additionally, it holds the most domestic and international authorized invention patents in China's 12-inch silicon wafer sector.

From 2022 to the first three quarters of 2025, Xi'an ESWIN reported revenues of 1.055 billion yuan, 1.474 billion yuan, 2.121 billion yuan, and 1.933 billion yuan, respectively, while net losses amounted to 533 million yuan, 683 million yuan, 738 million yuan, and 558 million yuan.

Notably, on May 30 this year, another ESWIN-incubated unicorn, ESWIN Computing, with a valuation of 35 billion yuan, submitted its IPO prospectus to the Hong Kong Stock Exchange.