China PMI slip puts ESWIN Material’s 688783 A-shares in focus before Shanghai open

2 February 2026

Shanghai, Feb 2, 2026, 09:18 (GMT+8) — Premarket

Xi’an ESWIN Material Technology Co., Ltd.’s A-shares (688783.SS) face pressure ahead of Monday’s open following a drop in China’s official factory gauge back into contraction. The decline could hit chip-supply stocks linked to utilisation rates and pricing.

The company produces 12-inch silicon wafers, the core material chipmakers slice into thousands of dies. Demand usually mirrors shifts in production schedules at foundries and memory manufacturers. Investors frequently rely on macro factory data as an early, rough signal of how intensively chip fabs will operate in coming months.

ESWIN made its debut on the Shanghai Stock Exchange’s STAR Market on Oct. 28, pricing its IPO at 8.62 yuan. Attention now shifts to whether the company’s growth can outpace its losses in the early days after listing.

The stock ended at 26.29 yuan on Jan. 30, slipping 0.79% that day. It dropped 1.39% over the last five sessions but remains up 10.46% year-to-date, according to MarketScreener data.

In a Jan. 21 filing, the company projected 2025 revenue around 2.65 billion yuan, marking a 24.91% increase from the previous year. However, it also forecast a net loss attributable to shareholders near 738 million yuan, essentially flat compared to 2024.

The macro backdrop hasn’t been kind. The official PMI slipped to 49.3 in January from 50.1 in December, with both new and export orders showing further declines; the survey marks 50 as the dividing line between expansion and contraction. Huo Lihui, a statistician at China’s National Bureau of Statistics, noted market demand remains soft. Meanwhile, Nomura’s Ting Lu cautioned that policymakers might need to ramp up stimulus, saying, “Beijing will have to do much more” to keep growth above 4.5% in 2026. Reuters

Traders are eyeing the private Caixin/RatingDog manufacturing PMI set for release Monday. The median forecast on Investing.com’s calendar sits at 50.3 for January, slightly up from 50.1 before.

The downside is clear: weaker orders and fresh price wars could push back profit gains for wafer suppliers still expanding capacity and qualifying customers, particularly if chipmakers focus on inventory rather than new production. Policymakers have stepped in to limit steep price cuts in some industrial sectors, signaling pressure on margins.

Traders are eyeing ESWIN’s 2025 annual report due April 21. It’s expected to shed light on margins, cash burn, and how fast increased output is boosting earnings.

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Khadija Saeed is a financial markets reporter at TS2.tech. Her coverage ranges from stocks and technology to emerging industries and developments across global markets. She studied economics and finance at the London School of Economics and worked in market research before becoming a financial journalist. Follow Khadija Saeed on Google News.

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