Shanghai, Jan 26, 2026, 08:53 (China Standard Time) — Premarket
National Silicon Industry Group Co. Ltd.’s Class A shares (688126) closed Friday up 2.19% at 23.38 yuan, after fluctuating between 22.93 and 23.51 during the session. These mainland-listed shares will get an early test of follow-through when Shanghai trading resumes Monday.
Leverage came down heading into the weekend. Exchange data released Saturday revealed a net repayment of 59.72 million yuan in margin financing on Jan. 23, bringing the outstanding balance to 1.70 billion yuan.
Earnings remain a heavy drag. In a Jan. 15 filing, the company projected a 2025 net loss to shareholders between 1.28 billion and 1.53 billion yuan, citing ongoing price pressure in silicon wafers despite a more than 25% rise in 300mm wafer volumes. It also flagged potential goodwill impairment risks—an accounting charge tied to past acquisitions—and noted weaker results from units focused on 200mm and smaller wafers, including SOI (silicon-on-insulator) products.
A separate supply marker appears in the shareholder register. A Jan. 21 filing revealed the state-backed National Integrated Circuit Industry Investment Fund sold 2% through block trades — large, pre-arranged deals — between Jan. 7 and Jan. 19. This trimmed its stake to 15.49% and brought in roughly 1.26 billion yuan, with shares priced from 22.55 to 23.54 yuan each.
The broader wafer market is flashing mixed signals. Taiwan’s GlobalWafers is gearing up for a second-phase expansion at its Texas facility, but it hinges on locking in more customer orders, Reuters reported. This underscores how plans for 300mm capacity still depend heavily on clear demand visibility.
Monday’s opening auction will reveal if Friday’s bounce pulls in fresh buyers or sparks swift profit-taking. Traders will also watch leverage data closely for clues on whether the margin unwind has run its course.
But there’s a catch. Should wafer prices remain suppressed, or impairment charges surpass investor forecasts, the next move could just as well be downward.
The upcoming major event is the annual report. According to Eastmoney’s data, the company plans to release its 2025 annual report on April 30. This report is expected to clarify impairment figures and provide better insight into pricing and utilization.
For now, trading will hinge on positioning, shareholder moves, and new hints about demand for larger-diameter wafers. The next real checkpoint is Monday’s session.
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