Shanghai, Jan 25, 2026, 10:24 (CST) — The market has closed.
Xi’an ESWIN Material Technology Co Ltd’s A-shares on the Shanghai exchange ended Friday up 1.18%, closing at 26.66 yuan. Turnover hit roughly 374 million yuan before mainland markets closed for the weekend. The company, which went public on Oct. 28, 2025, produces 12-inch silicon wafers vital for chip manufacturing.
Forget the tape—earnings are the focus now. ESWIN’s preliminary forecast for 2025 projects annual revenue around 2.65 billion yuan, roughly 25% higher than last year. Yet, the company still anticipates a net loss attributable to shareholders of about 738 million yuan. It flagged a slowdown in downstream demand hitting wafer suppliers and cited fixed costs plus increased R&D expenses as its second factory scales up.
The next trading day arrives as investors continue sorting out leaders within the STAR board. On Friday, the STAR 50 index nudged up 0.78%, while the wider STAR Composite climbed 1.85%. Semiconductor stocks, however, lagged behind the rally, according to Xinhua Finance.
Traders also zeroed in on one more detail late in the week: ownership. According to Securities Times’ DataBao, the company reported 45,000 shareholders as of Jan. 20—down 5,000 from Jan. 10. That 10% drop often hints at position concentration, as early volatility weeds out smaller investors.
Sentiment around smaller tech stocks can shift fast once regulators clamp down on speculation. “They want to keep markets focused on investment, not speculation,” Shane Oliver, AMP’s chief economist, noted after China limited certain high-frequency traders’ access to exchange data. Reuters
Chip-supply news is resurfacing. Nvidia CEO Jensen Huang was in Shanghai this weekend amid tightening scrutiny from Chinese regulators. The U.S. chipmaker is also grappling with questions about the fate of its H200 AI chip in the Chinese market, Reuters reported.
However, a big caveat remains with ESWIN’s numbers so far. Their 2025 forecast is unaudited and relies on early calculations. The company cautioned that only the audited annual report will confirm the final figures — a detail that could still swing the stock in either direction before then.
The next key event is the audited annual report, set for April 21. Until trading resumes Monday, investors will be focused on any updates about the second factory’s ramp-up speed and whether the stock continues to mirror broader STAR Market risk sentiment.
