ESWIN Material
奕斯伟材料
ESWIN Material (奕斯伟材料, stock code 688783) is a leading Chinese manufacturer of 12-inch semiconductor silicon wafers, based in Xi'an. Founded with a focus on semiconductor-grade 12-inch silicon single-crystal polished wafers and epitaxial wafers, the company achieved mass production relatively quickly — its first-phase project began operations in July 2020 and reached a monthly capacity of 300,000 wafers, which as of late 2022 ranked first domestically .
The company has drawn significant capital attention. In December 2022, it closed a nearly RMB 4 billion Series C round led by China National Building Material New Materials Fund, with Source Code Capital among the follow-on investors — a deal that at the time set a record for the largest single private financing in China's semiconductor silicon wafer industry . Cumulative fundraising exceeded RMB 10 billion, placing it well ahead in the primary market . Source Code Capital, which has continued to back the company, noted that ESWIN Material's key quality metrics — including crystal quality, warp control, particle and contamination control — had reached globally leading standards, with yield and prime wafer rates climbing to top-tier domestic levels .
The company went public on the STAR Market in October 2025, with Source Code Capital celebrating the listing as a new starting point for ESWIN Material to deepen its technology and capacity moats amid an AI-driven semiconductor industry wave . Zhang Xun, a Source Code Capital investor who focuses on hard tech and semiconductor deals, led the firm's investment in ESWIN Material .
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We look forward to supporting the long-term development of core Chinese technology enterprises like ESWIN Material.
