MaHui | Congratulations to MaHui member ESWIN Material on its successful STAR Market debut

On October 28, 2025, Xi'an ESWIN Material (hereinafter "Xi'an ESWIN"), a leading domestic manufacturer of 12-inch semiconductor silicon wafers, officially listed on the STAR Market under the ticker symbol "688783." The company priced its IPO at 8.62 yuan per share, issuing 537.8 million shares and raising approximately 4.636 billion yuan. Its market cap at listing was roughly 34.806 billion yuan, surpassing 100 billion yuan on its first trading day.

In 2022, Source Code Capital participated in Xi'an ESWIN's Series C financing and has continued to support the company ever since.

As a top domestic player in 12-inch silicon wafers, Xi'an ESWIN has, through years of technological innovation and continuous optimization, built a core technology system spanning five critical process steps: crystal pulling, shaping, polishing, cleaning, and epitaxy. The company's key metrics — including crystal defect control, low warpage, ultra-flatness, ultra-cleanliness, and epitaxial layer morphology and electrical performance — now rank alongside the world's top five manufacturers. It has become the largest or second-largest strategic silicon wafer supplier by procurement share for domestic mainstream memory IDM vendors globally. As of year-end 2024, Xi'an ESWIN held the top market share domestically and ranked among the global top six.

Xun Zhang, Executive Director at Source Code Capital, commented: "From import substitution to global leadership — witnessing the growth and future of a silicon wafer champion. We warmly congratulate our portfolio company Xi'an ESWIN, the domestic leader in 12-inch semiconductor silicon wafers, on its A-share listing on the STAR Market! From being a 'pioneer' that broke the ice in China's 12-inch silicon wafer space to a 'frontrunner' now ranked sixth globally, Source Code Capital has had the privilege of witnessing Xi'an ESWIN's leap from 'domestic replacement' to 'global leadership,' continuously expanding its flywheel effect of cost, technology, and production capacity to become a scarce hard asset in the semiconductor materials track. As a long-term partner, we look forward to Xi'an ESWIN using this listing as a new starting point to further solidify its technology and capacity moats, deepen global customer partnerships, and continue contributing to the high-quality development of the global semiconductor ecosystem amid the AI-driven semiconductor industry wave."