Shanghai Securities News | Xi'an ESWIN's IPO Approved by the Listing Review Committee Today as the First Pre-Profit Company Accepted on SSE Since Release of “Eight Measures for STAR Market”

By: He Xinyi

News Express | August 14, 2025, 18:10

Shanghai Securities News – www.cnstock.com (Reporter He Xinyi) – According to the official website of the Shanghai Stock Exchange (SSE), on August 14, Xi'an ESWIN Material Technology Co., Ltd. (hereinafter referred to as “Xi'an ESWIN”) received approval from the SSE Listing Review Committee for its STAR Market IPO. It is reported that Xi'an ESWIN is the first pre-profit company accepted by the SSE for IPO review since the release of the “Eight Measures for the STAR Market.”

Industry insiders believe that the IPO approval reflects the SSE's growing inclusiveness toward pre-profit “hard technology” companies, effectively promoting a healthy cycle among technology, capital, and industry.

According to the prospectus (submission draft), Xi'an ESWIN focuses on the research, production, and sales of 12-inch silicon wafers. Based on the company's average monthly shipments in 2024 and its production capacity by the end of 2024, it ranks among the leading domestic manufacturers of 12-inch silicon wafers. By the IPO, Xi’an ESWIN plans to raise RMB 4.9 billion, which will be used for Phase II of the Xi'an ESWIN Silicon Industry Base project.

The reporter noted that Xi'an ESWIN has chosen to apply for listing under the STAR Market's fourth set of listing standards, namely, “an expected market value of no less than RMB 3 billion and operating revenue of no less than RMB 300 million in the most recent year.”

From 2022 to 2024, the company's cumulative R&D investment amounted to RMB 576 million. Its operating revenue increased from RMB 1.055 billion in 2022 to RMB 2.121 billion in 2024, representing a compound annual growth rate of 41.83%. By the end of 2024, the company employed 235 R&D personnel, accounting for approximately 12% of the total workforce, and had been granted a total of 539 invention patents. All relevant indicators meet the corresponding standards set out in the Guidelines for Evaluating Sci-Tech Attributes (Trial).