Jingtian & Gongcheng and Commerce & Finance Law Offices assisted Eswin, China’s leading 12-inch silicon wafers maker, to raise more than RMB4.6 billion (USD634.5 million) on the SSE Star Market.
This is the second-largest A-share IPO this year to date, following Huadian New Energy’s debut in July, and it is also the largest Star Market listing in the past two years.
Jingtian & Gongcheng acted as Eswin’s legal counsel, while the underwriters were advised by Commerce & Finance on PRC law, with partner Andrew Zhang leading the team.
The IPO involved the issue of around 538 million shares at RMB8.62 per share. The share price rose by around 199% at the end of the first trading day, valuing the company at RMB103.9 billion.
Eswin focuses on the research, production and sale of 12-inch silicon wafers. It is mainland China’s top ranked and sixth globally among 12-inch wafer manufacturers.
As of June 2025, Eswin held the largest number of granted domestic and overseas invention patents in 12-inch silicon wafers in mainland China.
All IPO proceeds will be invested in the second phase of its industrial base project to further expand production capacity and global market share, enhancing the competitiveness of China’s electronic-grade silicon wafer industry chain.
Prior to the IPO, Eswin had completed several rounds of financing, including a series C round raising nearly RMB4 billion, setting a record for the largest private fundraising in China’s semiconductor wafer industry this year.
