On July 8, Beijing E-Town Semiconductor Technology Co., Ltd. (E-Town Semiconductor, stock code: 688729.SH) made a striking debut on China’s STAR Market (Sci-Tech Innovation Board), with shares opening at CNY 26.20—an impressive 210.06% jump from the IPO price of CNY 8.45. The company's market capitalization briefly surpassed CNY 77 billion (USD 10.74 billion), signaling strong investor confidence in its leadership in semiconductor equipment. As of 3:30 p.m.(Beijing time), the stock had pulled back to CNY 23.20, narrowing the gain to 174.56%.

E-Town Semiconductor focuses on wafer processing equipment for integrated circuit manufacturing. The company ranks second globally in dry photoresist strip equipment with a 34.6% market share, and second in rapid thermal processing (RTP) systems with a 13.05% share, trailing only U.S.-based Applied Materials. Although its dry etching equipment segment currently accounts for less than 15% of revenue, the company remains among the global top 10 and is one of the few Chinese firms capable of mass-producing this technology, contributing to China's broader semiconductor equipment advancements.

From 2022 to 2024, E-Town reported revenues of CNY 4.76 billion (USD 664 million), CNY 3.93 billion (USD 548 million), and CNY 4.63 billion (USD 645 million) respectively. Net profits for the same period were CNY 383 million (USD 53.4 million), CNY 309 million (USD 43.1 million), and CNY 541 million (USD 75.4 million). In Q1 2025, the company achieved revenue of CNY 1.16 billion (USD 161.7 million), up 14.6% year-on-year, while net profit surged by 113.1% to CNY 218 million (USD 30.4 million). Its gross margin rose to 37.4% in 2024, driven by improved product mix and operational efficiencies.

As of February 2025, the company holds 445 invention patents, with R&D personnel making up over 29% of its workforce. Its extensive global customer base includes leading logic and memory chip manufacturers, and over 4,800 units of its equipment have been installed worldwide.

E-Town's IPO aims to raise CNY 2.5 billion (USD 348.5 million) to fund next-generation IC equipment R&D, manufacturing upgrades, and technology reserves. Backed by the Beijing E-Town Capital group, the listing is expected to further accelerate localization of high-end semiconductor tools in China. Analysts believe the company's success strengthens China's strategic positioning in the global semiconductor value chain and offers momentum for broader industrial upgrades.

The company's long-term strategy includes expanding international operations, deepening R&D investment, broadening its product and customer portfolio, and pursuing strategic M&A. E-Town aims to become a globally recognized supplier of cutting-edge semiconductor manufacturing solutions.