NSIG loses its chairman into a widening loss, and the only three analysts see 30% downside
Jiang Haitao quit every post at China's leading 12-inch silicon wafer maker on 30 September with the succession only beginning. NSIG lost RMB 1.5 billion in 2025, widened the hole in the first half of 2026, and the only three analysts on the stock see it 30 percent below the price.
Vincent Jiang · 2 min read
The chair goes empty
On 30 September, National Silicon Industry Group said chairman Jiang Haitao had resigned from all positions, leaving the Shanghai-listed wafer maker to begin a leadership transition with no successor named 12. The stock, 688126.SH, closed the day at RMB 23.38, down 1.2 percent, still up 8 percent for the year 3.
The churn came before the chairman
One dated line each, and the tempo quickens. On 6 February a shareholder moved to unload a stake 3; on 9 February the company planned to lease part of its Shanghai plant to a related party 2. April brought a Q1 net loss of RMB 483.1 million on revenue up 35 percent 2. An 8 July stake-reduction notice knocked 8 percent off the shares, and a deeper half-year loss took another 7 percent on 20 August 2. This month, board secretary Fang Na cut her holding by 98,000 shares 4.
Volume is not the problem
First-half revenue rose 36.51 percent as 300mm shipments jumped more than 90 percent, with capacity nearing 1.2 million wafers a month 5. The net loss still widened, on R&D spending, currency moves and inventory impairments 5, after 2025's RMB 1.5 billion loss 2. Peers reported an uneven first-half recovery, and SK Hynix more than doubled its own wafer purchases in Q2 6. The wafers are moving; the money is not.
Two paths from an empty chair
Three analysts cover the name. Their consensus is underperform, an average target of RMB 16.53 against the RMB 23.66 close of 29 September, a 30 percent gap, with the lowest target at RMB 6.60 27.
The only analyst targets on NSIG average 30 percent below its price
Data
| Value | |
|---|---|
| Lowest target | RMB 6.6 |
| Average target | RMB 16.53 |
| Highest target | RMB 26.1 |
If a chairman arrives before the 30 October report with a plan behind June's RMB 11.45 billion capital injection into the core Shanghai subsidiary 6, the holders at 23.38 keep their scarcity trade. If the chair stays empty into the print, the 300mm ramp runs unowned.
The tell lands 30 October
Q3 results are due 30 October 2. Watch for a name and a plan arriving together: a successor who owns the fix, or a vacancy that owns the loss.
Deepdive
AI-generated from this story and its cited sources. Not investment advice.
