Yuanjie Semiconductor Tops Mainland Stocks at ¥1,439

Yuanjie Semiconductor’s shares rose as much as 9.6% to a record ¥1,439 on Friday, placing the laser chip maker ahead of Kweichow Moutai as the highest-priced stock on China’s mainland market. The rally followed broad gains for chip and optical suppliers in onshore trading.

Trading put Yuanjie at the top of the mainland market after the stock more than doubled in 2026. The STAR 50 Index, which tracks the technology-focused STAR Market in Shanghai, climbed 5.8% on the session. A gauge of onshore consumer staples stocks fell more than 4% after Kweichow Moutai reported its first annual decline in both sales and profit in 20 years and posted its worst one-day drop in a year.

Other optical and chip-related stocks also advanced after Zhongji Innolight reported first-quarter results above expectations. Zhongji, a major customer for Yuanjie, rose to a record high, supporting gains among suppliers to the optical segment.

Global chipmakers and equipment suppliers reported quarterly results that highlighted demand for AI-related products. Taiwan Semiconductor Manufacturing Co. reported first-quarter profit up 58% and said high-performance computing, which includes AI chips, accounted for 61% of revenue, up from 55% the previous quarter. On TSMC’s earnings call, Chief Executive C.C. Wei noted, “AI-related demand continues to be extremely robust.” Despite the results, TSMC shares fell about 3% on Thursday.

ASML, the Dutch maker of semiconductor equipment, posted strong first-quarter results and raised guidance. The company’s shares, however, pulled back after earlier losses in the week.

Investor interest has moved toward startups offering alternatives for AI inference workloads. In 2026, investors put more than $200 million into the Netherlands’ Axelera and Britain’s Olix. Several European firms, including Euclyd, Optalysys, Fractile and Arago, are pursuing nine-figure funding rounds this year to scale hardware and software aimed at inference applications.

Policy developments are affecting equipment flows to China. The Multilateral Alignment of Technology Controls on Hardware Act was introduced in the U.S. House on April 2 with bipartisan support. The bill seeks to tighten restrictions on shipments of certain chipmaking equipment to China and align U.S. controls with Japan and the Netherlands. The measure would preserve a nationwide restriction on advanced immersion lithography systems.

Market participants said they will monitor upcoming quarterly earnings, funding for AI hardware startups and regulatory developments on equipment exports to assess demand and supply trends for chipmakers and their suppliers going forward.