Investment Rating - The report suggests a positive investment outlook for the SiC industry, indicating significant growth potential due to the anticipated adoption of SiC in advanced packaging technologies by major companies like NVIDIA and TSMC [6]. Core Insights - The report emphasizes the critical need for improved thermal management solutions in AI computing chips, particularly in the context of CoWoS packaging, which is currently facing challenges due to rising power demands [3][40]. - SiC is identified as a promising alternative material for CoWoS interposers, offering superior thermal conductivity and structural integrity compared to traditional silicon and glass materials [4][86]. - The potential for the Chinese mainland SiC industry to benefit significantly from the shift towards SiC interposers is highlighted, given its advantages in investment scale, production costs, and downstream support [5][6]. Summary by Sections 1. NVIDIA and TSMC's Consideration of SiC - NVIDIA plans to adopt 12-inch SiC substrates in its next-generation GPU packaging by 2027, indicating a strategic shift towards advanced materials for better performance [2][9]. 2. Need for CoWoS Thermal Management - The report discusses the increasing power requirements of AI chips, with NVIDIA's H100 GPU exceeding 700W, necessitating enhanced cooling solutions to manage heat effectively [15][22]. 3. SiC as a Preferred Interposer Material - SiC's thermal conductivity is 2-3 times that of silicon, making it an ideal candidate for interposers in CoWoS packaging, which is crucial for high-performance computing applications [4][86]. 4. Benefits for China's SiC Industry - If CoWoS adopts SiC interposers, the demand could exceed 230,000 12-inch SiC substrates by 2030, presenting a substantial opportunity for the Chinese SiC supply chain [5][6]. 5. Overview of SiC Substrate and Equipment Companies - Key beneficiaries of the SiC market growth include companies like Jingcheng Machinery, Jing Sheng Co., Tianyue Advanced, and others, which are positioned to capitalize on the anticipated demand for SiC substrates and related equipment [6]. 6. Investment Recommendations - The report recommends investing in companies involved in SiC substrate production and equipment manufacturing, as they are expected to benefit from the industry's transition towards SiC technology [6].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 第 1 頁 共 10 頁 v 1.1.1 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國上城集團有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02330 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | | 0.01 HKD | | 300,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 30,000,000,000 | HKD | | 0.01 HKD | | 300,000,0 ...

中国上城发布公告，配售协议所载的所有条件已获达成，而配售事项已于2025年10月28日完成。合共 7547.43万股配售股份已成功由配售代理根据配售协议的条款及条件按每股配售股份0.180港元的配售价 配售予叁位承配人，陈晖先生为一位投资者；刘晓玲女士为一位投资者；及李艳勇先生为一位投资者， 占公司紧接配售事项后经配发及发行配售股份扩大的公司已发行股本约16.67%。 香港联交所最新资料显示，10月28日，中国上城(02330)股东将股票存入元库证券，存仓市值1849.12万 港元，占比16.67%。 ...

Core Insights - On October 28, China Shangcheng (02330) shareholders deposited stocks into Yuan Ku Securities, with a market value of HKD 18.49 million, accounting for 16.67% [1] - China Shangcheng announced that all conditions of the placement agreement have been met, and the placement has been completed as of October 28, 2025 [1] - A total of 75.47 million shares were successfully placed by the placement agent at a price of HKD 0.180 per share to three investors, including Mr. Chen Hui, Ms. Liu Xiaoling, and Mr. Li Yanyong, representing approximately 16.67% of the company's expanded issued share capital post-placement [1]

Core Viewpoint - China Shangcheng (02330) has successfully completed a placement of 75.4743 million shares at a price of HKD 0.180 per share, raising approximately HKD 13.52 million for general operational expenses [1] Group 1: Placement Details - The placement agreement conditions have been fully met, and the placement was completed on October 28, 2025 [1] - A total of 75.4743 million shares were successfully placed to three investors, representing approximately 16.67% of the company's enlarged issued share capital post-placement [1] Group 2: Financial Implications - The net proceeds from the placement, after deducting placement commissions and other expenses, amount to approximately HKD 13.52 million [1] - The company intends to use the proceeds for general operational funding, including employee costs, professional fees, rent, and general administrative and operational expenses [1]

Group 1 - The company, China Shangcheng (02330), has completed a placement agreement on October 28, 2025, with all conditions met [1] - A total of 75.4743 million shares were successfully placed at a price of HKD 0.180 per share, representing approximately 16.67% of the company's enlarged issued share capital post-placement [1] - The net proceeds from the placement, after deducting commissions and other expenses, amount to approximately HKD 13.52 million, which will be used for general working capital, including employee costs, professional fees, rent, and general administrative and operational expenses [1]

Core Viewpoint - China Shangcheng (02330.HK) has successfully completed a placement of 75.4743 million shares at a price of HKD 0.180 per share, raising approximately HKD 13.52 million for general operational funding [1] Group 1 - The placement agreement conditions have been fully met, and the placement was completed on October 28, 2025 [1] - A total of 75.4743 million shares were successfully placed, representing about 16.67% of the company's enlarged issued share capital post-placement [1] - The net proceeds from the placement amount to approximately HKD 13.52 million, which will be used for the group's general operational expenses, including employee costs, professional fees, rent, and other administrative and operational expenditures [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國上城集團有限公司 呈交日期： 2025年10月28日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02330 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | | 事件 | 已發行股份（不包 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不會就本公 告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何 責任。 本公告僅供參考，並不構成收購、購買或認購本公司任何證券之邀請或要約。 China Uptown Group Company Limited 中國上城集團有限公 司 配售事項的所得款項淨額（經扣除配售佣金及配售事項其他開支後）約為港幣 13,520,000元。本公司擬將約港幣13,520,000元用作本集團的一般營運資金，用 於支付本集團的員工成本、專業費用、租金及一般行政及營運開支。 （於開曼群島註冊成立之有限公司） （股份代號﹕2330） 完成根據一般授權配售新股份 配售代理 茲提述中國上城集團有限公司（「本公司」）日期為二零二五年十月十六日有關 根據一般授權配售新股份（「該公告」）。除另有所指外，本公告所用詞彙與該公 告界定者具所同涵義。 1 完成配售事項 董事會欣然宣佈配售協議所載的所有條件已獲達成，而配售事項已於二零 二五年十月二十八日完成。合共75,474,291股配售股份已成功由配售代理根 ...

Core Insights - As of October 17, 54 stocks reached their 52-week highs, with Chaowei Holdings (08059), China Shangcheng (02330), and Guangtai International Holdings (00844) leading the increase rates at 37.50%, 25.49%, and 21.28% respectively [1][2] 52-Week Highs Summary - Chaowei Holdings (08059) closed at 0.017, with a peak of 0.022, achieving a high rate of 37.50% [2] - China Shangcheng (02330) closed at 0.270, with a peak of 0.320, achieving a high rate of 25.49% [2] - Guangtai International Holdings (00844) closed at 0.450, with a peak of 0.570, achieving a high rate of 21.28% [2] - Other notable stocks include Wanjia Group (00401) with a high rate of 20.55% and XL Southern Hynix (07709) with 11.49% [2] 52-Week Lows Summary - Yongtai Bio-B (02953) reached a low of 0.365, with a minimum of 0.275, marking a low rate of -68.02% [2] - Aigo Group (02952) closed at 0.052, with a minimum of 0.026, marking a low rate of -25.71% [2] - Other significant declines include Haitian Tianxian (08227) at -24.47% and Kuan Group (00924) at -18.48% [2]