Core Viewpoint - Tianyue Advanced (02631.HK) is launching a global offering of 47.7457 million H-shares, with a maximum price of HKD 42.80 per share, aiming to raise approximately HKD 1.9381 billion for capacity expansion and R&D [2][7] Group 1: Company Overview - Tianyue Advanced specializes in wide-bandgap semiconductor materials, focusing on the research and industrialization of silicon carbide (SiC) substrates [3] - The company ranks among the top three global manufacturers of SiC substrates, holding a market share of 16.7% as of 2024 [3] - Tianyue Advanced's SiC materials support key industries such as renewable energy and AI, with applications in electric vehicles, AI data centers, and photovoltaic systems [3][4] Group 2: Market Position and Technology - The company has established partnerships with over half of the top ten power semiconductor manufacturers globally [4] - Tianyue Advanced is one of the few companies capable of mass-producing 8-inch SiC substrates and has pioneered the commercialization of 12-inch SiC substrates [6] - The global SiC substrate market is highly competitive, with the top five players holding a combined market share of 68.0% [6] Group 3: Financial Performance - For the fiscal years ending March 31, 2022, 2023, 2024, and the three months ending March 31, 2025, the company reported revenues of approximately CNY 417 million, CNY 1.251 billion, CNY 1.768 billion, and CNY 408 million, respectively [7] - The company expects to allocate approximately 70% of the net proceeds from the global offering to expand its 8-inch and larger SiC substrate production capacity [7]