Core Viewpoint - Tianyue Advanced (02631) has successfully listed, with an initial share price of HKD 42.8, raising approximately HKD 1.9381 billion from the issuance of 47.7457 million shares, indicating strong market interest and a 6.54% increase in share price to HKD 45.6 at the time of reporting [1][1][1] Company Overview - Tianyue Advanced specializes in the wide bandgap semiconductor materials industry, focusing on the research and industrialization of silicon carbide (SiC) substrates since its inception [1][1] - According to Frost & Sullivan, the company ranks among the top three global manufacturers of SiC substrates, holding a market share of 16.7% based on sales revenue for 2024 [1][1] Product Applications - The company's SiC materials provide essential support for the new energy and AI industries, with applications in electric vehicles, AI data centers, photovoltaic systems, AI glasses, rail transportation, power grids, home appliances, and advanced communication base stations [1][1][1] - As of March 31, 2025, Tianyue Advanced is one of the few companies capable of mass-producing 8-inch SiC substrates and has been a pioneer in commercializing the transition from 2-inch to 8-inch SiC substrates, as well as being among the first to introduce 12-inch SiC substrates [1][1][1]