Core Viewpoint - Tianyue Advanced (2631.HK) debuted on the Hong Kong Stock Exchange with a 6.54% increase, opening at HKD 45.6, following a global offering of 47,745,700 H-shares priced at HKD 42.80 per share, raising a net amount of HKD 1.938 billion [1]. Group 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 establishment [1]. - According to Frost & Sullivan, Tianyue Advanced ranks among the top three global manufacturers of silicon carbide substrates based on sales revenue projected for 2024 [1]. - The company has over 14 years of experience in the silicon carbide materials sector and was one of the first in China to industrialize semi-insulating silicon carbide substrates [1]. Group 2: Product Development - Tianyue Advanced has successfully industrialized conductive silicon carbide substrates and has improved its advantages in producing larger-sized products [1]. - The company has upgraded its mass production of silicon carbide substrates from 2 inches to 8 inches, with plans to launch the industry's first 12-inch silicon carbide substrate in 2024 [1]. Group 3: Market Performance - The Hong Kong public offering accounted for 35% of the total shares, with a subscription rate of 2809.19 times, while the international offering made up 65% with a subscription rate of 9.04 times [1]. - The stock's opening price was HKD 45.6, with a trading volume of 9.5773 million shares and a total market capitalization of HKD 21.772 billion [2].