SICC CO.(SH:688234) Zhong Guo Jing Ji Wang·2025-08-20 08:39Core Viewpoint - Tianyue Advanced Technology Co., Ltd. (Tianyue Advanced) has successfully listed on the Hong Kong Stock Exchange, with its shares closing at HKD 45.54, reflecting a 6.40% increase on the first day of trading [1]. Summary by Relevant Sections Share Issuance and Pricing - The total number of shares issued under the global offering is 47,745,700 H-shares, with 16,711,000 shares allocated for public offering in Hong Kong and 31,034,700 shares for international offering [2][3]. - The final offering price was set at HKD 42.80 per share, resulting in total proceeds of HKD 2,043.5 million, with a net amount of HKD 1,938.1 million after deducting estimated listing expenses of HKD 105.4 million [2][3]. Use of Proceeds - Approximately 70% of the net proceeds from the global offering is expected to be used for expanding the production capacity of 8-inch and larger silicon carbide substrates. About 20% will be allocated to enhancing research and development capabilities, while the remaining 10% will be used for working capital and other general corporate purposes [5]. Key Investors - The cornerstone investors include Guoneng Environmental Investment Group Co., Ltd., Future Asset Securities (Hong Kong) Co., Ltd., Shanjin Asset Management (Hong Kong) Co., Ltd., Heertai Intelligent Control International Co., Ltd., and Lankun [5]. Previous Fundraising - Tianyue Advanced previously listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 12, 2022, with an issuance price of RMB 82.79 per share, raising a total of RMB 3.558 billion, which was higher than the initial target of RMB 2 billion for silicon carbide semiconductor material projects [6][7].