天域半导体(02658.HK)拟全球发售3007.05万股H股 预计12月5日上市

Core Viewpoint - Tianyu Semiconductor (02658.HK) plans to globally offer 30.0705 million H-shares at a price of HKD 58.00 per share, with the offering period from November 27 to December 2, 2025, and expected trading commencement on December 5, 2025 [1] Group 1: Company Overview - The company specializes in the manufacturing of self-produced silicon carbide (SiC) epitaxial wafers, which are key raw materials for power semiconductor devices [2] - Compared to traditional semiconductor materials like silicon, SiC offers significant performance advantages, making it more suitable for high-voltage, high-temperature, and high-frequency environments [2] - As of 2024, the company is the third-largest manufacturer of self-produced SiC epitaxial wafers in China, holding a market share of 6.7% by revenue and 7.8% by volume [2] Group 2: Production Capacity and Historical Performance - The company's revenue primarily comes from the sale of self-produced 4-inch, 6-inch, and 8-inch SiC epitaxial wafers, along with related value-added services [3] - The company achieved mass production of 4-inch and 6-inch SiC epitaxial wafers in 2014 and 2018, respectively, and has the capability for 8-inch production as of 2023 [3] - As of May 31, 2025, the annual production capacity for 6-inch and 8-inch wafers is approximately 420,000 pieces, making the company one of the largest in China for these sizes [3] Group 3: Investment and Fund Utilization - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling approximately HKD 161.5 million, representing about 9.26% of the offering [3] - Assuming the offering price of HKD 58.00 per share and no exercise of the over-allotment option, the estimated net proceeds from the global offering will be approximately HKD 1.6711 billion [4] - The net proceeds are planned to be utilized as follows: approximately 62.5% for expanding overall production capacity, 15.1% for enhancing R&D and innovation capabilities, 10.8% for strategic investments or acquisitions, 2.1% for expanding global sales and marketing networks, and 9.5% for working capital and general corporate purposes [4]