Core Viewpoint - Tianyu Semiconductor, a manufacturer of silicon carbide (SiC) epitaxial wafers, has successfully completed its IPO with significant oversubscription, indicating strong investor interest in the company and its growth potential in the semiconductor industry [1][2]. Group 1: IPO Details - Tianyu Semiconductor's IPO ran from November 27 to December 2, with a total of HKD 77.1 billion in margin financing secured by brokers, resulting in an oversubscription of 43.2 times the public offering amount of HKD 174 million [1]. - The company plans to issue 30.07 million H-shares, with 10% allocated for public offering at a price of HKD 58 per share, requiring an entry fee of HKD 2,929.2 for a minimum purchase of 50 shares [1]. - The company is expected to be listed on December 5, with CITIC Securities acting as the sole sponsor [1]. Group 2: Market Position and Product Offering - In the global market for self-manufactured SiC epitaxial wafers in 2024, Tianyu Semiconductor ranks as the third-largest manufacturer, holding a market share of 6.7% by revenue and 7.8% by volume [2]. - Within the Chinese market, the company is the largest self-manufactured SiC epitaxial wafer producer, with a market share of 30.6% by revenue and 32.5% by volume [2]. - The company primarily offers 4-inch, 6-inch, and 8-inch SiC epitaxial wafers and is upgrading its manufacturing processes to meet evolving customer demands for larger and more cost-effective semiconductor materials [2]. Group 3: Financial Performance and Future Plans - Tianyu Semiconductor's revenue increased from RMB 437 million in 2022 to RMB 1.171 billion in 2023, but is projected to decline to RMB 519.6 million in 2024. Net profit surged from RMB 2.8 million in 2022 to RMB 95.9 million in 2023 [3]. - The company plans to allocate 62.5% of the net proceeds from the global offering to expand overall production capacity, 15.1% to enhance R&D and innovation capabilities, 10.8% for strategic investments or acquisitions, 2.1% to expand global sales and marketing networks, and 9.5% for working capital and general corporate purposes [3].
天域半导体招股结束 孖展认购额达77.1亿港元 超购43.2倍