Core Viewpoint - Tianyu Semiconductor officially listed on the Hong Kong Stock Exchange on December 5, marking a new phase in its development and injecting new momentum into China's third-generation semiconductor industry [1] Group 1: IPO Details - The IPO was priced at HKD 58.00 per share, with a base issuance of 30.07 million shares and a green shoe option increasing the total to 34.58 million shares. The public offering was significantly oversubscribed [3] - The funds raised will be primarily used to expand overall capacity, enhance independent research and innovation, implement strategic investments or acquisitions, expand global sales and market networks, and supplement working capital [3] Group 2: Company Background and Technology - Established in 2009, Tianyu Semiconductor is one of the early companies in China focused on the research and manufacturing of silicon carbide (SiC) epitaxial wafers. The company has achieved stable mass production of 4-inch and 6-inch wafers and has the capability for 8-inch wafer production as of 2023 [3] - As of May 31, 2025, the company holds 84 patents, including 33 invention patents, and has played a leading role in drafting several international and national standards, gaining industry recognition for its technological strength [3] Group 3: Market Position and Future Plans - In 2024, Tianyu Semiconductor is projected to hold a 30.6% revenue share and a 32.5% sales share in China's silicon carbide epitaxial wafer market, ranking first domestically. In the global market, it is expected to achieve a 6.7% revenue share and a 7.8% sales share, placing it among the top three [4] - The company plans to expand its production capacity to approximately 420,000 pieces annually for 6-inch and 8-inch wafers by 2025, with a new base in Dongguan expected to commence production by the end of 2025 [4] - The chairman expressed that the listing is seen as a new starting point and challenge, with plans to continuously expand capacity, increase R&D investment, enrich the product matrix, and deepen cooperation with core customers [4] Group 4: Vision and Social Responsibility - Tianyu Semiconductor views its successful listing as a long-term capital supplement channel and an opportunity for investors to participate in the growth of the third-generation semiconductor industry. The company is optimistic about the broad application prospects of silicon carbide in electric vehicles, photovoltaics, energy storage, smart grids, rail transportation, and AI-related power electronics [5] - The company aims to be a "trusted leader in third-generation semiconductors driven by innovation," while also committing to social responsibility by donating HKD 1 million for disaster relief efforts [4][5]
中国第一、全球第三 天域半导体正式登陆港交所