今天，济南前首富IPO敲钟

Core Viewpoint - Tianyue Advanced officially listed on the Hong Kong Stock Exchange on August 20, 2023, with an IPO price of HKD 42.8 per share, opening 6.54% higher and achieving a market capitalization exceeding HKD 20 billion [5][6]. Company Overview - Founded in 2010 by Zong Yanmin, Tianyue Advanced specializes in silicon carbide substrates, breaking foreign technology monopolies [5][7]. - The company initially focused on sapphire substrates before pivoting to silicon carbide after acquiring technology from a Chinese Academy of Sciences professor [8]. Market Position and Products - Silicon carbide is recognized as a third-generation semiconductor material, ideal for high-temperature, high-frequency, and high-power applications [8]. - Tianyue Advanced has achieved significant production milestones, including the mass production of 2-inch and 4-inch silicon carbide substrates [8]. - The company has established itself as a key player in the silicon carbide substrate market, ranking among the top three globally with a market share of 16.7% [14]. Financial Performance - In 2022, Tianyue Advanced experienced a revenue decline to RMB 417 million, with a net loss of RMB 176 million due to production delays and pandemic impacts [11][12]. - The company rebounded in 2023, with revenues of RMB 1.25 billion and a net profit of RMB 179 million, driven by increased production capacity [12][13]. - Sales of silicon carbide substrates accounted for 78.2% of total revenue in 2022, increasing to 83.3% by 2024 [14]. Strategic Moves - The decision to list in Hong Kong aims to accelerate internationalization and enhance the company's ability to raise capital from global markets [15]. - The trend of A+H listings is gaining momentum, with over 50 A-share companies planning to list in Hong Kong, reflecting a broader strategy among leading firms to access international capital [18][19].