Core Viewpoint - InnoScience (02577.HK) plans to raise funds through a placement of new H-shares, with a total expected amount of HKD 1.56 billion, aimed at capacity expansion, debt repayment, and working capital [1][2]. Fund Allocation - Approximately 31% of the funds (HKD 482 million, about RMB 442 million) will be used for capacity expansion and product upgrades to meet the growing demand in the GaN power device market [1][2]. - About 24% of the funds (HKD 376 million, about RMB 344 million) will be allocated to repay interest-bearing debts, optimizing the capital structure and reducing financial risk [2]. - Approximately 45% of the funds (HKD 691 million, about RMB 633 million) will be used for working capital and general corporate purposes, including human resources expenses and potential investments [2]. Company Overview - InnoScience, established in 2017, focuses on the research and manufacturing of third-generation semiconductor GaN chips, with a market share of 42.4% in the global GaN power semiconductor sector [2]. - The company is the first globally to achieve mass production of 8-inch silicon-based GaN wafers, significantly improving yield and reducing costs compared to 6-inch wafers [2]. Industry Outlook - The GaN power semiconductor market is expected to grow rapidly, reaching a market size of RMB 50.1 billion by 2028, accounting for 10.1% of the global power semiconductor market [3]. - GaN technology offers advantages over traditional silicon materials, making it suitable for applications in electric vehicles, data centers, and photovoltaic power stations [3].
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