华为系持股！SiC龙头获备案拟赴港上市

Core Viewpoint - Hantian Technology (Xiamen) Co., Ltd. has received approval from the China Securities Regulatory Commission for its overseas listing in Hong Kong, marking a significant step in its IPO process [1][3]. Group 1: Company Overview - Hantian Technology plans to issue up to 37,678,900 shares for its overseas listing and convert 97,431,581 shares held by 39 shareholders into shares for trading on the Hong Kong Stock Exchange [1]. - The company is a leader in the global silicon carbide (SiC) epitaxy industry, focusing on the research, mass production, and sales of SiC epitaxial chips [3]. - Hantian Technology has become the largest supplier of SiC epitaxy by sales volume since 2023, with a projected market share exceeding 30% in 2024 [3]. Group 2: Financial Performance - The company has delivered over 164,000 SiC epitaxial chips in 2024, with cumulative deliveries exceeding 500,000 chips during the historical performance period [5]. - Financial data shows revenues of approximately 441 million RMB, 1.143 billion RMB, 974 million RMB, and 266 million RMB for the years 2022 to 2024 and the first five months of 2025, with corresponding gross profits of 197 million RMB, 445 million RMB, 332 million RMB, and 49.74 million RMB [5]. - The gross profit margins for the same periods were 44.7%, 39%, 34.1%, and 18.7%, with net profits of approximately 143 million RMB, 122 million RMB, 166 million RMB, and 14 million RMB [5]. Group 3: Market Opportunities - The silicon carbide market is expanding due to growth in downstream industries, with global sales of SiC power semiconductor devices expected to reach $2.6 billion in 2024, reflecting a compound annual growth rate of 45.4% from 2020 to 2024 [11]. - The market for SiC epitaxy foundries is highly concentrated, with the top five foundries holding 93.4% of the global market share, presenting significant opportunities for Hantian Technology [11]. - Notable shareholders include major companies such as Huawei-controlled Hubble Technology and Shenzhen Hongyuan, indicating strong industry backing for Hantian Technology's growth [11].