Guangdong Tianyu Semiconductor Co., Ltd. (GUANGDONG TIANYU SEMICONDUCTOR CO., LTD., 2658.HK) has launched its Hong Kong IPO. The offer period runs from November 27 to December 2, 2025, with a global offering of 30,070,500 H-shares and a 15% over-allotment option. The offer price is HK$58.00 per share, with a minimum order of 50 shares, and the entrance fee is approximately HK$2,929.24. The company is expected to be listed on the Main Board of the Hong Kong Stock Exchange on December 5, 2025. CITIC Securities is the sole sponsor for the offering.

Tianyu Semiconductor: China's Largest Self-Manufactured Silicon Carbide Wafer Manufacturer

Offerings Breakdown: Approximately 10% (3,007,050 shares) for Hong Kong public offering and approximately 90% (27,063,450 shares) for international placement.

Offer Price: HK$58.00 per share; minimum lot size: 50 shares; entrance fee is approximately HK$2,929.24.

Offer Period: November 27 to December 2, 2025.

Listing Date: December 5, 2025.

IPO Sponsor: CITIC Securities.

Company Overview

Tianyu Semiconductor primarily focuses on self-manufactured silicon carbide (SiC) epitaxial wafers, which are key raw materials for power semiconductor devices. Based on revenue and sales volume of self-manufactured SiC epitaxial wafers in the Chinese market in 2024, the company is the largest manufacturer of self-manufactured SiC epitaxial wafers in China, with market shares of 30.6% (by revenue) and 32.5% (by sales volume). The company achieved mass production of 4-inch and 6-inch SiC epitaxial wafers in 2014 and 2018, respectively, and has the capacity for 8-inch SiC epitaxial wafer mass production since 2023.

Financial Information

According to the prospectus, Tianyu Semiconductor reported revenues of approximately RMB 437 million, RMB 1.171 billion, and RMB 520 million in 2022, 2023, and 2024, respectively. The net profit for the same periods was approximately RMB 2.81 million, RMB 95.88 million, and a net loss of RMB 500 million. For the five months ending May 31, 2025, the company reported a revenue of approximately RMB 257 million and a net profit of approximately RMB 9.51 million. Assuming the over-allotment option is not exercised and based on an offer price of HK$58.00 per share, the company expects to raise a net amount of approximately HK$1.671 billion. The proceeds will be used for expanding production capacity (approximately 62.5%), enhancing independent R&D and innovation capabilities (approximately 15.1%), strategic investments and acquisitions (approximately 10.8%), expanding global sales and marketing networks (approximately 2.1%), and for working capital and general corporate purposes (approximately 9.5%).

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* 0 % interest applies to margin subscription amounts of HK$10 million or below.

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This promotion is effective from 20 May 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Tianyu Semiconductor via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select Tianyu Semiconductor, tap "Public Offer," enter your subscription quantity, and submit your order.

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