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2026 IPO bonanza! Over 90% of new stocks rose on their debut!
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joined discussion · Mar 30 08:32

IPO Pricing | Hantian Tiancheng goes public today, with a subscription rate of 50.66 times, priced at HKD 76.26 per share, and a potential gain of HKD 1,437 for one lot in the gray market

Futu Information reported on March 30 $EPIWORLD (02726.HK)$ Announced the allocation results, with shares priced at HKD 76.26 each, issuing a total of 21.4921 million shares, with each lot containing 50 shares, officially listed today.
In the last trading session, Hantian Tiancheng closed up 37.69% on the gray market at HKD 105 per share, with each lot containing 50 shares. Excluding handling fees, a gain of HKD 1,437 per lot.
During the public offering phase, Hantian Tiancheng received 50.66 times subscriptions, with the final number of shares offered to the public amounting to 2.1493 million shares, representing approximately 10% of the total shares offered. A total of around 45,084 valid applications were received, including approximately 13,260 processed applications, with the percentage of allocated shares for one-lot subscriptions being approximately 20% of the total shares applied for.
In addition, during the international placement phase, Hantian Tiancheng received 1.95 times subscription, with the final number of international placement shares amounting to 19,342,800 shares, accounting for 90% of the total offering shares. Futu Info has compiled the relevant data in the table below:
Futu Information reported on March 30 $EPIWORLD (02726.HK)$ Announced the allocation results, with shares priced at HKD 76.26 each, issuing a total of 21.4921 million shares, with each lot containing 50 shares, officially listed today. In the last trading session, Hantian Tiancheng closed up 37.69% on the gray market at HKD 105 per share, with each lot containing 50 shares. Excluding handling fees, a gain of HKD 1,437 per lot. During the public offering phase, Hantian Tiancheng received 50.66 times subscriptions, with the final number of shares offered to the public amounting to 2.1493 million shares, representing approximately 10% of the total shares offered. A total of around 45,084 valid applications were received, including approximately 13,260 processed applications, with the percentage of allocated shares for one-lot subscriptions being approximately 20% of the total shares applied for. Moreover, during the international placement phase, Hantian Tiancheng received 1.95 times subscriptions, with the final number of international placement shares reaching 19.3428 million shares, equivalent to 90% of the total shares offered. Futu News has compiled the relevant data as follows: Company Overview Hantian Tiancheng is a global leader in the silicon carbide (SiC) epitaxy industry. According to a report by灼识咨询 (CIC), since 2023, the company has been the world's largest SiC epitaxial supplier in terms of annual wafer sales, holding over 30% market share in 2024. The company was among the first globally to achieve large-scale external supply of 8-inch SiC epitaxial wafers and was also the first in China to commercialize 3-inch...
Futu Information reported on March 30 $EPIWORLD (02726.HK)$ Announced the allocation results, with shares priced at HKD 76.26 each, issuing a total of 21.4921 million shares, with each lot containing 50 shares, officially listed today. In the last trading session, Hantian Tiancheng closed up 37.69% on the gray market at HKD 105 per share, with each lot containing 50 shares. Excluding handling fees, a gain of HKD 1,437 per lot. During the public offering phase, Hantian Tiancheng received 50.66 times subscriptions, with the final number of shares offered to the public amounting to 2.1493 million shares, representing approximately 10% of the total shares offered. A total of around 45,084 valid applications were received, including approximately 13,260 processed applications, with the percentage of allocated shares for one-lot subscriptions being approximately 20% of the total shares applied for. Moreover, during the international placement phase, Hantian Tiancheng received 1.95 times subscriptions, with the final number of international placement shares reaching 19.3428 million shares, equivalent to 90% of the total shares offered. Futu News has compiled the relevant data as follows: Company Overview Hantian Tiancheng is a global leader in the silicon carbide (SiC) epitaxy industry. According to a report by灼识咨询 (CIC), since 2023, the company has been the world's largest SiC epitaxial supplier in terms of annual wafer sales, holding over 30% market share in 2024. The company was among the first globally to achieve large-scale external supply of 8-inch SiC epitaxial wafers and was also the first in China to commercialize 3-inch...
Futu Information reported on March 30 $EPIWORLD (02726.HK)$ Announced the allocation results, with shares priced at HKD 76.26 each, issuing a total of 21.4921 million shares, with each lot containing 50 shares, officially listed today. In the last trading session, Hantian Tiancheng closed up 37.69% on the gray market at HKD 105 per share, with each lot containing 50 shares. Excluding handling fees, a gain of HKD 1,437 per lot. During the public offering phase, Hantian Tiancheng received 50.66 times subscriptions, with the final number of shares offered to the public amounting to 2.1493 million shares, representing approximately 10% of the total shares offered. A total of around 45,084 valid applications were received, including approximately 13,260 processed applications, with the percentage of allocated shares for one-lot subscriptions being approximately 20% of the total shares applied for. Moreover, during the international placement phase, Hantian Tiancheng received 1.95 times subscriptions, with the final number of international placement shares reaching 19.3428 million shares, equivalent to 90% of the total shares offered. Futu News has compiled the relevant data as follows: Company Overview Hantian Tiancheng is a global leader in the silicon carbide (SiC) epitaxy industry. According to a report by灼识咨询 (CIC), since 2023, the company has been the world's largest SiC epitaxial supplier in terms of annual wafer sales, holding over 30% market share in 2024. The company was among the first globally to achieve large-scale external supply of 8-inch SiC epitaxial wafers and was also the first in China to commercialize 3-inch...
Futu Information reported on March 30 $EPIWORLD (02726.HK)$ Announced the allocation results, with shares priced at HKD 76.26 each, issuing a total of 21.4921 million shares, with each lot containing 50 shares, officially listed today. In the last trading session, Hantian Tiancheng closed up 37.69% on the gray market at HKD 105 per share, with each lot containing 50 shares. Excluding handling fees, a gain of HKD 1,437 per lot. During the public offering phase, Hantian Tiancheng received 50.66 times subscriptions, with the final number of shares offered to the public amounting to 2.1493 million shares, representing approximately 10% of the total shares offered. A total of around 45,084 valid applications were received, including approximately 13,260 processed applications, with the percentage of allocated shares for one-lot subscriptions being approximately 20% of the total shares applied for. Moreover, during the international placement phase, Hantian Tiancheng received 1.95 times subscriptions, with the final number of international placement shares reaching 19.3428 million shares, equivalent to 90% of the total shares offered. Futu News has compiled the relevant data as follows: Company Overview Hantian Tiancheng is a global leader in the silicon carbide (SiC) epitaxy industry. According to a report by灼识咨询 (CIC), since 2023, the company has been the world's largest SiC epitaxial supplier in terms of annual wafer sales, holding over 30% market share in 2024. The company was among the first globally to achieve large-scale external supply of 8-inch SiC epitaxial wafers and was also the first in China to commercialize 3-inch...
Company Overview
Hantian Tiancheng is a global leader in the silicon carbide (SiC) epitaxy industry. According to a report by灼识咨询(CIC), since 2023, the company has been the world's largest silicon carbide epitaxial supplier based on annual wafer sales volume, capturing over 30% market share in 2024. It was the first producer globally to achieve large-scale external supply of 8-inch silicon carbide epitaxial wafers and the first in China to commercialize bulk supply of 3-inch, 4-inch, 6-inch, and 8-inch silicon carbide epitaxial wafers. The company led the drafting and formulation of the world’s first and currently only industry standard for silicon carbide epitaxy under the International Semiconductor Equipment and Materials Industry Association (SEMI).
The company possesses a leading-edge silicon carbide epitaxial growth technology platform. Through 14 years of dedicated research and development in silicon carbide epitaxial technology, the company has acquired specialized expertise. By adjusting and optimizing various epitaxial parameters such as growth temperature, reaction pressure, gas flow rate, and carbon-to-silicon ratio during the epitaxial growth process, the company enhances surface quality for different substrate qualities via epitaxial processes. This reduces defects introduced during epitaxial growth, improves uniformity in epitaxial layer thickness and concentration, thereby achieving stable mass production capabilities.
Financial Overview
During the performance record period, Hantian Tiancheng's revenue reached RMB 440.7 million, RMB 1,142.5 million, RMB 974.3 million, RMB 808.3 million, and RMB 535.1 million for 2022, 2023, 2024, and the nine months ended September 30, 2024, and 2025, respectively. Gross profits during the same periods were RMB 196.9 million, RMB 445.4 million, RMB 332.3 million, RMB 285.7 million, and RMB 137.1 million. Net profits were RMB 127.5 million, RMB 107.5 million, RMB 165.1 million, RMB 118.4 million, and RMB 21.1 million.
Futu Information reported on March 30 $EPIWORLD (02726.HK)$ Announced the allocation results, with shares priced at HKD 76.26 each, issuing a total of 21.4921 million shares, with each lot containing 50 shares, officially listed today. In the last trading session, Hantian Tiancheng closed up 37.69% on the gray market at HKD 105 per share, with each lot containing 50 shares. Excluding handling fees, a gain of HKD 1,437 per lot. During the public offering phase, Hantian Tiancheng received 50.66 times subscriptions, with the final number of shares offered to the public amounting to 2.1493 million shares, representing approximately 10% of the total shares offered. A total of around 45,084 valid applications were received, including approximately 13,260 processed applications, with the percentage of allocated shares for one-lot subscriptions being approximately 20% of the total shares applied for. Moreover, during the international placement phase, Hantian Tiancheng received 1.95 times subscriptions, with the final number of international placement shares reaching 19.3428 million shares, equivalent to 90% of the total shares offered. Futu News has compiled the relevant data as follows: Company Overview Hantian Tiancheng is a global leader in the silicon carbide (SiC) epitaxy industry. According to a report by灼识咨询 (CIC), since 2023, the company has been the world's largest SiC epitaxial supplier in terms of annual wafer sales, holding over 30% market share in 2024. The company was among the first globally to achieve large-scale external supply of 8-inch SiC epitaxial wafers and was also the first in China to commercialize 3-inch...
Source: Prospectus
Source: Prospectus
Use of Proceeds
Regarding the use of proceeds, Hantian Tiancheng is expected to receive net proceeds of approximately HKD 1.5595 billion from the global offering (based on the offer price of HKD 76.26). According to the prospectus, Hantian Tiancheng intends to allocate the proceeds from the global offering for the following purposes in the specified amounts:
Approximately 71% will be used to expand silicon carbide epitaxial wafer production capacity in a rigorous and prudent manner over the next five years to meet growing market demand; around 19% will be allocated for research and development of silicon carbide epitaxial wafers to enhance the company's technical capabilities and consolidate its technological edge; and about 10% will be utilized as working capital and for general corporate purposes.
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Futu Information reported on March 30 $EPIWORLD (02726.HK)$ Announced the allocation results, with shares priced at HKD 76.26 each, issuing a total of 21.4921 million shares, with each lot containing 50 shares, officially listed today. In the last trading session, Hantian Tiancheng closed up 37.69% on the gray market at HKD 105 per share, with each lot containing 50 shares. Excluding handling fees, a gain of HKD 1,437 per lot. During the public offering phase, Hantian Tiancheng received 50.66 times subscriptions, with the final number of shares offered to the public amounting to 2.1493 million shares, representing approximately 10% of the total shares offered. A total of around 45,084 valid applications were received, including approximately 13,260 processed applications, with the percentage of allocated shares for one-lot subscriptions being approximately 20% of the total shares applied for. Moreover, during the international placement phase, Hantian Tiancheng received 1.95 times subscriptions, with the final number of international placement shares reaching 19.3428 million shares, equivalent to 90% of the total shares offered. Futu News has compiled the relevant data as follows: Company Overview Hantian Tiancheng is a global leader in the silicon carbide (SiC) epitaxy industry. According to a report by灼识咨询 (CIC), since 2023, the company has been the world's largest SiC epitaxial supplier in terms of annual wafer sales, holding over 30% market share in 2024. The company was among the first globally to achieve large-scale external supply of 8-inch SiC epitaxial wafers and was also the first in China to commercialize 3-inch...
Editor/Joe
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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