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IPO Pricing | Tianyu Semiconductor goes public today, oversubscribed by over 60 times, priced at HKD 58 per share, with a 10% allocation rate for one-lot subscriptions.

Futu News reported on December 5th, $TIANYU SEMI (02658.HK)$ The allocation results have been announced, with shares priced at HKD 58 each. A total of 30,070,500 shares were issued, with each lot comprising 50 shares. The company officially listed today.
During the public offering phase, Tianyu Semiconductor received 60.63 times subscription, with the final number of shares offered to the public amounting to 3.0071 million shares, representing approximately 10% of the total shares available in the offering. A total of approximately 45,511 valid applications were received, with 15,389 applications processed. The approximate percentage of shares allocated for one-lot subscriptions compared to the total number of applied shares is 10%.
Additionally, during the international placement phase, Tianyu Semiconductor was subscribed 2.47 times. The final number of shares allocated in the international placement amounted to 27,063,500, equivalent to 90% of the total shares offered. Futu News has compiled relevant data in the table below:
Futu News reported on December 5th, $TIANYU SEMI (02658.HK)$ The allocation results have been announced, with shares priced at HKD 58 each. A total of 30,070,500 shares were issued, with each lot comprising 50 shares. The company officially listed today. During the public offering phase, Tianyu Semiconductor received 60.63 times subscription, with the final number of shares offered to the public amounting to 3.0071 million shares, representing approximately 10% of the total shares available in the offering. A total of approximately 45,511 valid applications were received, with 15,389 applications processed. The approximate percentage of shares allocated for one-lot subscriptions compared to the total number of applied shares is 10%. Additionally, during the international placement phase, Tianyu Semiconductor was subscribed 2.47 times. The final number of shares allocated in the international placement amounted to 27,063,500, equivalent to 90% of the total shares offered. Futu News has compiled relevant data in the table below: Company Profile Tianyu Semiconductor is a silicon carbide epitaxial wafer manufacturer primarily focused on homemade silicon carbide epitaxial wafers. Over the years, the company has driven industry development through production techniques, focusing on the industrialization of silicon carbide epitaxial wafers by employing rapid thick-film epitaxial growth technology for 4H-SiC and epitaxial wafer cleaning technology. These efforts have enabled the company to make advancements in core technologies such as 8-inch silicon carbide epitaxy, multi-layer epitaxy, and rapid thick-film epitaxy. The company's research capabilities have earned it numerous accolades, including recognition as a national-level high-tech enterprise. Due to the incomplete nature of the text, I am unable to provide a full translation. Please provide the complete text for translation.
Futu News reported on December 5th, $TIANYU SEMI (02658.HK)$ The allocation results have been announced, with shares priced at HKD 58 each. A total of 30,070,500 shares were issued, with each lot comprising 50 shares. The company officially listed today. During the public offering phase, Tianyu Semiconductor received 60.63 times subscription, with the final number of shares offered to the public amounting to 3.0071 million shares, representing approximately 10% of the total shares available in the offering. A total of approximately 45,511 valid applications were received, with 15,389 applications processed. The approximate percentage of shares allocated for one-lot subscriptions compared to the total number of applied shares is 10%. Additionally, during the international placement phase, Tianyu Semiconductor was subscribed 2.47 times. The final number of shares allocated in the international placement amounted to 27,063,500, equivalent to 90% of the total shares offered. Futu News has compiled relevant data in the table below: Company Profile Tianyu Semiconductor is a silicon carbide epitaxial wafer manufacturer primarily focused on homemade silicon carbide epitaxial wafers. Over the years, the company has driven industry development through production techniques, focusing on the industrialization of silicon carbide epitaxial wafers by employing rapid thick-film epitaxial growth technology for 4H-SiC and epitaxial wafer cleaning technology. These efforts have enabled the company to make advancements in core technologies such as 8-inch silicon carbide epitaxy, multi-layer epitaxy, and rapid thick-film epitaxy. The company's research capabilities have earned it numerous accolades, including recognition as a national-level high-tech enterprise. Due to the incomplete nature of the text, I am unable to provide a full translation. Please provide the complete text for translation.
Futu News reported on December 5th, $TIANYU SEMI (02658.HK)$ The allocation results have been announced, with shares priced at HKD 58 each. A total of 30,070,500 shares were issued, with each lot comprising 50 shares. The company officially listed today. During the public offering phase, Tianyu Semiconductor received 60.63 times subscription, with the final number of shares offered to the public amounting to 3.0071 million shares, representing approximately 10% of the total shares available in the offering. A total of approximately 45,511 valid applications were received, with 15,389 applications processed. The approximate percentage of shares allocated for one-lot subscriptions compared to the total number of applied shares is 10%. Additionally, during the international placement phase, Tianyu Semiconductor was subscribed 2.47 times. The final number of shares allocated in the international placement amounted to 27,063,500, equivalent to 90% of the total shares offered. Futu News has compiled relevant data in the table below: Company Profile Tianyu Semiconductor is a silicon carbide epitaxial wafer manufacturer primarily focused on homemade silicon carbide epitaxial wafers. Over the years, the company has driven industry development through production techniques, focusing on the industrialization of silicon carbide epitaxial wafers by employing rapid thick-film epitaxial growth technology for 4H-SiC and epitaxial wafer cleaning technology. These efforts have enabled the company to make advancements in core technologies such as 8-inch silicon carbide epitaxy, multi-layer epitaxy, and rapid thick-film epitaxy. The company's research capabilities have earned it numerous accolades, including recognition as a national-level high-tech enterprise. Due to the incomplete nature of the text, I am unable to provide a full translation. Please provide the complete text for translation.
Company Profile
Tianyu Semiconductor is a silicon carbide epitaxial wafer manufacturer primarily focused on homemade silicon carbide epitaxial wafers. Over the years, the company has driven industry development through production techniques, focusing on the industrialization of silicon carbide epitaxial wafers by employing rapid thick-film epitaxial growth technology for 4H-SiC and epitaxial wafer cleaning technology. These efforts have enabled the company to make advancements in core technologies such as 8-inch silicon carbide epitaxy, multi-layer epitaxy, and rapid thick-film epitaxy. The company's research capabilities have earned it numerous accolades, including recognition as a national-level high-tech enterprise.
With profound insights into business management, the company has established a business model that aligns with industry needs. It addresses the varied demands of downstream customers engaged in industries such as electric vehicles, power supply, and rail transit, including differing specifications, performance, and cost requirements for silicon carbide epitaxial wafers, which are influenced by technological processes, device performance, market positioning, and cost control. To meet these diverse needs, the company primarily offers customized products directly to target clients. Based on projected sales volumes, the company procures raw materials and maintains appropriate reserves while formulating corresponding production plans. This approach has effectively enhanced the company’s ability to manage procurement and inventory.
Financial Overview
Tianyu Semiconductor’s revenue increased significantly from RMB 436.9 million in 2022 to RMB 1,171.2 million in 2023. Additionally, the company’s gross profit rose from RMB 87.5 million in 2022 to RMB 216.6 million in 2023. Due to changes in overall market conditions and a decline in overseas sales, the company’s revenue decreased to RMB 519.6 million in 2024. In 2024, the company recorded a gross loss of RMB 374.4 million and a net loss of RMB 500.3 million. In 2022, 2023, and 2024, the company incurred R&D expenses of RMB 29.2 million, RMB 55.3 million, and RMB 61.0 million respectively, demonstrating its commitment to continuous product and technology R&D.
Source: Prospectus
Source: Prospectus
Use of Proceeds
Regarding the use of proceeds, Tianyu Semiconductor expects to raise approximately HKD 1.673 billion in net proceeds from the global offering (based on an offer price of HKD 58). According to the prospectus, Tianyu Semiconductor intends to allocate the proceeds from the global offering for the following purposes:
Approximately 62.5% will be used within the next five years to expand the company’s overall production capacity, thereby increasing its market share and product competitiveness; around 15.1% will be allocated within the next five years to enhance the company’s independent research and development and innovation capabilities, improving the quality of products (such as 8-inch multi-layer ultra-high-voltage device materials and super junction low-resistance materials) and shortening the development cycle of new products (such as 8-inch bonding processes), enabling quicker responses to market demands; about 10.8% will be used for strategic investments and/or acquisitions to expand the customer base, enrich the company’s product portfolio, and supplement its technology, supporting the company’s long-term development strategy; approximately 2.1% will be used to expand the company’s global sales and marketing network; and about 9.5% will be allocated for working capital and general corporate purposes.
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Futu News reported on December 5th, $TIANYU SEMI (02658.HK)$ The allocation results have been announced, with shares priced at HKD 58 each. A total of 30,070,500 shares were issued, with each lot comprising 50 shares. The company officially listed today. During the public offering phase, Tianyu Semiconductor received 60.63 times subscription, with the final number of shares offered to the public amounting to 3.0071 million shares, representing approximately 10% of the total shares available in the offering. A total of approximately 45,511 valid applications were received, with 15,389 applications processed. The approximate percentage of shares allocated for one-lot subscriptions compared to the total number of applied shares is 10%. Additionally, during the international placement phase, Tianyu Semiconductor was subscribed 2.47 times. The final number of shares allocated in the international placement amounted to 27,063,500, equivalent to 90% of the total shares offered. Futu News has compiled relevant data in the table below: Company Profile Tianyu Semiconductor is a silicon carbide epitaxial wafer manufacturer primarily focused on homemade silicon carbide epitaxial wafers. Over the years, the company has driven industry development through production techniques, focusing on the industrialization of silicon carbide epitaxial wafers by employing rapid thick-film epitaxial growth technology for 4H-SiC and epitaxial wafer cleaning technology. These efforts have enabled the company to make advancements in core technologies such as 8-inch silicon carbide epitaxy, multi-layer epitaxy, and rapid thick-film epitaxy. The company's research capabilities have earned it numerous accolades, including recognition as a national-level high-tech enterprise. Due to the incomplete nature of the text, I am unable to provide a full translation. Please provide the complete text for translation.
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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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