2026 IPO bonanza! Over 90% of new stocks rose on their debut
Hantian Tiancheng listed on the Hong Kong Stock Exchange, with Futu assisting the leader in silicon carbide epitaxy to go public
On March 30, 2026,Global leader in the silicon carbide (SiC) epitaxy industryHanjing Tiancheng Electronic Technology (Xiamen) Co., Ltd. (Stock Code:2726.HK) officially listed on the Main Board of the Hong Kong Exchange, successfully entering the international capital market and stepping into a new phase of global financing and brand development.
In this IPO, Hanjing Tiancheng globally offered approximately21.492 million H shares, with an issue price of HKD per share,76.26 Hong Kong dollarsraising a total amount of approximately1.64 billion Hong Kong dollars. The Hong Kong public offering received an enthusiastic market response, with Futu acting as thejoint global coordinators, joint bookrunners, and joint lead managers, leveraging its advantages as a technology-driven brokerage and its ecosystem of global investors to efficiently aggregate high-quality subscription capital. This provided strong support for the company’s smooth listing on the Hong Kong stock market and ensured ongoing and stable liquidity.
![On March 30, 2026,The global leader in the silicon carbide (SiC) epitaxy industryHantian Tiancheng Electronic Technology (Xiamen) Co., Ltd. (Stock Code:[Share Link: 2726.HK]) officially listed on the Main Board of the Hong Kong Exchange, successfully entering the international capital market and stepping into a new phase of global financing and brand development. In this IPO, Hantian Tiancheng globally offered approximately21.492 million H-shares, with an issue price of76.26 Hong Kong dollars, raising a total amount of approximately1.64 billion Hong Kong dollars. The Hong Kong public offering received an enthusiastic market response, with Futu acting as thejoint global coordinators, joint bookrunners, and joint lead managers, leveraging its advantages as a technology-driven brokerage and its ecosystem of global investors to efficiently aggregate high-quality subscription capital. This provided strong support for the company’s smooth listing on the Hong Kong stock market, along with continuous and stable liquidity support. Asworld's largest supplier of silicon carbide epitaxial wafers, Hantian Technology focuses on the research, development, mass production, and sales of silicon carbide epitaxial wafers, with products widely used in new energy vehicles, photovoltaic energy storage, smart grids, and AI computing centers. According to the CIC Report, the company has ranked first globally by annual wafer sales since 2023,with a market share exceeding 30% in 2024, far surpassing the second-largest player in the industry; four out of the top five global silicon carbide power device giants, and eight out of the top ten, are the company's clients, demonstrating significant technological and customer barriers. Technologically, Hantian Technology isthe world's first to achieve large-scale external supply of 8-inch silicon carbide epitaxial wafersproducer of, and successfully developed globally...](https://nnqimage.futunn.com/sns_client_feed/900110/20260330/web-1774854375837-S6Q8zq87fc.png/big?area=1&is_public=true&imageMogr2/ignore-error/1/format/webp)
Asworld's largest supplier of silicon carbide epitaxial wafers, Hanteck focuses on the research, mass production, and sales of silicon carbide epitaxial wafers, with products widely used in areas such as new energy vehicles, photovoltaic energy storage, smart grids, and AI computing centers. According to a CIC Report, the company has ranked first globally by annual wafer sales since 2023,with a market share exceeding 30% in 2024, far surpassing the second-largest player in the industry. Four out of the top five global silicon carbide power device giants and eight out of the top ten are clients of the company, showcasing significant technological and customer barriers.
Technologically, Hanteck isthe world’s first producer to achieve large-scale external supply of 8-inch silicon carbide epitaxial wafersand has successfully developed the world’s first high-quality 12-inch silicon carbide epitaxial wafer, continuously leading the industry in technological iteration and solidifying its position as a benchmark for third-generation semiconductors in domestic production.
Financially, the prospectus shows that the company achieved revenues ofRMB 441 million, RMB 1.143 billion, and RMB 974 million in 2022, 2023, and 2024 respectively, with net profits attributable to parent company shareholders ofRMB 128 million, RMB 108 million, and RMB 165 million respectively. Operating cash flow remained consistently positive, maintaining an overall stable profitability and healthy cash flow level, demonstrating strong risk resistance.
![On March 30, 2026,The global leader in the silicon carbide (SiC) epitaxy industryHantian Tiancheng Electronic Technology (Xiamen) Co., Ltd. (Stock Code:[Share Link: 2726.HK]) officially listed on the Main Board of the Hong Kong Exchange, successfully entering the international capital market and stepping into a new phase of global financing and brand development. In this IPO, Hantian Tiancheng globally offered approximately21.492 million H-shares, with an issue price of76.26 Hong Kong dollars, raising a total amount of approximately1.64 billion Hong Kong dollars. The Hong Kong public offering received an enthusiastic market response, with Futu acting as thejoint global coordinators, joint bookrunners, and joint lead managers, leveraging its advantages as a technology-driven brokerage and its ecosystem of global investors to efficiently aggregate high-quality subscription capital. This provided strong support for the company’s smooth listing on the Hong Kong stock market, along with continuous and stable liquidity support. Asworld's largest supplier of silicon carbide epitaxial wafers, Hantian Technology focuses on the research, development, mass production, and sales of silicon carbide epitaxial wafers, with products widely used in new energy vehicles, photovoltaic energy storage, smart grids, and AI computing centers. According to the CIC Report, the company has ranked first globally by annual wafer sales since 2023,with a market share exceeding 30% in 2024, far surpassing the second-largest player in the industry; four out of the top five global silicon carbide power device giants, and eight out of the top ten, are the company's clients, demonstrating significant technological and customer barriers. Technologically, Hantian Technology isthe world's first to achieve large-scale external supply of 8-inch silicon carbide epitaxial wafersproducer of, and successfully developed globally...](https://nnqimage.futunn.com/sns_client_feed/900110/20260330/web-1774854375277-HjPWbbqLwd.png/big?area=1&is_public=true&imageMogr2/ignore-error/1/format/webp)
The proceeds from this IPO will focus on three core directions:71% for expanding silicon carbide epitaxial wafer production capacity over the next five years、19% for technological R&D and innovation、10% for working capital and general corporate purposes, continuously strengthening production capacity, technical barriers, and global layout.
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As a leading digital financial technology company, Futu, supported by an investor ecosystem of over 29.18 million and a comprehensive corporate service system, is able to provide companies with end-to-end services throughout the pre-IPO, IPO, and post-IPO phases. These include a one-stop ESOP option management solution, Hong Kong and US stock IPO distribution, investor relations (IR) and public relations (PR), financial public relations services, international placement, secondary trading services, and other core services.
As of Q4 2025, more than half of the top ten companies in terms of Hong Kong IPO fundraising amounts have collaborated with Futu. Nearly half of the Hong Kong IPO projects in Q4 were in cooperation with Futu. The total subscription amount for Hong Kong IPOs on the Futu platform reached 3.5 trillion Hong Kong dollars in Q4, firmly ranking first in the market. Futu’s capabilities in US IPOs have attracted attention, as all retail clients who subscribed to popular new stocks such as Bullish, Figure, and Gemini were successfully allocated shares.
As of Q4 2025, Futu's corporate services have reached 1,161 clients, providing IPO distribution and IR services to 600 enterprises. It has assisted 387 companies, including Meituan, Kuaishou, Xiaomi, Baidu, KE Holdings, JD Health, and Bilibili, in successfully listing in Hong Kong and the United States. Futu has cumulatively signed contracts with 830 ESOP clients, and a total of 1,300 listed companies are now hosted on the Futu platform.
In the future, Futu will fully leverage its resources and market influence to provide more professional and efficient services to a wider range of clients!
*Securities-related businesses such as IPO distribution are provided by licensed subsidiaries under Futu.
*Data source: Market value calculated based on the first day of listing.
*Data source: Futu's Q4 2025 earnings report
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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