Following the acceptance of Tianyu Semiconductor’s IPO application on the Main Board of the Hong Kong Stock Exchange (HKEX) on December 23, 2024, two other Chinese third-generation semiconductor companies, Innoscience and SICC, will also be listed on the Hong Kong Stock Exchange (HKEX). HKEX) has started moving toward listing on the main board. Hong Kong market. Among them, Innoscience has already been successfully listed on HKEX.
Innoscience listed on HKEX
On December 30, 2024, gallium nitride (GaN) power semiconductor manufacturer Innoscience was officially listed on the main board of the Hong Kong Exchange.
Innoscience issued 45,364,000 H shares worldwide at an offer price of HK$30.86 per share, raising approximately HK$1.4 billion and generating a net profit of HK$1.32 billion. According to the plan, the funds will be primarily used to expand 8-inch GaN wafer production capacity, strengthen R&D and product portfolio, and expand global GaN product distribution network.
Innoscience’s final offering price and allocation results announcement revealed the participation of four cornerstone investors, including STMicroelectronics, Jiangsu State-Owned Enterprises Mixed Ownership Reform Fund, Oriental Innovation Capital, and Suzhou High-End Equipment Fund, with a combined value of $100 million subscribed to the shares.
Innoscience has established China’s first complete 8-inch silicon-based GaN wafer and power device mass production line in Zhuhai. Additionally, the company’s Suzhou facility, which has been in operation since October 2021, is the world’s largest 8-inch silicon-based GaN wafer manufacturing facility.
The company revealed that in 2023, Innoscience accounted for 42.4% of GaN discrete device shipments, ranking No. 1 in the world among GaN power semiconductor companies in terms of market share. As of Q3 2024, Innoscience’s cumulative GaN shipments exceeded 1 billion units.
SICC aims for dual listing (A+H shares)
On December 27, 2024, silicon carbide (SiC) substrate manufacturer SICC announced its intention to issue overseas shares (H shares) and list on the Hong Kong Exchange to accelerate its internationalization strategy and overseas business expansion. .
SICC aims to strengthen its offshore lending capabilities, strengthen its capital strength and improve its overall competitiveness. The company currently operates production facilities in Jinan City and Jining City, Shandong Province, and the Shanghai Lingang Smart Factory is the main production base for conductive SiC substrates.
SICC has achieved mass production of 8-inch conductive substrates, 6-inch conductive substrates, 6-inch semi-insulating substrates, and 4-inch semi-insulating substrates. The company’s conductive SiC substrate products are already being adopted by international industry leaders such as Infineon and Bosch for power electronics and automotive electronics applications.
Accelerating overseas expansion of third-generation semiconductor companies
In recent years, demand from consumer electronics and the rise of industries such as new energy vehicles (NEVs), data centers, solar power, wind power, and industrial controls have led to increased demand for materials such as SiC and GaN. Three generations of semiconductor companies have developed. Rapidly.
According to global market research firm TrendForce, the global GaN power device market is expected to reach USD 271 million in 2023 and grow to USD 4.376 billion by 2030 at a CAGR of 49%. Meanwhile, SiC continues to see accelerated adoption in applications that require high power density and efficiency, such as automotive and renewable energy. The global SiC power device market is projected to reach USD 9.17 billion by 2028.
With large market opportunities and supportive national policies, China’s semiconductor companies have entered a rapid growth phase and are beginning to emerge on the international stage.
The recent HKEX filing by SICC, Innoscience and Tianyu Semiconductor will accelerate global expansion, strengthen technology R&D and production capabilities, and further internationalize, while expanding financing channels and strengthening market competitiveness. It shows their intention to
(Photo courtesy of Innoscience)
Next article
(News) Rapidus begins 2nm test production in April, success is essential to secure investment
