New stock news | Tianyu Semiconductor secondary listing on Hong Kong Stock Exchange, with a relatively high dependence on large clients.

According to the disclosure by the Hong Kong Stock Exchange on July 22, Guangdong Tianyu Semiconductor Co., Ltd. (referred to as "Tianyu Semiconductor") has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CITIC SEC as its exclusive sponsor. Previously, the company had submitted an application to the Hong Kong Stock Exchange on December 23, 2024. The prospectus shows that Tianyu Semiconductor is one of China's earliest specialized suppliers of silicon carbide epitaxial wafers focusing on technical development, dedicated to production process innovation, mainly focused on the industrialization of 4H-SiC epitaxial wafers, epitaxial growth technology, and epitaxial cleaning technology, and conducting in-depth systematic research and development. The company's revenue mainly comes from the sale of self-produced silicon carbide epitaxial wafers and providing various value-added services related to silicon carbide epitaxial wafers. According to information from Frost & Sullivan, in 2024 and the five months ending on May 31, 2025, the company sold over 78,000 and over 77,000 silicon carbide epitaxial wafers, respectively (including self-produced epitaxial wafers and epitaxial wafers sold through foundry services), achieving total revenues of RMB 520 million and RMB 257 million respectively. In 2024, the company ranked first in the revenue and sales volume in the Chinese silicon carbide epitaxial wafer industry, with market shares of 30.6% and 32.5% respectively. As mainstream silicon carbide epitaxial wafers transition from 4 inches to 6 inches and trending towards 8 inches, the company became one of the few companies in China to achieve mass production of 4-inch and 6-inch silicon carbide epitaxial wafers in 2014 and 2018 respectively, and one of the few companies in China with mass production capability for 8-inch silicon carbide epitaxial wafers in 2023. Silicon carbide epitaxial wafers are typically used in end-use applications including the new energy industry (including electric vehicles, photovoltaics, charging stations, and energy storage), rail transit, smart grids, general aviation (eVTOL), and home appliances, meeting the increasing demand of these downstream industries. It is believed that with advanced technology and large-scale production capacity, the domestication process of the major components of the silicon carbide power semiconductor device industry value chain can be promoted. The company has a relatively high dependence on major customers. In 2022, 2023, and 2024, as well as the five months ending on May 31, 2025, the revenue from the top five customers was RMB 269 million, RMB 904 million, RMB 391 million, and RMB 159 million respectively, accounting for 61.5%, 77.2%, 75.2%, and 61.8% of total revenue in those years/periods, while the revenue contribution from the largest customer in each year/period was 21.1%, 42.0%, 43.5%, and 16.6% respectively. Financially, in the fiscal years 2022, 2023, 2024, and the five months ending on May 31, 2025, Tianyu Semiconductor's revenue was approximately RMB 437 million, RMB 1.171 billion, RMB 520 million, and RMB 257 million respectively; during the same period, the company's annual gross profit was approximately 87.486 million yuan, 217 million yuan, -37.4 million yuan, and 57.765 million yuan.