Power device maker BASiC launches $110 million Hong Kong IPO

Third-generation semiconductor power device maker BASiC Semiconductor Co. Ltd. (9971.HK) launched its Hong Kong IPO on Monday, taking subscriptions for shares through Friday. The company is offering 27.4 million shares at a range of HK$27.49 to HK$31.62, raising gross proceeds of up to HK$866 million ($110 million). The shares are set to make their trading debut next Wednesday.

Founded in 2016, BASiC Semi makes and sells silicon carbide (SiC) power devices, including automotive- and industrial-grade SiC power modules, SiC discrete devices and power semiconductor gate drivers, which are used in new energy vehicles, renewable energy, energy storage and industrial control applications. The company is listing under relaxed requirements for specialist technology companies under a rule known as Chapter 18C.

BASiC Semiconductor’s revenue rose from 221 million yuan ($32.5 million) in 2023 to 311 million yuan in 2025, averaging 18.8% annual growth over that time. But the company remains in the red, with its net loss widening 41% to 335 million yuan in 2025, while its gross loss margin rose to 10.9%.

The company said it will use 60% of the IPO proceeds to expand wafer and module capacity and purchase and upgrade production equipment. Another 20% will go toward new SiC product development and technology innovation, 10% toward expanding its global distribution network and the remaining 10% will be used for working capital and general corporate purposes.

By Lee Shih Ta

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