BRIEF: Tianyu Semiconductor gets CSRC nod for Hong Kong IPO

Silicon carbide (SiC) wafer maker Guangdong Tianyu Semiconductor Co. Ltd. received an approval notice from the China Securities Regulatory Commission (CSRC) last Friday for its plan to list in Hong Kong — a necessary step for Chinese companies seeking to list overseas. The company plans to issue up to 46.4 million ordinary shares in the listing, according to the notice.

Tianyu has also obtained approval to convert a total of 28.9 million unlisted domestic shares into overseas shares for trading on the Hong Kong Stock Exchange. That conversion involves stock held by 17 of Tianyu’s shareholders.

Founded in 2009 and headquartered in the South China city of Dongguan near Hong Kong, Tianyu Semiconductor was one of the first companies in China to achieve mass production of 4- and 6-inch SiC wafers used to make high-tech microchips. Its backers include major tech companies like Huawei, BYD (1211.HK; 002594.SZ), and SAIC Motor (600104.SH).

In 2023, the company sold over 132,000 SiC wafers, generating revenue of 1.17 billion yuan ($163 million), according to its listing application submitted to the Hong Kong Stock Exchange at the end of last year. That application has currently lapsed after exceeding its six-month validity period.

By Lee Shih Ta

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