IPO Timeline
Broker Deadline
2025-12-02
Morning deadline
HKEX Deadline
2025-12-02
Noon deadline
Broker Results (T-2)
2025-12-03
Some brokers release in afternoon
Grey Market (T-1)
2025-12-04
Afternoon
HKEX Allotment (T-1)
2025-12-04
Evening
Registrar Allotment (T-1)
2025-12-04
Evening
Listing Day (T)
2025-12-05
First day of trading
Company Overview
| Stock Name | 天域半导体 |
|---|---|
| Stock Code | 02658 |
| Company Full Name | 天域半导体 |
| Industry | Robotics |
| Principal Activities | SiC epitaxial wafer manufacturer focusing primarily on self-manufactured SiC epitaxial wafers.* An epitaxial wafer is the key raw material for the production of power semiconductor device |
| Listing Date | 2025-12-05 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Headquarters No. 5 Industrial North First Road Songshan Lake Zone Dongguan Guangdong Province PRC Principal Place of Business in 28/F, Henley Building Hong Kong 5 Queen’s Road Central Central Hong Kon |
| Business Address (Hong Kong) | 香港 中環 皇后大道中5號 衡怡大廈28樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.sicty.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 58.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 50 shares |
| Entry Threshold | HK$ 2,900 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-11-27 to 2025-12-02 |
| Global Offering Shares | 30,070,500 shares |
| HK Public Offer Shares (Initial) | 3,007,050 shares (10.0%) |
| Public Offer Lots (Initial) | 60,141lots (30,070lots, 30,071lots) |
| International Placing Shares (Initial) | 27,063,450 shares (90.0%) |
| Offer Ratio | ~7.65% |
| Total Shares Post-IPO | 393,268,511 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 0% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,744,089,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 50 | HK$ 2,900 |
| 2 lots | 100 | HK$ 5,800 |
| 3 lots | 150 | HK$ 8,700 |
| 4 lots | 200 | HK$ 11,600 |
| 5 lots | 250 | HK$ 14,500 |
| 6 lots | 300 | HK$ 17,400 |
| 7 lots | 350 | HK$ 20,300 |
| 8 lots | 400 | HK$ 23,200 |
| 9 lots | 450 | HK$ 26,100 |
| 10 lots | 500 | HK$ 29,000 |
| 12 lots | 600 | HK$ 34,800 |
| 14 lots | 700 | HK$ 40,600 |
| 16 lots | 800 | HK$ 46,400 |
| 18 lots | 900 | HK$ 52,200 |
| 20 lots | 1,000 | HK$ 58,000 |
| 30 lots | 1,500 | HK$ 87,000 |
| 40 lots | 2,000 | HK$ 116,000 |
| 50 lots | 2,500 | HK$ 145,000 |
| 60 lots | 3,000 | HK$ 174,000 |
| 70 lots | 3,500 | HK$ 203,000 |
| 80 lots | 4,000 | HK$ 232,000 |
| 90 lots | 4,500 | HK$ 261,000 |
| 100 lots | 5,000 | HK$ 290,000 |
| 120 lots | 6,000 | HK$ 348,000 |
| 140 lots | 7,000 | HK$ 406,000 |
| 160 lots | 8,000 | HK$ 464,000 |
| 180 lots | 9,000 | HK$ 522,000 |
| 200 lots | 10,000 | HK$ 580,000 |
| 400 lots | 20,000 | HK$ 1,160,000 |
| 600 lots | 30,000 | HK$ 1,740,000 |
| 800 lots | 40,000 | HK$ 2,320,000 |
| 1,000 lots | 50,000 | HK$ 2,900,000 |
| 1,200 lots | 60,000 | HK$ 3,480,000 |
| 1,400 lots | 70,000 | HK$ 4,060,000 |
| 1,600 lots | 80,000 | HK$ 4,640,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,800 lots | 90,000 | HK$ 5,220,000 |
| 2,000 lots | 100,000 | HK$ 5,800,000 |
| 4,000 lots | 200,000 | HK$ 11,600,000 |
| 6,000 lots | 300,000 | HK$ 17,400,000 |
| 8,000 lots | 400,000 | HK$ 23,200,000 |
| 10,000 lots | 500,000 | HK$ 29,000,000 |
| 12,000 lots | 600,000 | HK$ 34,800,000 |
| 14,000 lots | 700,000 | HK$ 40,600,000 |
| 16,000 lots | 800,000 | HK$ 46,400,000 |
| 18,000 lots | 900,000 | HK$ 52,200,000 |
| 20,000 lots | 1,000,000 | HK$ 58,000,000 |
| 30,070 lots | 1,503,500 | HK$ 87,203,000 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 22,809,573,638 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不適用（公司處於虧損狀態） |
| Profit/Loss Status | Net loss RMB500.3 million |
| Period-End Cash Balance | 人民币74,000,000元 |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | ~4.2% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 40.5 |
|---|---|
| First Day Open | HK$ 38.0 |
| First Day Change | -30.17% |
| First Day Volume | 3726090.0 |
| First Day Turnover | 166824000.0 |
Use of Proceeds
| Use of Proceeds | 1、約62.5%，或1,044.4百萬港元，預計將于未來五年內用于擴張公司整體產能，從而提升公司市場份額及產品競爭力； 2、約15.1%，或252.3百萬港元，預計將于未來五年內用于提升公司自主研發及創新能力； 3、約10.8%，或180.5百萬港元，預計將用于戰略投資及╱或收購； 4、約2.1%，或35.1百萬港元，預計將用于擴展公司全球銷售及市場營銷網絡； 5、約9.5%，或158.8百萬港元，預計將用于營運資金及一般企業用途。 |
|---|
Underwriting Syndicate
Sole Sponsor (1)
中信证券（香港）有限公司 CE AAK249(sole)
Sponsor cum Overall Coordinator (1)
中信里昂证券有限公司 CE AAB893
Overall Coordinators (4)
中信里昂证券有限公司 CE AAB893
中国国际金融香港证券有限公司 CE AEN894
招银国际融资有限公司 CE AVM940
广发证券（香港）经纪有限公司
Joint Global Coordinators (4)
中信里昂证券有限公司 CE AAB893
中国国际金融香港证券有限公司 CE AEN894
招银国际融资有限公司 CE AVM940
广发证券（香港）经纪有限公司
Joint Bookrunners (17)
中信里昂证券有限公司 CE AAB893
中国国际金融香港证券有限公司 CE AEN894
招银国际融资有限公司 CE AVM940
广发证券（香港）经纪有限公司
农银国际融资有限公司 CE AWL249
满好证券有限公司 CE AEO675
兴证国际融资有限公司 CE BAK956
中国北方证券集团有限公司 CE ATM582
富途证券国际（香港）有限公司 CE AZT137
工银国际证券有限公司 CE ARO299
利弗莫尔证券有限公司 CE BJN764
申万宏源证券（香港）有限公司 CE AAC927
国金证券（香港）有限公司 CE AAI195
星河证券有限公司 CE BJG526
太阳证券有限公司 CE AWT951
老虎证券（香港）环球有限公司 CE BMU940
TradeGo Markets Limited CE BRO637
Joint Lead Managers (4)
中信里昂证券有限公司 CE AAB893
中国国际金融香港证券有限公司 CE AEN894
招银国际融资有限公司 CE AVM940
广发证券（香港）经纪有限公司
Capital Market Intermediaries (18)
中信里昂证券有限公司 CE AAB893
中国国际金融香港证券有限公司 CE AEN894
招银国际融资有限公司 CE AVM940
广发证券（香港）经纪有限公司
农银国际融资有限公司 CE AWL249
农银国际证券有限公司 CE ACX411
满好证券有限公司 CE AEO675
兴证国际融资有限公司 CE BAK956
中国北方证券集团有限公司 CE ATM582
富途证券国际（香港）有限公司 CE AZT137
工银国际证券有限公司 CE ARO299
利弗莫尔证券有限公司 CE BJN764
申万宏源证券（香港）有限公司 CE AAC927
国金证券（香港）有限公司 CE AAI195
星河证券有限公司 CE BJG526
太阳证券有限公司 CE AWT951
老虎证券（香港）环球有限公司 CE BMU940
TradeGo Markets Limited CE BRO637
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
德恒律师事务所（香港）有限法律责任合伙 北京德恒（深圳）律师事务所 霍金路伟律师行 |
| Legal Advisor to Sponsors/Underwriters |
盛德律师事务所 广东信达律师事务所 |
| Auditor and Reporting Accountant | 毕马威会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Receiving Banks |
中信银行（国际）有限公司 中国工商银行（亚洲）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 广发全球资本有限公司 | — | — | — | — | 6 months | 2026-06-05 |
| 2 | 始森林控股集团有限公司 | — | — | — | — | 6 months | 2026-06-05 |
| 3 | Glory Ocean Innovation Limited | — | — | — | — | 6 months | 2026-06-05 |
Directors & Management
| Chairman | Mr. Li Xiguang |
|---|---|
| Company Secretary | Mr. Li Zhuoxing |
執行董事 (1)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 李锡光 | — | 執行董事 |
非執行董事 (2)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 欧阳忠 | — | 非執行董事 |
| 2 | 姜达才 | — | 非執行董事 |
獨立非執行董事 (6)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 贺正生 | — | 獨立非執行董事 |
| 2 | 李旻 | — | 獨立非執行董事 |
| 3 | 钱荣泽 | — | 獨立非執行董事 |
| 4 | 庄树广 | — | 獨立非執行董事 |
| 5 | 袁毅 | — | 獨立非執行董事 |
| 6 | 尹雪芳 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | CONTROLLING SHAREHOLDERS (g) in the event that the independent non-executive Directors are requested to review any conflicts of interests circumstances between our Group on the one hand and our Controlling Shareholders and/or our Directors on the other hand, our Controlling |
|---|
AI
AI Analysis
Market Sentiment
天域半导体录得60.63倍超额认购，在半导体新股中展现稳健热度。一手中签率33.81%，相较于近期热门新股偏高，反映筹码分散且散户覆盖较广。最终发售价定于58港元，未设价格区间，显示发行人定价信心。 （以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
Tier Analysis
甲尾（A组末档）期望中签仅0.1852手，而乙头（B组首档）期望中签高达0.8033手，两者差异悬殊，突显B组申购资金效率的显著优势。档位分布整体符合常规阶梯特征，未发现反常倒挂，小额申购者需审视手续费成本。 （以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。不同券商手续费结构各异，实际成本可能与示例不同。）
Demographics
内地申购者占比高达75.0%，彰示该半导体标的对境内资金的强大吸引力。男性投资者以67.1%占比居主导，平均年龄42.2岁，揭示成熟、风险认知较充分的投资群体特征。 （以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
Offering Structure
Subscription Tiers
IPO Timeline
