IPO Timeline
Broker Deadline
2026-03-25
Morning deadline
HKEX Deadline
2026-03-25
Noon deadline
Broker Results (T-2)
2026-03-26
Some brokers release in afternoon
Grey Market (T-1)
2026-03-27
Afternoon
HKEX Allotment (T-1)
2026-03-27
Evening
Registrar Allotment (T-1)
2026-03-27
Evening
Listing Day (T)
2026-03-30
First day of trading
Company Overview
| Stock Name | 瀚天天成 |
|---|---|
| Stock Code | 02726 |
| Company Full Name | 瀚天天成 |
| Industry | Semiconductors |
| Principal Activities | global leader in the silicon carbide (SiC) epitaxy industry.According to CIC, since 2023,wehavebeentheworld’slargestSiCepitaxialfoundrybyannualsalesvolume,withamarket share exceeding 30% in 2024 |
| Listing Date | 2026-03-30 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Tongxiang High-tech City Torch Hi-tech Zone Xiamen, Fujian PRC |
| Business Address (Hong Kong) | 香港 銅鑼灣 希慎道33號 利園一期19樓1915室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.epiworld.com.cn |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong Investor |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 76.26 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 50 shares |
| Entry Threshold | HK$ 3,813 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-03-20 to 2026-03-25 |
| Global Offering Shares | 21,492,050 shares |
| HK Public Offer Shares (Initial) | 2,149,250 shares (10.0%) |
| Public Offer Lots (Initial) | 42,985lots (21,492lots, 21,493lots) |
| International Placing Shares (Initial) | 19,342,800 shares (90.0%) |
| Offer Ratio | ~5.05% |
| Total Shares Post-IPO | 425,584,810 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 8.5% |
| Clawback Tiers | 机制B-无回补 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,638,983,733 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 50 | HK$ 3,813 |
| 2 lots | 100 | HK$ 7,626 |
| 3 lots | 150 | HK$ 11,439 |
| 4 lots | 200 | HK$ 15,252 |
| 5 lots | 250 | HK$ 19,065 |
| 6 lots | 300 | HK$ 22,878 |
| 7 lots | 350 | HK$ 26,691 |
| 8 lots | 400 | HK$ 30,504 |
| 9 lots | 450 | HK$ 34,317 |
| 10 lots | 500 | HK$ 38,130 |
| 12 lots | 600 | HK$ 45,756 |
| 14 lots | 700 | HK$ 53,382 |
| 16 lots | 800 | HK$ 61,008 |
| 18 lots | 900 | HK$ 68,634 |
| 20 lots | 1,000 | HK$ 76,260 |
| 30 lots | 1,500 | HK$ 114,390 |
| 40 lots | 2,000 | HK$ 152,520 |
| 50 lots | 2,500 | HK$ 190,650 |
| 60 lots | 3,000 | HK$ 228,780 |
| 70 lots | 3,500 | HK$ 266,910 |
| 80 lots | 4,000 | HK$ 305,040 |
| 90 lots | 4,500 | HK$ 343,170 |
| 100 lots | 5,000 | HK$ 381,300 |
| 120 lots | 6,000 | HK$ 457,560 |
| 140 lots | 7,000 | HK$ 533,820 |
| 160 lots | 8,000 | HK$ 610,080 |
| 180 lots | 9,000 | HK$ 686,340 |
| 200 lots | 10,000 | HK$ 762,600 |
| 400 lots | 20,000 | HK$ 1,525,200 |
| 600 lots | 30,000 | HK$ 2,287,800 |
| 800 lots | 40,000 | HK$ 3,050,400 |
| 1,000 lots | 50,000 | HK$ 3,813,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 100,000 | HK$ 7,626,000 |
| 4,000 lots | 200,000 | HK$ 15,252,000 |
| 6,000 lots | 300,000 | HK$ 22,878,000 |
| 8,000 lots | 400,000 | HK$ 30,504,000 |
| 10,000 lots | 500,000 | HK$ 38,130,000 |
| 12,000 lots | 600,000 | HK$ 45,756,000 |
| 14,000 lots | 700,000 | HK$ 53,382,000 |
| 16,000 lots | 800,000 | HK$ 61,008,000 |
| 18,000 lots | 900,000 | HK$ 68,634,000 |
| 21,492 lots | 1,074,600 | HK$ 81,948,996 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 32,455,097,610 |
|---|---|
| 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 (see financial statements) |
| Period-End Cash Balance | 人民币197,900,000元 |
| Listing Expenses | ~HK$ 78,900,000 |
| Listing Expenses / Funds Raised | ~4.81% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 103.0 |
|---|---|
| First Day Open | HK$ 110.0 |
| First Day Change | 35.06% |
| First Day Volume | 2471710.0 |
| First Day Turnover | 258529000.0 |
Use of Proceeds
| Use of Proceeds | 1、約71%（或1,107.7百萬港元），將用于在未來五年以嚴謹且審慎的方式擴大碳化硅外延芯片產能，以滿足不斷增長的市場需求； 2、約19%（或296.4百萬港元），將用于碳化硅外延芯片研發，以提升技術能力并鞏固技術優勢； 3、約10%（或156.0百萬港元），將用作營運資金及一般公司用途。 |
|---|
Underwriting Syndicate
Sole Sponsor (1)
中国国际金融香港证券有限公司 CE AEN894(sole)
Sponsor cum Overall Coordinator (1)
中国国际金融香港证券有限公司 CE AEN894(sole)
Overall Coordinators (2)
中国国际金融香港证券有限公司 CE AEN894(sole)
工银国际证券有限公司 CE ARO299
Joint Global Coordinators (4)
中国国际金融香港证券有限公司 CE AEN894(sole)
工银国际证券有限公司 CE ARO299
农银国际融资有限公司 CE AWL249
华升证券（国际）有限公司 CE AFS030
Joint Bookrunners (6)
中国国际金融香港证券有限公司 CE AEN894(sole)
工银国际证券有限公司 CE ARO299
东方证券（香港）有限公司 CE AVD362
农银国际融资有限公司 CE AWL249
华升证券（国际）有限公司 CE AFS030
道口证券有限公司 CE ABS418
Joint Lead Managers (11)
中国国际金融香港证券有限公司 CE AEN894(sole)
工银国际证券有限公司 CE ARO299
农银国际证券有限公司 CE ACX411
华升证券（国际）有限公司 CE AFS030
富途证券国际（香港）有限公司 CE AZT137
建银国际金融有限公司 CE AJO225
道口证券有限公司 CE ABS418
兴证国际融资有限公司 CE BAK956
富泽证券（国际）有限公司 CE AEU761
金利丰证券有限公司 CE ABL789
元宇宙（国际）证券有限公司 CE BIL855
Capital Market Intermediaries (13)
中国国际金融香港证券有限公司 CE AEN894(sole)
工银国际证券有限公司 CE ARO299
东方证券（香港）有限公司 CE AVD362
农银国际融资有限公司 CE AWL249
农银国际证券有限公司 CE ACX411
华升证券（国际）有限公司 CE AFS030
富途证券国际（香港）有限公司 CE AZT137
建银国际金融有限公司 CE AJO225
道口证券有限公司 CE ABS418
兴证国际融资有限公司 CE BAK956
富泽证券（国际）有限公司 CE AEU761
金利丰证券有限公司 CE ABL789
元宇宙（国际）证券有限公司 CE BIL855
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Davis Polk & Wardwell 北京市竞天公诚律师事务所 Pillsbury Winthrop Shaw Pittman LLP |
| Legal Advisor to Sponsors/Underwriters |
瑞生国际律师事务所有限法律责任合伙 德恒律师事务所 |
| Auditor and Reporting Accountant | 香港立信德豪会计师事务所有限公司 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Compliance Advisor | 浤博资本有限公司 CE BPB716 |
| Receiving Banks | 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 | 厦门先进制造业 774,797,022.30（定义如下）.... 港元 | 10,058,500 USD | 46 | 8.46% | 2.36% | 6 months | 2026-09-30 |
Directors & Management
| Chairman | Mr. Wu Guoyi |
|---|---|
| Company Secretary | 黃慧兒 |
執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 赵建辉 | — | 執行董事 |
| 2 | 潘梦菡 | — | 執行董事 |
| 3 | 白丽婷 | — | 執行董事 |
非執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 方伟 | — | 非執行董事 |
| 2 | 苏平 | — | 非執行董事 |
| 3 | 谢洁平 | — | 非執行董事 |
獨立非執行董事 (6)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 康俊勇 | — | 獨立非執行董事 |
| 2 | 廖逸 | — | 獨立非執行董事 |
| 3 | 苏新龙 | — | 獨立非執行董事 |
| 4 | 李凯希 | — | 獨立非執行董事 |
| 5 | 钱卫宁 | — | 獨立非執行董事 |
| 6 | 吴国屹 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | SUBSTANTIAL SHAREHOLDERS So far as our Directors are aware, immediately following the completion of the Global Offering and the conversion of our Unlisted Shares to H Shares, the following persons will have an interestand/orshortpositionintheSharesortheunderlyingShareswhich |
|---|
AI
AI Analysis
Market Sentiment
The IPO was 50.66 times oversubscribed, indicating robust demand, with a hit rate of 29.41% meaning roughly one in three applicants received shares. This level of enthusiasm is notable for a semiconductor firm but not excessively feverish, and the final pricing at HK$76.26 suggests a stable valuation. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
The A-tail tier (甲尾) saw total applications of 1,074,600 lots but each applicant only expected 1 lot, while the B-head tier (乙头) applied 100,000 lots and also expected just 1 lot. This creates a significant anomaly where the marginal investment yield is extremely low for the highest A-tier, making broker fee allocation efficiency poor. The nearly identical expected lots despite vastly different application sizes indicates an inefficient tier structure. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic data such as mainland China participation rate, gender distribution, and regional concentration are not available for this IPO, limiting a deeper analysis of the applicant base. Without this information, it is impossible to comment on the typical patterns of investor composition. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Offering Structure
Subscription Tiers
IPO Timeline
