New Stock News | Han Tiancheng through the Hong Kong Stock Exchange hearing to become the world's first manufacturer to achieve large-scale external supply of 8-inch silicon carbide epitaxial chips.

According to the disclosure on March 12th by the Hong Kong Stock Exchange, Hangzhou Tiancheng Electronic Technology (Xiamen) Co., Ltd. (hereinafter referred to as Hangzhou Tiancheng) held a listing hearing on the main board of the Hong Kong Stock Exchange, with CICC as the exclusive sponsor. According to the prospectus, Hangzhou Tiancheng is a leader in the global silicon carbide (SiC) epitaxy industry. The company is mainly engaged in the research, production, and sales of silicon carbide epitaxial chips and components used to manufacture silicon carbide semiconductor devices. Hangzhou Tiancheng's customers use the company's silicon carbide epitaxial chips to manufacture power devices, which are widely used in downstream applications such as electric vehicles, charging infrastructure, renewable energy, and energy storage systems. According to the report by Zhisight Consulting, since 2023, in terms of annual sales volume of wafers, Hangzhou Tiancheng is the world's largest supplier of silicon carbide epitaxy, with a market share of over 30% in 2024. Hangzhou Tiancheng has always been at the forefront of the silicon carbide epitaxy industry. The company was the first in the world to achieve large-scale production of 8-inch silicon carbide epitaxial chips for external supply and the first in China to achieve commercial production of 3-inch, 4-inch, 6-inch, and 8-inch silicon carbide epitaxial chips in batches. The company led the writing and formulation of the world's first and currently the only industry standard for silicon carbide epitaxy by the Semiconductor Equipment and Materials International Association (SEMI). By 2024, Hangzhou Tiancheng had accumulated sales of over 164,000 pieces of silicon carbide epitaxial chips through epitaxial wafer sales and foundry services; during the reporting period, the company had delivered a total of over 599,700 pieces of silicon carbide epitaxial chips. During the reporting period, Hangzhou Tiancheng had 134 customers. According to the report by Zhisight Consulting, four of the world's top five silicon carbide power device giants and seven of the top ten global power device giants are customers of the company. Power devices made using silicon carbide epitaxial chips show stable performance in high temperature and high power applications. Hangzhou Tiancheng's customers use the company's silicon carbide epitaxial chips to manufacture products (usually power devices) suitable for a wide range of downstream industrial applications, such as electric vehicles, charging infrastructure, renewable energy, energy storage systems, as well as emerging applications such as home appliances, AI computing capabilities and data centers, smart grids, and eVTOL. The founder of Hangzhou Tiancheng, Dr. Zhao Jianhui, is a renowned scientist who has been dedicated to the research and development of silicon carbide technology for over 35 years. He was the first researcher in the world to be elected as an IEEE Fellow for his significant contributions to the research and industrial application of silicon carbide technology. Dr. Zhao and the company's R&D team constitute the core competitive strength in terms of technology, successfully developing a key technology platform for silicon carbide epitaxy covering pre-growth processing, epitaxial growth, cleaning, inspection, and other epitaxial growth processes. According to the report by Zhisight Consulting, the market size of silicon carbide power devices reached $2.6 billion in 2024, with an expected compound annual growth rate of 39.9% from 2024 to 2029, reaching a demand of $13.6 billion in 2029. This makes silicon carbide a core material for the next generation energy revolution and intelligent industry. In the vast global semiconductor market, traditional silicon materials still dominate, while emerging materials such as silicon carbide are gradually gaining market share. As a company focused on next-generation materials, according to the report by Zhisight Consulting, in 2024 Hangzhou Tiancheng obtained approximately 0.1% of the semiconductor market share. In terms of finances, for the fiscal years of 2022, 2023, 2024, and the nine months ended September 30, 2025, Hangzhou Tiancheng's revenues were approximately RMB 441 million, RMB 1.143 billion, RMB 974 million, and RMB 535 million respectively; during the same periods, the annual/net profits were approximately RMB 128 million, RMB 108 million, RMB 165 million, and RMB 21 million respectively.