Hantian Tiancheng (02726) will be conducting an initial public offering from March 20th to March 25th, intending to globally sell 21.4921 million H shares. Xiamen Advanced Manufacturing Industry Fund will be introduced as a cornerstone investor.

Han Tiancheng (02726) will be listed from March 20, 2026 to March 25, 2026, intending to globally offer 21.4921 million H shares, with approximately 10% for public offering in Hong Kong and approximately 90% for international offering. The offer price per share is HK$76.26, with 50 H shares per board lot. It is expected that H shares will begin trading on the Stock Exchange of Hong Kong on March 30, 2026 (Monday) at 9:00 am. The group is a leader in the global silicon carbide (SiC) epitaxy industry. According to the report from consultancy, since 2023, the group has been the world's largest silicon carbide epitaxy supplier in terms of annual sales volume, with a market share exceeding 30% in 2024. The group's deep accumulation of silicon carbide epitaxy technology enables the group to always stay at the forefront of the industry and provide customers with high-quality and reliable products. The group is the world's first manufacturer to achieve mass production of 8-inch silicon carbide epitaxial wafers, and the first in China to achieve mass production of 3-inch, 4-inch, 6-inch, and 8-inch silicon carbide epitaxial wafers for commercial use. The group led the drafting and formulation of the world's first and currently only SEMI industry standards for silicon carbide epitaxy. In 2024, the group sold over 164,000 silicon carbide epitaxial wafers through the sales of epitaxial wafers and foundry sales, and delivered over 599,700 silicon carbide epitaxial wafers in the historical period. The group has entered into a cornerstone investment agreement with the Xiamen Advanced Manufacturing Fund (cornerstone investor), under which the cornerstone investor has agreed, subject to certain conditions and restrictions, to cause its designated entity to subscribe to a total amount of US$99.10 million (including brokerage commissions, SFC transaction levies, HKEX transaction fees) for a certain number of shares. The cornerstone investors have agreed to subscribe to a total of 10.585 million shares of the offering shares based on the offering price of HK$76.26 per H Share. The group estimates that after deducting the underwriting commission, expenses, and estimated expenses payable by the group for the global offering, based on an offer price of HK$76.26 per share of offering shares, the group will receive a net proceeds of approximately HK$1.56 billion from the global offering. As per the group's strategy, approximately 71% of the net proceeds will be used to expand the silicon carbide epitaxial wafer production capacity in a cautious and prudent manner over the next five years; approximately 19% of the net proceeds will be used for the research and development of silicon carbide epitaxial wafers, and approximately 10% will be used for working capital and general corporate purposes. In the historical period, the group's revenue reached RMB 441 million in 2022, RMB 1.143 billion in 2023, RMB 974 million in 2024, and RMB 808 million for the nine months ended September 30, 2025. The gross profit for the same period was RMB 197 million, RMB 445 million, RMB 332 million, RMB 286 million, and RMB 137 million, with gross profit margins of 44.7%, 39.0%, 34.1%, 35.3%, and 25.6%, respectively. Net profit was RMB 128 million, RMB 108 million, RMB 165 million, RMB 118 million, and RMB 21.10 million, with adjusted net profit (non-IFRS) of RMB 172 million, RMB 384 million, RMB 324 million, RMB 263 million, and RMB 163 million, respectively. From 2024 onwards, the group's financial performance has been adversely affected by the decrease in sales prices due to market competition pressure and weakening demand caused by a sluggish downstream customer market.