SICC: A global top-three silicon carbide (SiC) substrate manufacturer

Offer structure: approximately 2,387,300 shares for the Hong Kong public offering (about 5%) and 45,358,400 sharesfor the international offering (about 95%, subject to reallocation and the exercise of the over-allotment option).

Offer price: not more than HK$42.80 per share; minimum investment approximately HK$4,323.17 per board lot; 100 shares per lot.

Offer period: August 11–14, 2025.

Listing date: expected August 19, 2025.

IPO sponsors: CICC Hong Kong Securities and CITIC Securities (Hong Kong) as joint sponsors.

Company profile

Founded in 2010, SICC focuses on the R&D, production, and sale of third-generation semiconductor silicon carbide (SiC) single-crystal substrates. It is among the world’s top three SiC substrate suppliers, with mass-production sizes iterated from 2-inch to 8-inch, and a 12-inch product launched in 2024. Its products are used in electric vehicles, power grids, and advanced telecom base stations. The company has been listed on the STAR Market of the Shanghai Stock Exchange since 2022 (688234.SH).

Financial information

According to the prospectus, annual reports, and quarterly reports, the company achieved operating revenue of approximately RMB 1.768 billion in 2024, a year-on-year increase of 41.37%, with a gross margin of about 24.6%, significantly up from about 14.6% in 2023. Net profit attributable to shareholders was approximately RMB 0.179 billion, returning to profitability. In Q1 2025, the company recorded revenue of approximately RMB 0.408 billion and net profit attributable to shareholders of approximately RMB 0.085 billion, down year-on-year due to increased investment in large-size products; R&D investment was about RMB 0.04494 billion, accounting for approximately 11.02% of revenue. Cash and cash equivalents at period-end were approximately RMB 1.402 billion, up from about RMB 1.155 billion at end-2024, and operating cash flow turned positive to approximately RMB 0.144 billion.

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