Hantian Tianchen has successfully completed the Hong Kong Stock Exchange IPO hearing and may soon be listed in Hong Kong, with China International Capital Corporation serving as the exclusive sponsor.

On March 12, 2026, Hantian Tiancheng Electronic Technology (Xiamen) Co., Ltd. (referred to as “Hantian Tiancheng”) from Xiamen, Fujian, disclosed its post-listing prospectus after the Hong Kong Stock Exchange hearing, which may soon be listed on the Main Board of Hong Kong. The company filed applications twice on April 8, 2025, and October 14, 2025.

Hantian Tiancheng received the “Full Circulation” filing notice from the China Securities Regulatory Commission (CSRC) on February 6, 2026, for overseas issuance and listing and domestic unlisted shares. The company is permitted to issue no more than 37,768,900 overseas-listed ordinary shares. Additionally, 39 shareholders plan to transfer a total of 97,431,581 unlisted domestic shares to overseas-listed shares, which will be listed and traded on the Hong Kong Stock Exchange.

Link to Hantian Tiancheng’s post-hearing prospectus:

Main Business

Hantian Tiancheng, established in 2011 by Dr. Zhao Jianhui, a top scientist in the silicon carbide industry, is a leader in the global silicon carbide epitaxy industry. It mainly engages in the research, mass production, and sales of silicon carbide epitaxial wafers. According to a report by Zhushi Consulting, since 2023, based on annual wafer sales, Hantian Tiancheng is the world’s largest supplier of silicon carbide epitaxial wafers, holding over 30% market share in 2024.

Hantian Tiancheng is the first manufacturer globally to achieve large-scale supply of 8-inch silicon carbide epitaxial chips and is also China’s first to fully commercialize 3-inch, 4-inch, 6-inch, and 8-inch silicon carbide epitaxial chips. Hantian Tiancheng led the development and formulation of the world’s first and currently only international SEMI standard for silicon carbide epitaxy. By 2024, the company sold over 164,000 silicon carbide epitaxial wafers through sales and foundry services; during the period from 2022 to the first nine months of 2025, it delivered a total of over 599,700 silicon carbide epitaxial wafers.

During the same period, Hantian Tiancheng had 134 customers. According to Zhushi Consulting, four of the top five global silicon carbide power device giants and seven of the top ten power device giants are customers of the company.

Hantian Tiancheng has a manufacturing base in Xiamen, Fujian, with production volumes of 145,100 wafers in 2024 and 13,200 wafers in the first nine months of 2025.

The company operates two business models: wafer sales and foundry services.

Under wafer sales, the company sources raw materials including substrates and delivers finished silicon carbide epitaxial wafers to customers after production, providing a one-stop solution that relies on its established quality control processes.

Under foundry services, customers provide substrates, and the company procures auxiliary raw materials, grows the silicon carbide epitaxial layers, and delivers the final wafers. The company charges customers for auxiliary materials and the foundry service of growing the epitaxial layers on substrates.

Shareholder Structure

The prospectus shows that before listing in Hong Kong,

• The largest single shareholder is Dr. Zhao Jianhui, holding 29.44%;

• Other investors include Huawei, Shenzhen Hongyuan, China Resources Micro (688396.SH), and Xiamen Torch Group.

Management Team

Hantian Tiancheng’s board consists of nine directors:

• Three executive directors:

  • Dr. Zhao Jianhui (Chairman)
  • Ms. Pan Menghan (formerly Pan Menghan) (mainly responsible for assisting in overseeing daily operations)
  • Ms. Bai Liting (Vice President of Administration and Human Resources)

• Three non-executive directors:

  • Mr. Fang Wei (Huawei - dispatched to the Fifth Track)
  • Mr. Su Ping (former Vice Chairman and General Manager of Xiamen Lianxin Cheng)
  • Ms. Xie Jieping (General Manager of Xiamen Industrial Investment and President of Xiamen Entrepreneurship and Investment Association)

• Three independent non-executive directors:

  • Dr. Kang Junyong (Professor of Physics at Xiamen University)
  • Dr. Liao Yi (Associate Professor of Management at Hang Seng University of Hong Kong)
  • Dr. Su Xinlong (Professor of Accounting at Xiamen University)

Apart from the directors, senior management includes:

• Dr. Feng Gan (General Manager)
• Dr. Hong Tu (Secretary of the Board)
• Mr. Peng Xinghua (Chief Financial Officer)
• Dr. Sun Yongqiang (Vice General Manager)

The Supervisory Committee comprises three members:

• Mr. Li Kaixi (Chairman of Supervisors, Production Manager)
• Mr. Qian Weining (R&D Manager of the Technical Center)
• Mr. Wu Guoyi (Chairman of Supervisors, CFO and Board Secretary of China Resources Micro)

Company Performance

The prospectus shows that in the past years, 2022, 2023, 2024, and the first nine months of 2025, Hantian Tiancheng’s revenue was RMB 441 million, RMB 1.143 billion, RMB 974 million, and RMB 535 million, respectively, with net profits of RMB 128 million, RMB 108 million, RMB 165 million, and RMB 21 million.

Intermediary Team

The main intermediaries for this IPO are:

• China International Capital Corporation (CICC) as the sole sponsor
• Lixin Dehao as auditor
• Jingtian & Gongcheng as legal counsel in China
• Davi as legal counsel in Hong Kong and the US
• Deheng Law Firm as legal counsel for the underwriters in China
• Ruisen Law Firm as legal counsel for the underwriters in Hong Kong and the US
• Hongbo Capital as compliance advisor
• Zhushi Consulting as industry advisor