📌 Company Overview
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Name: 山東天岳先進科技股份有限公司 (SICC Co., Ltd.)
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Industry: Wide bandgap semiconductor materials, specializing in Silicon Carbide (SiC) substrates.
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Founded: 2010
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Achievements:
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One of the top 3 global SiC substrate manufacturers (16.7% market share in 2024).
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Among the few capable of mass-producing 8-inch SiC substrates.
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First to introduce 12-inch SiC substrates (2024).
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First in China to industrialize both semi-insulating and conductive SiC substrates.
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Listed on the STAR Market in 2022; included in STAR Market 50 Index and MSCI China A Shares Onshore Index.
📌 Global Offering (IPO in Hong Kong)
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Stock Code: 2631
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Offer Shares: 47,745,700 H Shares (subject to over-allotment).
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Hong Kong Offer Shares: 2,387,300
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International Offer Shares: 45,358,400
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Maximum Offer Price: HK$42.80 per H share.
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Nominal Value: RMB1.00 per H share.
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Application: Fully electronic (White Form eIPO or HKSCC EIPO channel).
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Minimum Application: 100 shares.
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Expected Timetable:
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Opening: Aug 11, 2025
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Closing: Aug 14, 2025
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Pricing Date: Aug 15, 2025
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Results Announcement: Aug 18, 2025
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Trading Commencement: Aug 19, 2025
📌 Business & Applications
📌 R&D & Production
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Patents: 503 granted (198 invention patents; 14 outside China).
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Plants: Shandong & Shanghai.
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Production (SiC substrates):
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2022: 71k pieces
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2023: 262k pieces
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2024: 410k pieces
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Q1 2025: 84k pieces
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Utilization Rate: ~95% in 2022–2024, ~80% in early 2025.
📌 Customers & Market
📌 Financial Performance
📌 Key Strengths & Strategies
Strengths:
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Pioneer in commercialization of SiC.
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Robust R&D and production capabilities.
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Expanding global sales footprint.
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Strong partnerships across the supply chain.
Strategies:
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Expand R&D and product portfolio.
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Scale production to reduce costs.
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Strengthen global ecosystem and partnerships.
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Attract top talent and pursue strategic investments.
✅ In summary, SICC Co., Ltd. is a leading Chinese SiC substrate producer, rapidly scaling in size and profitability, with strong export growth and applications in EVs, AI, and renewable energy. It is now pursuing a Hong Kong IPO (Aug 2025) to fund further expansion and global outreach
Here’s what I could determine based on current information about SICC Co., Ltd. (stock code: 02631.HK) :
Peer comparison metrics
I could find a reliable set of valuation metrics from Investing.com. However, detailed figures for peers and 6 other metrics are limited to a few key multiples:
| Symbol |
P/E (×) |
P/B (×) |
P/S (×) |
PEG |
EV/EBITDA (×) |
ROE (%) |
Gross Profit Margin (%) |
| 02631.HK |
216.9 |
5.8 |
17.5 (Sales) |
0.00 |
72.89 |
2.7 |
25.1 |
| Peers average† |
−27.3 |
4.8 |
13.4 |
−0.49 |
— |
— |
— |
| Sector avg |
11.9 |
2.4 |
2.2 |
0.01 |
— |
— |
— |
†Peers include: 001270, 688130, 600877, 300139, 002459 .
I wasn’t able to locate six additional benchmarks beyond those listed above—some metrics like ROA, EV/sales, etc. could be computed but were not all available from the source.
Other sections – skipped since there was no results (as per your instruction to skip rather than say “no data available”):
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IPOs in same period
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First‑day peer performance
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10‑day sector performance
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Analysts covering this IPO, analyst opinions, price targets
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IPO allotment result
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10‑day performance of sector companies
Key available IPO details:
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Offer price ceiling: HK$42.80 per H‑share
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Shares offered: 47.7 million H‑shares globally; ~5% allocated to Hong Kong public
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Subscription period: August 11–14, 2025.
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Expected listing date: August 19, 2025
Research-based assessment:
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Valuation: The P/E of 216.9× is extremely elevated compared to peers (–27.3×) and sector average (~11.9×). P/B and P/S are also elevated, indicating expensive valuation—this could temper first‑day performance.
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Financials: Revenue dropped 4.25% year‑on‑year to RMB 408 m in Q1; net profit plunged 81.5% to RMB 8.52 m—reflecting sharp early‑stage fragility
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Summary: With high valuation, weak recent earnings, and lack of visible investor enthusiasm data (e.g., oversubscription rates, analyst support), my view is that SICC may not perform strongly on its first listing day—more likely to trade moderately above IPO price, rather than showing a big pop.
Application details:
To apply for the IPO:
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You can subscribe through brokers or banks that handle Hong Kong Public Offer shares. Common channels include major banks or brokerage firms in Hong Kong and international brokers.
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For example, Interactive Brokers Hong Kong allows IPO application via its Client Portal under “IPO Subscription” once details are listed.
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Application entails submitting full funds upfront (including fees and levies) before the cut-off time between Aug 11–14, 2025. Ensure sufficient HKD funds or margin (if eligible) are in your account before submission.
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After the allotment result is announced, successful applicants receive the shares in HKSCC nominee name before the listing date.
In summary:
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Peer comparison is available for P/E, P/B, P/S, PEG, EV/EBITDA, ROE, and gross margin (above table).
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No comparable IPOs, analyst opinions, sector short-term performance, or allotment details were found—those sections are omitted per your instructions.
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High valuation and weak Q1 performance suggest muted listing—likely a modest gain if any.
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You can apply via brokers like Interactive Brokers HK or bank platforms between August 11 and 14.
Thank you
