Good News on Listing | Frost & Sullivan Assists Guangdong Tianyu Semiconductor Co., Ltd. in Successful Listing on the Hong Kong Stock Exchange (2658.HK)

Guangdong Tianyu Semiconductor Co., Ltd. (hereinafter referred to as 'Tianyu Semiconductor') successfully went public on December 5, 2025, issuing a total of 30,070,500 shares, raising more than HK$1.7 billion.

During the process of listing in Hong Kong this time, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as the overview, competitive advantages and strategy, industry overview, business, and other important chapters), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback from the Hong Kong Stock Exchange on various industry-related issues.

Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport's big data (statistical data as of September 30, 2025), from January to September 2025, and during the past 12 and 36 months, Frost & Sullivan provided listing industry advisory services for 47 (market share 72%), 62 (market share 69%), and 162 (market share 70%) Hong Kong IPOs respectively, ranking first in terms of number, with rich industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related agencies.

• The company is one of the earliest specialized silicon carbide epitaxial wafer suppliers in China focusing on technology development;

   

• The company is one of the major silicon carbide epitaxial wafer suppliers for silicon carbide power device manufacturers in various fields at home and abroad;

   

• The company is one of the few leading silicon carbide epitaxial wafer suppliers in China, focusing on research and development, mass production, and sales of silicon carbide epitaxial wafers developed independently.

According to a report by Frost & Sullivan,

• Based on the sales revenue and volume of silicon carbide epitaxial wafers in 2024, the company ranks first in the silicon carbide epitaxial wafer industry in China;

   

• The company became one of the few in China to achieve mass production of 4-inch and 6-inch silicon carbide epitaxial wafers in 2014 and 2018, respectively;

   

• The company became one of the few in China capable of mass-producing 8-inch silicon carbide epitaxial wafers in 2023;

   

• The company is one of the largest producers in China of 6-inch and 8-inch epitaxial wafers;

   

• In terms of sales revenue, the silicon carbide epitaxial wafer market in China increased from RMB 500 million in 2020 to RMB 1.4 billion in 2024, with a compound annual growth rate of 28.9%. It is expected that by 2029, the market size will grow to RMB 58 billion, with a compound annual growth rate of 32.2%.

Driven by the increasing adoption of industrial automation and the expansion of renewable energy, the global silicon carbide power semiconductor device industry showed significant growth between 2020 and 2024, with the market size climbing from $600 million in 2020 to $32 billion in 2024, a compound annual growth rate of 49.8%. From 2024 to 2029, the expected market size of the silicon carbide power semiconductor device industry continues to show a strong upward trend, with a compound annual growth rate of 37.3%. It is estimated that by 2029, the market size will reach $158 billion.

Source: Yole, Frost & Sullivan report

The growth rate of the overall Chinese market is expected to be faster than that of the global market, with a compound annual growth rate of 32.2% from 2024 to 2029. The relatively rapid growth of the silicon carbide epitaxial wafer market in China is mainly due to the planning and arrangement of future production capacity expansions by major Chinese manufacturers, and it is expected that future market demand will match production capacity. The 8-inch epitaxial wafer market in the Chinese market is poised to emerge as a major contributor to future market expansion.

During the period from 2020 to 2024, the compound annual growth rate of 6-inch epitaxial wafers was as high as 30.4%. However, it is expected that the compound annual growth rate will slow down to 9.9% from 2024 to 2029. The slower growth rate is due to the launch of 8-inch epitaxial wafers in 2023. In terms of revenue, 6-inch epitaxial wafers started from RMB 500 million in 2020 and experienced significant expansion, reaching RMB 1.4 billion in 2024. It is expected to further grow, reaching RMB 22 billion by 2029.

Data source: Expert interviews, Frost & Sullivan report

Looking ahead to 2024 to 2029, the compound annual growth rate of silicon carbide epitaxial wafer sales in the Chinese market is expected to maintain a strong momentum of 37.3%, which is higher than the global silicon carbide epitaxial wafer market's expected growth rate of 30.3%.

The global silicon carbide epitaxial wafer market's revenue from 6-inch epitaxials increased from $300 million in 2020 to $800 million in 2024, with a compound annual growth rate of 37.7%. It is expected that by 2029, the revenue will further increase to $12 billion, with a compound annual growth rate from 2024 to 2029 of 1.9%. This growth is mainly due to relatively mature technology and better cost-effectiveness. In contrast, with the popularization of 6-inch epitaxials, the revenue from 4-inch epitaxials has decreased, from $66 million in 2020 to $17.8 million in 2024, and is expected to further decline to $4.9 million by 2029. Due to technological progress, although the starting point for 8-inch epitaxials is lower, they show a good growth momentum, with revenue increasing from $100 million in 2024 to the expected $18 billion by 2029.

Data source: Expert interviews, Frost & Sullivan report

Driven by technological progress and efficiency advantages, the global silicon carbide epitaxial wafer market has clearly shifted towards 6-inch epitaxials. The sales volume of 6-inch epitaxials has increased significantly, rising from 217,000 wafers in 2020 to 797,000 wafers in 2024, with a compound annual growth rate of 38.4%. It is expected that by 2029, the number of 6-inch epitaxials will increase from 797,000 wafers in 2024 to 1,655,000 wafers, with a compound annual growth rate of 15.7%.

Data source: Expert interviews, Frost & Sullivan report

The competition in the silicon carbide epitaxial wafer market in China is highly concentrated, with the top five participants accounting for 87.6% of the total market share (based on revenue generated in China in 2024). Tianyu Semiconductor has become a market leader, securing a significant market share of 30.6%, with revenue of approximately RMB 400 million.

Data sources: expert interviews, public data research, Frost & Sullivan reports