Listing Success | Frost & Sullivan Supports Shenzhen Basic Semiconductor Co., Ltd. in Successful Listing in Hong Kong (09971.HK)

Shenzhen Basic Semiconductor Co., Ltd. (hereinafter referred to as “Basic Semiconductor”) successfully went public on July 8, 2026. The company plans to issue 2,738.62 million H-share shares, 95% of which will be offered internationally. The issue price ranges from HK$27.49 to HK$31.62 per share, with a net fundraising amount of approximately HK$713 million.

During this Hong Kong listing process, Frost & Sullivan undertakes the following tasks: helping the issuer accurately and objectively understand its position in the target market, using objective market data to identify, support, and highlight the issuer’s competitive advantages, assisting the issuer, investment banks, and other intermediaries in writing important sections of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, etc.), helping the issuer communicate with the Stock Exchange and investors, enabling investors to quickly understand the market ecosystem and competitive landscape, and assisting the issuer in responding to various questions regarding the industry raised by the Stock Exchange.

Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport Big Data (statistical data as of June 30, 2026), over the past 36 months and 12 months, and from January to June 2026, Frost & Sullivan provided listing industry consulting services for 212 (market share: 69%), 111 (market share: 71%), and 58 (market share: 69%) Hong Kong IPO listings, ranking first in terms of number of services provided. It has extensive industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and related organizations.

Power semiconductor devices are semiconductor devices used as switches or rectifiers in power electronic products. Based on device type, power semiconductor devices can be divided into discrete devices and power modules. These devices are key to power management in electronic systems. For clarity, when discussing the power device market, we refer to the combined market of power discrete devices and power modules.

From 2020 to 2024, the global silicon carbide power device industry experienced significant growth. The market size increased from RMB 4.5 billion in 2020 to RMB 22.7 billion in 2024, with a compound annual growth rate of 49.8%. It is expected that from 2025 to 2029, the global silicon carbide power device industry market size will continue to rise, with a compound annual growth rate of 40.5%. The market size is expected to grow rapidly, reaching approximately RMB 1,106 billion by 2029. The penetration rate of silicon carbide in the global power device market also increased significantly, rising from 1.4% in 2020 to 6.5% in 2024, and is expected to reach 20.1% by 2029.

From 2020 to 2024, the Chinese silicon carbide power device market grew from RMB 1.1 billion in 2020 to RMB 6.9 billion in 2024, with a compound annual growth rate of 59.7%. It is expected that from 2025 to 2029, the value will grow at a compound annual growth rate of 47.1%, with the market size expected to reach RMB 42.8 billion by 2029. The penetration rate of silicon carbide in the Chinese power device market also increased significantly, from 0.9% in 2020 to 5.4% in 2024, and is expected to reach 19.0% by 2029.

Similar to the global market development model, the electric vehicle industry is also a key driver of growth in the Chinese silicon carbide power module market. The electric vehicle segment is expected to have a compound annual growth rate of 45.9% from 2025 to 2029, reaching RMB 24.5 billion by 2029. During 2020 to 2024, demand for silicon carbide power modules in Chinese industrial applications remained strong, with a compound annual growth rate of 32.9% from 2020 to 2024, and 36.6% from 2025 to 2029.

*Note: Other sectors include home appliances, ultra-fast chargers, electric vertical take-off and landing aircraft, and others

Source: Frost & Sullivan, Yole

In the competitive landscape of the Chinese silicon carbide power module market in 2024, based on 2024 revenue, the top five participants together accounted for 76.7% of the Chinese silicon carbide power module market share. Our group ranks sixth among all companies with a market share of 2.9% and third among Chinese companies.