Tianyu Semiconductor (Ticker: 2658 HK) is a Chinese company specializing in the manufacturing of silicon carbide (SiC) epitaxial wafers, which are essential materials for power semiconductors used in electric vehicles and rail transportation. The company plans to list on the Hong Kong Stock Exchange on December 5, 2025, offering approximately 30.07 million shares at a fixed price of HKD 58.00 per share. This offering aims to raise HKD 1.74 billion (approximately USD 224.31 million). Structured as an H-Share listing, Tianyu is reportedly the largest manufacturer of self-manufactured SiC epitaxial wafers in the PRC market by revenue. According to filings, the company plans to allocate approximately 77.6% of the IPO proceeds toward R&D and production capacity expansion, with the remainder used for business development and working capital. CITIC Securities acts as the sole sponsor.