IPO Timeline Raw facts
Broker Deadline
2025-08-14
Morning deadline
HKEX Deadline
2025-08-14
Noon deadline
Broker Results (T-2)
2025-08-18
Some brokers release in afternoon
Grey Market (T-1)
2025-08-19
Afternoon
HKEX Allotment (T-1)
2025-08-19
Evening
Registrar Allotment (T-1)
2025-08-19
Evening
Listing Day (T)
2025-08-20
First day of trading
Cross-Market Price Comparison
| Other Listed Market | Shanghai (SSE) — 天岳先进 |
|---|---|
| Other Market Stock Code | 688234 |
| H-Share Offer Price | HK$ 42.80 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | Sicc |
|---|---|
| Stock Code | 02631 |
| Company Full Name | SICC Co., Ltd. |
| Industry | Information Technology |
| Principal Activities | We have been deeply engaged in the wide bandgap semiconductor materials industry, with strong professional technical capabilities, and have been focused on the research and development and industrialization of silicon carbide substrates since our establishment. |
| Listing Date | 2025-08-20 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國山東省濟南市槐蔭區天岳南路99號 |
| Business Address (Hong Kong) | 香港灣仔告士打道109–111號東惠商業大廈5樓503室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.sicc.cc |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 42.80 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 4,280 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-08-11 to 2025-08-14 |
| Global Offering Shares | 47,745,700 shares |
| HK Public Offer Shares (Initial) | 4,774,570 shares (10.0%) |
| Public Offer Lots (Initial) | 47,745lots (23,872lots, 23,873lots) |
| International Placing Shares (Initial) | 42,971,130 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 477,456,744 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | China International Capital Corporation Hong Kong Securities Limited CE AEN894 |
| Cornerstone Share | 36.2% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 2,043,515,960 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 4,280 |
| 2 lots | 200 | HK$ 8,560 |
| 3 lots | 300 | HK$ 12,840 |
| 4 lots | 400 | HK$ 17,120 |
| 5 lots | 500 | HK$ 21,400 |
| 6 lots | 600 | HK$ 25,680 |
| 7 lots | 700 | HK$ 29,960 |
| 8 lots | 800 | HK$ 34,240 |
| 9 lots | 900 | HK$ 38,520 |
| 10 lots | 1,000 | HK$ 42,800 |
| 15 lots | 1,500 | HK$ 64,200 |
| 20 lots | 2,000 | HK$ 85,600 |
| 25 lots | 2,500 | HK$ 107,000 |
| 30 lots | 3,000 | HK$ 128,400 |
| 35 lots | 3,500 | HK$ 149,800 |
| 40 lots | 4,000 | HK$ 171,200 |
| 45 lots | 4,500 | HK$ 192,600 |
| 50 lots | 5,000 | HK$ 214,000 |
| 60 lots | 6,000 | HK$ 256,800 |
| 70 lots | 7,000 | HK$ 299,600 |
| 80 lots | 8,000 | HK$ 342,400 |
| 90 lots | 9,000 | HK$ 385,200 |
| 100 lots | 10,000 | HK$ 428,000 |
| 200 lots | 20,000 | HK$ 856,000 |
| 300 lots | 30,000 | HK$ 1,284,000 |
| 400 lots | 40,000 | HK$ 1,712,000 |
| 500 lots | 50,000 | HK$ 2,140,000 |
| 600 lots | 60,000 | HK$ 2,568,000 |
| 700 lots | 70,000 | HK$ 2,996,000 |
| 800 lots | 80,000 | HK$ 3,424,000 |
| 900 lots | 90,000 | HK$ 3,852,000 |
| 1,000 lots | 100,000 | HK$ 4,280,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 200,000 | HK$ 8,560,000 |
| 3,000 lots | 300,000 | HK$ 12,840,000 |
| 4,000 lots | 400,000 | HK$ 17,120,000 |
| 5,000 lots | 500,000 | HK$ 21,400,000 |
| 6,000 lots | 600,000 | HK$ 25,680,000 |
| 8,000 lots | 800,000 | HK$ 34,240,000 |
| 10,000 lots | 1,000,000 | HK$ 42,800,000 |
| 11,936 lots | 1,193,600 | HK$ 51,086,080 |
Stock Connect Inclusion
| HK Market Cap | HK$ 3.51B |
|---|---|
| Analysis Result | Already included in Stock Connect (both, shenzhen, shanghai) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 20,435,148,643 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 2,043,515,959 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (profitable) |
| Profit/Loss Status | Net profit RMB 179 million |
| Period-End Cash Balance | RMB 235.6 million |
| Listing Expenses | ~HK$ 105,400,000 |
| Listing Expenses / Funds Raised | ~5.16% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 45.54 |
|---|---|
| First Day Open | HK$ 45.6 |
| First Day Change | 6.40% |
| First Day Volume | 25939100.0 |
| First Day Turnover | 1215330000.0 |
Use of Proceeds
| Use of Proceeds | 1、約70%或1,356.7百萬港元預計將用于擴張8英寸及更大尺寸碳化硅襯底的產能； 2、約20%或387.6百萬港元預計將用于加強研發能力，保持在創新方面的領先地位； 3、約10%或193.8百萬港元預計將用于營運資金及其他一般企業用途，以支持日常運營及未來業務發展。 |
|---|
Underwriting Syndicate
Joint Sponsors (2)
Sponsor cum Overall Coordinator (2)
Overall Coordinators (5)
Joint Global Coordinators (7)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
CLSA Limited CE AAB893
HAITONG INTERNATIONAL SECURITIES COMPANY LIMITED CE AAF806
BOCI ASIA LIMITED CE AET863
UOB KAY HIAN (HONG KONG) LIMITED CE AAW261
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, THE CE AAA523
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
Joint Bookrunners (19)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
CLSA Limited CE AAB893
HAITONG INTERNATIONAL SECURITIES COMPANY LIMITED CE AAF806
BOCI ASIA LIMITED CE AET863
UOB KAY HIAN (HONG KONG) LIMITED CE AAW261
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, THE CE AAA523
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
CMB International Capital Limited CE AVM940
CCB International Capital Limited CE AJO225
ABCI CAPITAL LIMITED CE AWL249
广发证券（香港）经纪有限公司 CE AOB364
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
Futu Securities International (Hong Kong) Limited CE AZT137
VAST HARBOUR SECURITIES LIMITED CE AWT951
Huafu International Securities Limited CE BQC241
Fosun International Securities Limited CE AAF432
Tiger Brokers (HK) Global Limited CE BMU940
Joint Lead Managers (19)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
CLSA Limited CE AAB893
HAITONG INTERNATIONAL SECURITIES COMPANY LIMITED CE AAF806
BOCI ASIA LIMITED CE AET863
UOB KAY HIAN (HONG KONG) LIMITED CE AAW261
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, THE CE AAA523
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
CMB International Capital Limited CE AVM940
CCB International Capital Limited CE AJO225
ABCI Securities Company Limited CE ACX411
广发证券（香港）经纪有限公司 CE AOB364
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
Futu Securities International (Hong Kong) Limited CE AZT137
VAST HARBOUR SECURITIES LIMITED CE AWT951
Huafu International Securities Limited CE BQC241
Fosun International Securities Limited CE AAF432
Tiger Brokers (HK) Global Limited CE BMU940
Capital Market Intermediaries (20)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
CLSA Limited CE AAB893
HAITONG INTERNATIONAL SECURITIES COMPANY LIMITED CE AAF806
BOCI ASIA LIMITED CE AET863
UOB KAY HIAN (HONG KONG) LIMITED CE AAW261
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, THE CE AAA523
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
CMB International Capital Limited CE AVM940
CCB International Capital Limited CE AJO225
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
广发证券（香港）经纪有限公司 CE AOB364
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
Futu Securities International (Hong Kong) Limited CE AZT137
VAST HARBOUR SECURITIES LIMITED CE AWT951
Huafu International Securities Limited CE BQC241
Fosun International Securities Limited CE AAF432
Tiger Brokers (HK) Global Limited CE BMU940
Stabilizing Manager (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
高伟绅律师事务所 Grandall Law Firm (Shanghai) King & Wood |
| Legal Advisor to Sponsors/Underwriters |
Freshfields 北京市通商律师事务所 |
| Auditor and Reporting Accountant | 香港立信德豪会计师事务所有限公司 |
| Industry Advisor | Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. |
| Receiving Banks |
CMB Wing Lung Bank Limited 中国工商银行（亚洲）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 国能环保投资集团有限公司 | 392,493,120 HKD | — | 19.21% | — | 6 months | 2026-02-20 |
| 2 | 和而泰智能控制国际有限公司 | 79,997,480 HKD | — | 3.91% | — | 6 months | 2026-02-20 |
| 3 | 兰坤 | 49,998,960 HKD | — | 2.45% | — | 6 months | 2026-02-20 |
| 4 | 山金资产管理(香港)有限公司 | 99,997,920 HKD | — | 4.89% | — | 6 months | 2026-02-20 |
| 5 | 未来资产证券(香港)有限公司 | 117,747,080 HKD | — | 5.76% | — | 6 months | 2026-02-20 |
Directors & Management
| Chairman | 宗艷民 |
|---|---|
| Company Secretary | 王俊國 |
Executive Director (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 宗艳民 | — | Executive Director |
| 2 | 高超 | — | Executive Director |
| 3 | 王俊国 | — | Executive Director |
Non-Executive Director (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 邱宇峰 | — | Non-Executive Director |
| 2 | 李婉越 | — | Non-Executive Director |
| 3 | 方伟 | — | Non-Executive Director |
Independent Non-Executive Director (6)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 李洪辉 | — | Independent Non-Executive Director |
| 2 | 刘华 | — | Independent Non-Executive Director |
| 3 | 黎国鸿 | — | Independent Non-Executive Director |
| 4 | 张红岩 | — | Independent Non-Executive Director |
| 5 | 宋建 | — | Independent Non-Executive Director |
| 6 | 窦文涛 | — | Independent Non-Executive Director |
Major Shareholders
| Major Shareholders & Holdings | Mr. Zong Yanmin directly holds approximately 30.09% of the A shares, and through Shanghai Maiming and Shanghai Zhu'ao controls approximately 5.38% and 3.00% of the A shares, respectively, representing approximately 38.48% in aggregate. Guocai Equity Investment Fund (Jinan) Partnership (Limited Partnership) holds approximately 9.00% of the A shares. Hubble Technology Venture Capital Co., Ltd. holds approximately 6.34% of the A shares. |
|---|
AI
AI 市场洞察
AI interpretation
deepseek-v4-pro · AI-generated
市场情绪
The IPO garnered massive enthusiasm, reflected in a 2809x oversubscription ratio, signaling extreme demand for this semiconductor firm. Despite the intense competition, the hit rate reached a notably high 42.13% due to reallocation of shares from the international tranche to the Hong Kong public offer, which softened the scarcity for retail investors. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
申购档位分析
Both top-tier A (甲尾) and entry-level B (乙头) applicants expected just 1 lot each, a rare flat distribution that eliminates the usual scaling advantage of larger subscriptions. This pattern renders the higher capital commitment of B-tier economically inefficient after accounting for broker fees, as the marginal lot gain is zero relative to A-tail. (This is AI-generated commentary based on historical data. Broker fee structures vary and actual costs may differ. Not financial advice.)
申购人群画像
Demographic data for this IPO is unavailable, as the provided statistics show zero values for total holders, mainland participation, and HK participation. Without this information, no meaningful analysis of applicant origins or composition can be offered. (This is AI-generated commentary based on historical data. Data omissions may exist; verify against official HKEX filings. Not financial advice.)
