On October 15, TAISIC Materials, a Chinese Taiwan-based silicon carbide (SiC) substrate company, officially entered the TPEx Emerging Stock Market (Xinggui), becoming the first company in the Taiwan region to list on this market with SiC materials as its core business.
According to information from "Third-Gen Semiconductor Insights", TAISIC Materials issued 90 million common shares at a reference price of TWD 35 per share (approximately CNY 7.17). Recently, the company's share price has ranged between TWD 37.6 and TWD 38.5. Based on this estimate, the company's market capitalization is approximately TWD 3.38 billion to TWD 3.47 billion, equivalent to roughly CNY 692 million to CNY 711 million.
The company has attracted significant market attention, with its stock price surging by over 80% at one point during its first day of trading.
Note: The stock market progression in the Taiwan region can generally be understood as a gradual process from Xinggui (Emerging Stock Board) to Shangui (TPEx OTC-listed) to Listed Market. Xinggui serves as a tradable "preparatory school," somewhat similar to China's NEEQ (National Equities Exchange and Quotations). However, according to local regulations, TAISIC Materials must remain listed on Xinggui for at least six months and continuously meet relevant regulatory requirements before it may apply for promotion to the OTC or Listed Market in the future.
Public records show that TAISIC Materials began preparations for entering the Xinggui market at the end of 2024. Its first round of cash capital increase totaling TWD 500 million was completed within 2025. In June of this year, TAISIC Materials completed a second round of cash capital increase totaling TWD 700 million. The total fundraising from both rounds amounted to approximately TWD 1.2 billion (about CNY 246 million). Notably, the subscribers were primarily Kuangyun and Taiji Energy, along with their shareholder systems.
TAISIC Materials' roadshow materials indicate that the company's revenue in 2025 was approximately TWD 33.88 million (about CNY 6.9386 million). Revenue for the first half of 2026 reached TWD 36.95 million (about CNY 7.5674 million), surpassing the full-year 2025 figure and representing a year-on-year growth of 151.48%.
From January to September 2026, TAISIC Materials' cumulative revenue reached TWD 57.18 million (about CNY 11.70 million), a year-on-year increase of 149.58%.
The revenue figures suggest that TAISIC Materials is currently in the early stages of scaled development. Its income volume remains relatively lightweight, but the company is in a growth trajectory characterized by accelerating volume expansion and sustained continuous growth.
Xie Mingxun, General Manager of TAISIC Materials, stated that the company was established in 2020 and currently has a registered capital of TWD 900 million, equivalent to approximately CNY 184 million to CNY 185 million. Currently, the company possesses 65 SiC crystal growth furnaces capable of processing wafers ranging from 4-inch to 8-inch sizes, and holds technology for both conductive and semi-insulating SiC substrates.
Xie Mingxun revealed that among the CNY 10 million in revenue, semi-insulating SiC substrate products currently account for approximately 30% to 40%. He added that their semi-insulating products are expected to complete final verification and enter mass production phases successively in 2027, at which time the proportion of these products in the portfolio will rise to over50%.
Regarding the progress of the conductive SiC substrate business, he noted that current customers are mainly located in Japan and other regions outside Taiwan. "We have gradually entered the Japanese market and are expanding product supply. In the future, the conductive SiC business will also become our primary source of revenue," he said.
Discussing the overall business layout, Xie Mingxun stated, "Our positioning is clear: we aim to become a leader in critical SiC materials by building a multi-size, multi-product, and multi-application SiC material platform."
He summarized TAISIC Materials' SiC product applications into an H.A.P.P.I diversified application layout, including Heat Solution (thermal dissipation), AR Glasses, Power (power devices), Photonics (photonic devices), and Infrastructure.
Regarding capacity utilization, according to reports from United Daily News, TAISIC Materials' current crystal growth furnace operation rate is approximately one-half to two-thirds. Since space at the Zhongli factory is fully occupied, the next phase of capacity expansion will focus on the Pingzhen factory, which is already prepared.
In terms of SiC technology, at SEMICON Taiwan this year, TAISIC Materials exhibited products such as 12-inch n-type single-crystal SiC ingots and 12-inch CVD polycrystalline SiC substrates, targeting the high thermal dissipation demands of advanced AI packaging.