Recently, YASC announced the convening of its IPO project kickoff meeting, indicating that another domestic silicon carbide (SiC) company is embarking on the listing process. According to observations by "Hangjia Shuo Sandai Ban," since 2025, multiple domestic SiC companies have engaged in the listing process, including SICC, TanKeBlue Semiconductor, Tianyu Semiconductor, Epiworld International, and BASiC Semiconductor. This not only reflects the growth and expansion of SiC companies but also demonstrates that the SiC track is receiving increasing attention from the capital market.
01. YASC: Initiating the IPO Preparation Process
On October 10, the IPO project kickoff meeting for Anhui YOFC Advanced Semiconductor Co., Ltd. (YASC) was successfully held, marking that YASC has officially entered the critical stage of capital market preparation.
The article further reveals that three institutions—Zhongxin Jiantou Securities, Shanghai Jintiancheng Law Firm, and Tianjian Accounting Firm—attended the meeting as the sponsor, legal counsel, and auditing institution, respectively. They will comprehensively assist YASC in advancing the listing preparation work.
YASC stated that it will take this development milestone as a new opportunity to accelerate the improvement of its corporate governance structure, standardize its operation and management system, and steadily advance various tasks for the listing application. At the same time, it will continue to deepen the technology layout across the entire industrial chain of SiC power semiconductors and continuously consolidate its advantageous market position.
Public information shows that the predecessor of YASC was Wuhu Qidi Semiconductor Co., Ltd. In May 2022, Yangtze Optical Fiber and Cable Joint Stock Limited Company completed the acquisition and integration of Wuhu Qidi Semiconductor Co., Ltd., and Wuhu Qidi Semiconductor was renamed Anhui YASC Semiconductor Co., Ltd.
Following this integration, YASC has focused on the R&D and manufacturing of SiC power semiconductor products, forming a full industrial chain capability from epitaxial growth, device and module design, wafer manufacturing to module packaging and testing.
Since 2022, YASC has continuously advanced its financing and capacity construction layout, laying a solid foundation for its subsequent IPO process.
From the perspective of the financing process, YASC has successively obtained two large-scale financing rounds, providing financial support for its capacity construction and industrial chain layout:
Angel/Pre-A round financing: Qichacha shows that around 2022, YASC received investments from Shuimu Fund, Linxin Investment, and Penghui Investment;
Series A financing: In June 2023, YASC announced the completion of over CNY 3.8 billion in Series A equity financing, which will be used to construct a third-generation semiconductor power device production project; following this capital increase, YASC is no longer included in the consolidated statements of Yangtze Optical Fiber and is accounted for as an associate; in 2024, YASC also successively received equity financing from enterprises such as Haitong M&A Capital and Jinyu Maowu.
Series A+ financing: In February 2026, YASC announced the completion of over CNY 1 billion in Series A+ equity financing. The raised funds will be mainly used for the technology layout across the entire industrial chain of SiC power semiconductors, accelerating the capture of the global market in emerging fields.
While completing the Series A financing, YASC officially launched the construction of its second base located in Wuhan. With the production of the Wuhan base, YASC has now formed two major SiC production bases in Wuhu and Wuhan, possessing an annual capacity scale of 420,000 wafers and epitaxial wafers:
Wuhan base: In September 2023, the Wuhan base officially broke ground and commenced production in May 2025, taking less than 21 months. According to the official website of YASC, its Wuhan base is planned to have an annual production capacity of 360,000 6- and 8-inch SiC MOSFET wafers/epitaxial wafers, while the packaging and testing plant is planned to have an annual production capacity of 61 million power modules.
Wuhu base: The official website shows that the Wuhu base is located in the Wuhu High-tech Zone, covering an area of 67 mu, with an annual production capacity of 60,000 6-inch SiC MOSFET wafers, and is equipped with an R&D center.
Currently, the capacity ramp-up and market cooperation of YASC are advancing steadily. In April this year, according to Hubei Daily, YASC can produce 5,000 to 7,000 6-inch SiC wafers per month, and it is expected to achieve full production by the middle of next year.
In addition, dozens of enterprises across the country have reached cooperation with YASC. Among them, the automotive-grade SiC power modules, which focus on commercial and passenger vehicles, have begun to supply two Tier-1 suppliers in Beijing and Wuhan, and are on the verge of being installed in vehicles.
02. Multiple SiC Companies Intensify Listing Efforts
Since 2025, domestic SiC companies have been intensively advancing their listing processes. In the substrate and epitaxy segments, SICC, Tianyu Semiconductor, Epiworld International, and others have completed their listings on the Hong Kong Stock Exchange; in the device/module segment, BASiC Semiconductor has also been listed, and multiple companies are still making arrangements:
SICC (688234.SH / 02631.HK)
In February 2025, SICC submitted an application for the listing of H-shares to the Hong Kong Stock Exchange. On August 19, it was officially listed on the Main Board of the Hong Kong Stock Exchange, becoming the first "A+H" listed company in the SiC substrate field. The net proceeds of approximately HKD 1.938 billion will be mainly used to expand the capacity of 8-inch and larger SiC substrates.
TanKeBlue Semiconductor
In June 2026, the SSE STAR Market IPO of TanKeBlue Semiconductor Heda was accepted by the Shanghai Stock Exchange. The company plans to raise CNY 2.78 billion, with CICC as the sponsor. The IPO raised funds will be invested in projects such as the capacity expansion project for third-generation semiconductor SiC materials.
Tianyu Semiconductor (02658.HK)
Tianyu Semiconductor was officially listed on the Main Board of the Hong Kong Stock Exchange on December 5, 2025. Its shareholder lineup includes Huawei Habo, BYD, and others. The net proceeds of approximately HKD 1.673 billion will be mainly used to expand 8-inch capacity.
Epiworld International(02726.HK)
Epiworld International was listed on the Main Board of the Hong Kong Stock Exchange in March 2026. The net proceeds of approximately HKD 1.56 billion will be mainly used to expand the capacity of SiC epitaxial wafers.
BASiC Semiconductor (09971.HK)
BASiC Semiconductor (09971.HK) was listed on the Main Board of the Hong Kong Stock Exchange on July 8, 2026, with an offering price of HKD 31.62 per share and total raised funds of approximately HKD 866 million. Through the IPO raised funds, BASiC Semiconductor plans to expand the production capacity of SiC wafers and modules within the next four years.
Silicon-Magic
In July 2026, Silicon-Magic submitted its Hong Kong Stock Exchange listing application and prospectus again. The funds raised from this IPO will be mainly used to enhance R&D capabilities, expand product supply capabilities, and other purposes. Part of the raised funds will be used to establish a SiC module packaging and testing production line.
Watech Electronic Technology
In May 2026, the application for the initial public offering on the SSE STAR Market submitted by Watech Electronic Technology was officially accepted. Its power business mainly includes power discrete devices (SiC RugSiC power products, super junction IGBTs, FS IGBTs) and power modules (IGBT modules, SiC modules).
Leadrive Technology
In January 2026, Leadrive Technology submitted its prospectus (application proof version) and will sprint for the Hong Kong Stock Exchange IPO. Currently, based on mature SiC power module solutions, Leadrive Technology has developed various motor controllers and power brick solutions according to customer needs, and has obtained design wins and recognition from multiple downstream customers at home and abroad.