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Leidi Network, Lei Jianping, March 30
EPIWORLD Electronic Technology (Xiamen) Co., Ltd. (abbreviated as &#34;EPIWORLD&#34;, stock code: &#34;2726&#34;) was listed on the Hong Kong Stock Exchange today.
EPIWORLD's issue price was HKD 76.26, issuing 21.49 million shares, raising a total of HKD 1.64 billion; after deducting the listing expenses of HKD 80.5 million, the net fundraising amount was HKD 1.56 billion.
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Xiamen Advanced Manufacturing Industry Fund was a cornerstone investor, subscribing a total of HKD 775 million (approximately USD 99.1 million).
EPIWORLD previously aimed for an IPO on the Shanghai Stock Exchange, planning to raise HKD 3.5 billion, but the IPO was terminated, ultimately shifting to Hong Kong. After the termination of the A-share IPO, EPIWORLD completed a financing of HKD 1 billion in December 2024, with investors including ICBC Investment, at a cost of HKD 64.78 per share.
EPIWORLD's opening price was HKD 110, up 44% from the issue price; as of now, the company's stock price has declined, with a market value of approximately HKD 44.5 billion.
9-month revenue of HKD 535 million, net profit down 82% year-on-year
EPIWORLD is a company engaged in the research and development, production, and sales of silicon carbide semiconductor epitaxial chips, providing commercialized 3-inch, 4-inch, 6-inch, and 8-inch silicon carbide epitaxial chips.
In the global energy revolution wave, electricity is accelerating to replace traditional fossil energy, becoming the green momentum driving the electrification and growth of industrial vehicles and renewable energy fields. Silicon carbide is replacing silicon (Si) as the mainstream material for power semiconductor devices, applied in fields such as new energy vehicles, charging piles, home appliances, energy storage, energy supply, data centers, rail transit, electric ships, and low-altitude flight.
The prospectus shows that EPIWORLD's revenue for 2022, 2023, and 2024 is expected to be HKD 441 million, HKD 1.143 billion, and HKD 974 million, respectively; gross profit is expected to be HKD 197 million, HKD 445 million, and HKD 332 million. EPIWORLD's revenue in 2024 is expected to decline by 14.8% year-on-year; profits for the year are expected to be HKD 143 million, HKD 122 million, and HKD 166 million, respectively
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EPIWORLD's revenue for the first nine months of 2025 was 535 million yuan, a decrease of 33.8% compared to 808 million yuan in the same period last year; gross profit was 137 million yuan, down from 286 million yuan in the same period last year; profit for the period was 21.15 million yuan, a decrease of 82% compared to 118 million yuan in the same period last year.
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As of September 31, 2025, EPIWORLD held cash and cash equivalents of 1.833 billion yuan.
Huawei and Sequoia Capital are shareholders.
The executive directors of EPIWORLD are Dr. Zhao Jianhui, Ms. Pan Menghan, and Ms. Bai Liting; the non-executive directors are Fang Wei, Su Ping, and Ms. Xie Jieping; the independent non-executive directors are Dr. Kang Junyong, Dr. Liao Yi, and Dr. Su Xinlong.
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Dr. Zhao Jianhui and Ms. Pan Menghan are both American citizens. Dr. Zhao Jianhui is the founder and chairman.
Before the IPO, Dr. Zhao Jianhui held 29.44% of the shares, Xike Zhongheng held 14.04%, Li Qinghua held 6.69%, Xincheng Zhongchuang held 4.08%, Huawei's Hubble Technology held 4.03%, Xiamen Hongyuan held 3.99%, Xiamen Xinghuo held 0.5%, and Xiamen Hongxing held 0.04%
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Hantian Core holds 3.95%, Hainan Zhentai holds 3.83%, China Resources Microelectronics holds 2.69%, Huangshan Sequoia holds 2.53%, Puyuan Pengyuan holds 2.43%, Chen Yinfeng holds 2.36%, Ningbo Fuchi holds 2.35%, Xiamen Jushenghua and Shanghai Tianli hold 1.68% each;
Zhang Minghua holds 1.49%, Huiyou Chuangjia holds 1.34%, Dangfeng Technology holds 1.18%, Xiamen Gaoxin Investment holds 0.94%, Torch Venture Capital holds 0.59%, Chantu Juxiang Xinhant holds 0.69%, Xiamen Gongrong Chantu and Xiamen Chantu Gongrong hold 0.76% each;
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ICBC Investment holds 1.72%, Wangrui Hancheng holds 0.6%, Ningbo Qiaowang holds 0.59%, Jiangyin Yinrun holds 0.24%, Huzhou Runxu holds 0.12%, Sequoia Gold holds 0.67%, Liaoning Haitong holds 0.47%, Hefei Tiancheng holds 0.45%;
Qingda Runyu holds 0.32%, Qingda Xincheng holds 0.25%, Shanghai Zhezhong holds 0.31%, Dongzheng Ruikun holds 0.21%, Ningbo Fuwurong and Jiadong Wuyuan hold 0.12% each, Shanghai Minshen holds 0.11%, Huajin Mingjiade and Huajin Yuxing hold 0.04% each.
Ningbo Qiaowang, Huzhou Runxu, and Jiangyin Yinrun are managed by Yinrun (Shanghai) Private Fund Management Co., Ltd. Huajin Mingjiade and Huajin Yuxing are managed by Ningbo Huajin Weiran Private Fund Management Co., Ltd.
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Dr. Zhao Jianhui holds 27.39% of the shares, Xike Zhongheng holds 13.33%, Li Qinghua holds 6.35%, Xincheng Zhongchuang holds 3.88%, Huawei's Hubble Technology holds 3.83%, Xiamen Hongyuan holds 3.78%, Xiamen Xinghuo holds 0.48%, and Xiamen Hongxing holds 0.04%;
Hantian Hexin holds 3.75%, Hainan Zhentai holds 3.64%, China Resources Microelectronics holds 2.55%, Huangshan Saifu holds 2.4%, Pu Yuanpengyuan holds 2.3%, Chen Yinfeng holds 2.24%, Ningbo Fuchi holds 2.23%, Xiamen Jushenghua holds 1.6%, and Shanghai Tianli holds 1.59%;
Zhang Minghua holds 1.41%, Huiyou Chuangjia holds 1.28%, Dangfeng Technology holds 1.12%, Xiamen Gaoxin Investment holds 0.9%, Torch Venture Capital holds 0.56%, Chantuo Juxiang Xinhant holds 0.65%, and Xiamen Gongrong Chantu, Xiamen Chantu Gongrong hold 0.73% respectively;
ICBC Investment holds 1.63%, Wangrui Hancheng holds 0.57%, Ningbo Qiaowang holds 0.56%, Jiangyin Yinrun holds 0.23%, Huzhou Runxu holds 0.11%, Saifu Jinzuan holds 0.6%, Liaoning Haitong holds 0.44%, and Hefei Tiancheng holds 0.42%;
Qingda Runyu holds 0.3%, Qingda Xincheng holds 0.24%, Shanghai Zhezhong holds 0.3%, Dongzheng Ruikun holds 0.2%, Ningbo Fuwurong and Jiadong Wuyuan hold 0.11% respectively, Shanghai Minshen holds 0.11%, Huajin Mingjiade and Huajin Yuxing hold 0.04% respectively, and other public shareholders hold 5.05%

02726

EPIWORLD Technology (stock code: 2726) was listed on the Hong Kong Stock Exchange on March 30, with a market capitalization exceeding HKD 40 billion. The issue price was HKD 76.26, with a net fundraising amount of HKD 1.56 billion. The company mainly focuses on silicon carbide semiconductor epitaxial chips, with a revenue of HKD 535 million over 9 months, and a net profit decrease of 82% year-on-year. The opening price was HKD 110, an increase of 44% compared to the issue price

EPIWORLD listed on the Hong Kong stock market: Market value exceeds 40 billion, net profit down 82% in 9 months, Huawei is a shareholder