Tianyue Advanced stock price surged over 9% intraday, hitting a new high for the listing, with market share leading to establish its position as the top silicon carbide substrate company.

Tianyue Advanced (02631) surged over 9% during the trading session, reaching a high of HKD 97.30, hitting a new record high. As of the time of writing, the stock price increased by 7.11% to HKD 94.85, with a trading volume of HKD 710 million.

By 2025, Tianyue Advanced’s market share of conductive silicon carbide substrates reached 27.6%, surpassing Wolfspeed to become the global leader. Among them, the company’s 8-inch silicon carbide substrates hold a market share of 51.3%, leading by a wide margin. Huayuan Securities believes that, considering the company’s ability to mass-produce 8-inch SiC substrates at scale, it is expected to benefit from the industry rebound of SiC substrates and see increased demand.

Guotou Securities previously pointed out that advanced packaging such as CoWoS has become an important path for high-bandwidth interconnection of GPUs + HBM, but higher TDP and larger interconnection spans highlight issues like hotspot temperature rise, CTE mismatch, and reliability problems. The “high thermal conductivity + high rigidity + high temperature resistance” characteristics of SiC have significant advantages in ultra-high power density packaging scenarios. Additionally, SiC + photonic waveguides are expected to become the mainstream solution for next-generation smart glasses optical systems.

(Edited by: Liu Chang)

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