On June 21, Shenzhen‑based Basic Semiconductor passed its HKEX listing hearing, targeting the first SiC‑focused IPO under the new tech board. The company operates a full‑stack IDM model covering SiC design, wafer fab, packaging, and gate‑drive products, addressing EV, industrial, and energy‑storage markets.
Revenue grew from ¥221M in 2023 to ¥311M in 2025, but net losses accumulated to over ¥900M over three years. Only the gate‑driver segment is gross‑margin positive (33.9%), while SiC module and discrete businesses remain in the red due to new‑line depreciation and high raw‑material costs.
The company counts 39 automotive and 426 industrial customers. R&D spend exceeded ¥270M over three years, with 170 registered patents.
Notable backers include Bosch Venture Capital, Wingtech, LEAGUER, and GAC . Founder Wang Zhiqian holds ~46% voting power. Total valuation rose from ¥50M to ¥5.16B across 12 funding rounds.
While Basic Semiconductor is China’s #3 domestic SiC module supplier with 2.9% market share, foreign players still dominate. The IPO will fund capacity expansion and technology upgrades, but profitability remains a long‑term test.
ICgoodFind: Basic Semiconductor’s HK IPO offers a play on domestic SiC substitution – but high losses and heavy capex mean investors will need patience.
