Epiworld: World’s Largest SiC Epitaxy Supplier

Offering structure: Approximately 10% Hong Kong public offering (2,149,250 shares) and 90% international placing (19,342,800 shares).

Offer price: HK$76.26 per share; board lot size of 50 shares; minimum subscription cost approximately HK$3,851.46.

Offer period: March 20–25 (expected pricing date: March 26).

Listing date: March 30.

Sponsor: China International Capital Corporation (CICC).

Company overview

Epiworld is principally engaged in the R&D, mass production and sales of silicon carbide (SiC) epitaxial wafers. Its products are widely used in electric vehicles, charging infrastructure, renewable energy and energy storage systems. According to China Insights Consultancy, since 2023, the company has been the world’s largest supplier of SiC epitaxial wafers by annual sales volume, with a market share exceeding 30% in 2024. The company is also among the first globally to achieve large-scale external supply of 8-inch SiC epitaxial wafers and has led the formulation of the world’s first international SEMI standard for SiC epitaxy.

Financials

According to the prospectus, Epiworld recorded revenue of approximately RMB441 million, RMB1,143 million and RMB974 million in 2022, 2023 and 2024, respectively, with net profit of approximately RMB128 million, RMB108 million and RMB165 million over the same periods. For the first nine months of 2025, revenue was approximately RMB535 million and net profit approximately RMB21 million. Based on the offer price of HK$76.26, the company expects net proceeds of approximately HK$1.56 billion, to be used for expanding SiC epitaxial wafer production capacity (approximately 71%), R&D (approximately 19%), and working capital and general corporate purposes (approximately 10%).

Huayan Robotics: Among Global Top Five Collaborative Robot Companies

Offering structure: Approximately 5% Hong Kong public offering (4,039,400 shares) and 95% international placing (76,745,600 shares).

Offer price: HK$17.00 per share; board lot size of 200 shares; minimum subscription cost approximately HK$3,434.29.

Offer period: March 20–25.

Listing date: March 30.

Sponsors: CICC Hong Kong Securities Limited and Deutsche Securities Asia Limited.

Company overview

Huayan Robotics focuses on the R&D, production and sales of collaborative robots and core motion components for industrial automation applications. Leveraging its full-stack technological capabilities spanning core motion components, collaborative robot hardware and the HRC embodied intelligence control platform, the company delivers products characterized by high precision, stability and superior motion control performance. Its solutions are widely applied across industries including 3C electronics, automotive, healthcare and logistics. According to Frost & Sullivan, in 2024, Huayan Robotics ranked fifth globally and second in China among collaborative robot companies by revenue, with market shares of 3.5% globally and 10.3% in China.

Financials

The prospectus shows that Huayan Robotics generated revenue of approximately RMB109 million, RMB175 million and RMB310 million in 2022, 2023 and 2024, respectively. Net profit (loss) over the same periods was approximately RMB-83 million, RMB2 million and RMB18 million. For the first nine months of 2025, revenue was approximately RMB281 million and net loss approximately RMB16 million. Based on the offer price of HK$17.00, and assuming the over-allotment option and offer size adjustment option are not exercised, the company expects net proceeds of approximately HK$1.28 billion. The proceeds will be used for enhancing R&D capabilities (approximately 55.0%), expanding global business (approximately 20.0%), upgrading and expanding production capacity (approximately 15.0%), and general working capital and corporate purposes (approximately 10.0%).

Extreme Vision: China’s Emerging Enterprise-Level Computer Vision Solution Provider Ranked Eighth

Offering structure: Approximately 5% Hong Kong public offering (624,000 shares) and 95% international placing (11,856,000 shares).

Offer price: HK$40.0 per share; board lot size of 50 shares; minimum subscription cost approximately HK$2,020.16.

Offer period: March 20–25 (expected pricing date: March 26).

Listing date: March 30.

Sponsor: CITIC Securities (Hong Kong) Limited.

Company overview

Extreme Vision is a China-based provider of AI-powered computer vision solutions, offering end-to-end enterprise-level solutions covering development, deployment and management. The company also provides commercially viable large model solutions. According to Frost & Sullivan, based on 2024 revenue, the company ranked eighth in China’s emerging enterprise-level computer vision solutions market.

Financials

The prospectus indicates that Extreme Vision recorded revenue of approximately RMB102 million, RMB128 million and RMB257 million in 2022, 2023 and 2024, respectively, with net losses of approximately RMB61 million and RMB56 million in 2022 and 2023, and a net profit of approximately RMB9 million in 2024. For the nine months ended September 30, 2025, revenue was approximately RMB136 million and net loss approximately RMB36 million. Based on the offer price of HK$40.0, and assuming the over-allotment option is not exercised, the company expects net proceeds of approximately HK$434 million, to be used for strengthening R&D capabilities (approximately 60.0%), enhancing commercialization capabilities (approximately 30.0%), and general working capital (approximately 10.0%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Epiworld, Huayan Robotics and Extreme Vision via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select Epiworld, Huayan Robotics and Extreme Vision,tap "Public Offer," enter your subscription quantity, and submit your order.