Sidley advised on the initial public offering (IPO) and H share listing of Guangdong Tianyu Semiconductor Co., Ltd. (HKEX: 2658, Tianyu Semiconductor) on the Main Board of the Hong Kong Stock Exchange (HKEX). The offering raised approximately HK$1.67 billion (US$214.6 million). Sidley acted as Hong Kong and U.S. counsel to the sole sponsor, CITIC Securities (Hong Kong) Limited, and the underwriter as well as being primarily responsible for drafting the IPO prospectus.
Tianyu Semiconductor is a manufacturer focusing on the self-manufactured silicon carbide (SiC) epitaxial wafers. SiC is one of the two primary third-generation semiconductor materials. In December 2024, Sidley also advised on the Hong Kong IPO of InnoScience (Suzhou) Technology Holding Co., Ltd (HKEX: 2577), a manufacturer of devices based on gallium nitride, or GaN, the other primary third-generation semiconductor material.
The third-generation semiconductors are a family of wide-gap semiconductor materials that are powering the modern high-tech field and play an indispensable role in the development of 5G, electric vehicles, renewable energy, and Industry 4.0.
Tianyu Semiconductor was the third-largest China-based SiC epitaxial wafer manufacturer in terms of global revenue and sales volume in 2024 and the largest manufacturer in terms of revenue and sales volume in the China market in the same year.
The Sidley team was led by partners Sherlyn Lau and Meng Ding. Other team members included Eva Tsui, Yiming Chen, Liming Xu, Cindy Liu, Jacob Zhao, Vanessa Slade, Hannah Wong, Wendy Ho, and Andy Tam.
Sidley’s Hong Kong IPO team is widely recognized for its strong transactional track record, assisting with the most Hong Kong IPOs of any international law firm. In recognition of this, the team has received several accolades, including being named “Securities Firm of the Year” at Law.com International’s Asia Legal Awards 2024 and deemed “highly recommended” by the FT Innovative Lawyers APAC Awards 2025 in the category “Innovative Lawyers in Unlocking Capital.” Sidley has also been ranked as a “Leading Firm“ in Technology, Media, and Telecommunications by Legal 500 Asia Pacific 2026.
