8月21日，碳化硅衬底龙头企业天岳先进（02631.HK/688234.SH）在港交所主板挂牌上市，但开盘后股价表现不佳。截至9点46分，天岳先进港股盘中大跌5.18%，引发市场关注。
天岳先进此次在港股发行价为42.80港元，较A股价格折价超过40%。分析人士指出，如此大的折价空间可能引发部分投资者套利行为，导致港股上市首日遭遇抛售压力。此外，尽管公司在全球碳化硅衬底市场占据重要地位，但当前估值仍存在争议，这也可能是造成股价下跌的原因之一。
值得注意的是，天岳先进此次港股发行获得了超高倍数的超额认购，其中散户超额认购倍数超过2,800倍。公司在全球发售中共发行47,745,700股H股，预计募集资金净额约19.38亿港元。天岳先进表示，将利用此次融资进一步扩大产能，巩固其在碳化硅衬底市场的领先地位。尽管上市首日股价表现不佳，但长期来看，公司在AI眼镜和英伟达生态等新兴领域的布局可能为其带来新的增长机会。
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