SICC (02631) surged more than 11%, hitting an intraday high of HKD 109 to set a new record since its listing, bringing its cumulative gain for the month to over 80%. At the time of writing, the stock was up 8.95% at HKD 105.9, with a turnover of HKD 316 million.

The positive momentum follows news that advanced packaging substrate supplier Ibiden closed up 5.72% on May 12, also reaching a new all-time high. After raising its guidance for the substrate business, Ibiden increased its full-year revenue and profit forecasts to JPY 500 billion and JPY 90 billion, respectively. Besides Nvidia, major chipmakers such as Intel and AMD are also key clients of the company.

Notably, Nvidia has confirmed plans to adopt related solutions by 2027, while power supply giants like Delta are set to launch new solutions in the second half of 2026.

As an upstream substrate material supplier, SICC has stated that its products, after processing by customers, are ultimately used in applications such as AI data centers. Huayuan Securities previously noted that prices for 6-inch SiC substrates are gradually recovering from their lows, while 8-inch substrates are beginning to contribute to growth as a new engine.

SICC possesses globally leading mass production capabilities. In 2025, the company's silicon carbide product output reached approximately 690,400 equivalent wafers, representing a year-on-year increase of 68.31%.