BASICSEMI (09971) shares climbed more than 4% in the afternoon session, hitting a high of HK$70.4 and setting a new record since its listing. As of the latest update, the stock was up 2.63% at HK$68.35, with a turnover of HK$29.686 million.

On the corporate front, BASICSEMI has been actively pursuing strategic initiatives since its debut on the Hong Kong Stock Exchange in early July. On July 13, the company announced a price increase for some products starting from the third quarter of 2026, with a maximum rise of 25%. On July 27, BASICSEMI signed an agreement with China Construction Second Engineering Bureau to invest HK$193.3 million in building a silicon carbide (SiC) module packaging base in Shenzhen. On August 4, the company revealed a strategic partnership with Taiwan's Episil Technologies to accelerate the development and mass production of 8-inch SiC wafers.

Guotou Securities International previously noted that BASICSEMI possesses a relatively scarce SiC product portfolio and a strong foundation for automotive-grade applications. The company's downstream customers span the automotive, renewable energy, and industrial sectors, with room for customer base optimization. The brokerage highlighted that BASICSEMI is a rare pure-play SiC power device stock in the Hong Kong market, with industry growth potential, the domestic substitution narrative, and progress in automotive-grade adoption being its core attractions. These factors were also the primary drivers behind the relatively high valuation of its IPO.