It is reported that the total investment of the Jiefang Semiconductor Wafer Factory project is expected to be about HKD 6.9 billion (approximately RMB 6.5 billion), and it will establish Hong Kong's first third-generation semiconductor silicon carbide 8-inch wafer factory, which is planned to be officially put into operation in 2026. After reaching production capacity, the annual output of 240000 wafers will be able to meet the production demand of 1.5 million new energy vehicles, with an expected annual output value exceeding HKD 11 billion.

     As the investor of this project, Jiefang Semiconductor was established in October 2023 and is a wholly-owned subsidiary of Jiefang Semiconductor. Jiefang Semiconductor focuses on the research and design of automotive chips, mainly for fields such as power conversion and communication, providing high-performance silicon carbide chips, automotive Ethernet chips, and other products.

    It is understood that third-generation semiconductors have been a key technology area for development in Hong Kong in recent years.

    In May 2024, the Finance Committee of the Hong Kong Legislative Council approved a funding of up to HKD 2.84 billion (approximately RMB 2.675 billion) to establish a center dedicated to semiconductor research and development - the Hong Kong Microelectronics Research Institute. The Hong Kong Microelectronics Research Institute will focus on supporting third-generation semiconductors, including silicon carbide and gallium nitride. The research center will take the lead in collaborating between universities, research centers, and the industry on third-generation semiconductors.

    In October 2023, Hong Kong Science and Technology Park signed a memorandum of cooperation with Kitchee Semiconductor to establish a global research and development center focused on third-generation semiconductors at the Hong Kong Science Park, and invest in the opening of Hong Kong's first 8-inch advanced vertical integrated silicon carbide wafer fab.

   At the end of July 2024, Hong Kong Science and Technology Parks and Massachusetts Photonics Technology (Hong Kong) Limited jointly held the launch ceremony of Hong Kong's first ultra-high vacuum third-generation semiconductor gallium nitride epitaxial wafer pilot line.